Owning the Land Under your House

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You want to own the land so you can own your house forever. If you try to buy a house on a land lease that is expiring and the lease is not renewed that house is being torn down. Also, I?m guessing financing is difficult if the loan is longer than the remaining lease period.
 
qwerty said:
You want to own the land so you can own your house forever. If you try to buy a house on a land lease that is expiring and the lease is not renewed that house is being torn down. Also, I?m guessing financing is difficult if the loan is longer than the remaining lease period.
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Isn't it fine as long as it's not "Fee Lease" like the mobile homes?
Pretty much all the regular TIC or 5P homes (condos, SFR, townhomes, whatever) are fine, aren't they?

 
It's all about ROI!!! Owning your own plot of land has much higher ROI than sharing indistinct ownership in land.*

*BTB answer

It's personal preference, but actual plot of land ownership has benefits over shared ownership. If you don't know what those are... then you don't really need to worry about it.

 
Mety said:
Pretty much all the regular TIC or 5P homes (condos, SFR, townhomes, whatever) are fine, aren't they?
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Yes. All new construction, the land is owned by the sfr/condo owners
 
The purpose of land ownership is having the ability to add on and improve the property. This could also mean raze the house and built something new and keeping up with the latest trend and technology. Whether you own or not own your land the CC&R forbid homeowners from property addition. This restriction could be a double edge sword.

I personally would rather own a land lease property because the price of home ownership is attainable at less that 1/2 of market rate. What good does it do if I own the land and cant do anything with it. The catch is to make sure that the land lease has a long duration like 50 years to spread across 2-1/2 generations.
http://robin4homes.com/the-city-of-irvine-california-our-personal-perspective-part-one-the-80s/


I have read somewhere that all properties will reverb back to the original developer after 99 years. It is not a land lease where the owners must pay rent monthly or annually. The ownership must end after 99 years.
 
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