Manufactured homes or sometimes referred to as mobile homes offer an alternative to condo living at a very affordable price. Important to note, that with ownership of a manufactured home in a mobile home park there are different types of lands that a manufactured homes can be affiliated with. It's important to know and understand the differences between leasehold, a privately owned park, co-operative and strata freehold properties and how each one can affect your ownership.
Leasehold means that the land is leased from a freehold owner for a set number of years and during the time of the lease the tenant (park manager) can use the property for the purposes it was leased to them for. The lease can be range from 1-99 years. Once the lease is up, the freehold land owner can choose to renew the lease or decide to do something different with the property altogether. The manufactured home owner pays a monthly pad rent fee to the park manager.
Privately owned park where the land owner has freehold title, the park is zoned use as a manufactured home park. The manufactured homeowner pays a monthly pad rent fee to the park manager.
Co-operative ownership is where all the manufactured home owners in that park own shares to the whole complex. You don't own your specific property but have the right to occupy it. You pay monthly co-op fees to the co-operative to cover costs of running and maintaining the park.
Strata Freehold ownership in a manufactured home park allows you to have full ownership of the building and the land it sits on. The complex is a strata corporation where you pay monthly strata fees to cover costs of all the common areas and to build a contingency fund to cover costs of future maintenance items.
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