Land-lease homeownership means you own your home and lease the land it sits on, which is usually a more affordable way to buy and enjoy a home. In a Temple Companies Lifestyle Community, that arrangement can help you skip a large land purchase, avoid costly real estate taxes, and keep more of your savings for the things you care about.
Key Takeaways
- With a land lease, you lease the land your home sits on while still owning the home itself.
- The biggest benefits are usually financial.
- You don’t have to put your savings into a large down payment for a land purchase, and you can invest the money you would have spent on land instead.
- A land lease removes the cost of expensive real estate taxes.
- Our manufactured homes cost far less than a constructed home, and you can customize a wide range of designs to fit your lifestyle.
- Our communities are managed by The Temple Companies, not a typical Homeowners’ Association.
- It works for retirees, first-time buyers, and anyone who wants a better lifestyle without the expensive overhead.
- Details vary by community, so ask the community team how land-lease works where you’re looking.
What Is Land-Lease Home Ownership?
If you’re searching for a home with affordability, great design, and low overhead, land-lease is worth a close look. Instead of buying the land under your home, you lease it. You still own the home. That one change is what makes the savings possible.
Whether you’re looking for a retirement home, a first home, or simply a better lifestyle without the expensive overhead, a land-lease community can be a very appealing option. We often meet people who have looked at condos, townhomes, and single-family homes and are delighted to discover this way of living.
The Biggest Benefits of Land-Lease
The biggest benefits of land-lease arrangements are usually financial. Here’s how they add up.
Keep Your Savings Where You Want Them
- You don’t have to invest your savings up front in a large down payment to buy land.
- You can invest the money that would have gone toward buying land.
Lower Housing Costs
- Land-lease removes the cost of expensive real estate taxes.
- Our manufactured homes cost far less than a constructed home.
- In many cases, the savings can be substantial.
A land-lease community offers a tremendous opportunity to buy a home without breaking the bank.
How Land-Lease Compares to Buying Land
This side-by-side look shows where the difference comes from. Exact numbers depend on the home and the community.
| What You’re Paying For | Buying Land With Your Home | Land-Lease Community |
|---|---|---|
| The land | Purchased, which is expensive up front | Leased, so you don’t buy the land |
| Savings tied up up front | A large down payment for the land purchase | You keep that money available |
| Real estate taxes | Often high | The cost of expensive real estate taxes is removed |
| The home | Constructed home | Manufactured home that costs far less than a constructed home |
| Management | Depends on the neighborhood | Professionally managed by The Temple Companies |
| Home ownership | You own the home and the land | You own your home |
Who Land-Lease Is Designed For
Many seniors live on a fixed income and have limited housing options. The same is true for new homeowners and, frankly, for many people given today’s high cost of living. That’s why The Temple Companies developed these communities in the first place, and they’ve succeeded beyond expectations.
You can save significantly on the cost of the home you want, and you can customize a wide range of home designs to fit your lifestyle. More and more people are choosing to reduce their housing costs by leasing land under a manufactured home and investing the savings elsewhere.
Managed by Professionals, Not a Typical HOA
Another benefit is a practical one. The Temple Companies manages our land-lease communities, which is quite different from a typical Homeowners’ Association. Professionals run them, which helps eliminate the neighborhood politics that can come up when personalities clash.
Common Questions About Land-Lease
Do I own my home with a land-lease?
Yes. Homebuyers save money by leasing the land their home sits on, while still owning the home.
Why is a land lease usually more affordable?
You aren’t buying the land, so you don’t need to put as much toward a down payment, and you avoid expensive real estate taxes. Our manufactured homes also cost far less than a constructed home.
Is land-lease only for retirees?
No. It works for retirees, first-time buyers, and anyone who wants a better lifestyle without the expensive overhead. Some communities are age-qualified, so ask the community team about the one you’re considering.
What happens with the money I save?
That’s up to you. You could use the money that would have gone toward buying land to invest, and many people reduce their housing costs this way and put the savings to work elsewhere.
Can I customize my home?
Yes. You can customize a wide range of home designs to fit your lifestyle.
See the Benefits for Yourself
These are only a few of the advantages of living in a Temple Companies Lifestyle Community. Browse our homes to find the one that fits you best, then arrange a visit to learn about all the benefits you’ll enjoy as a homeowner.
Home designs, amenities, lease terms, taxes, and age-qualification requirements vary by community. Please contact the community directly for current details.