FAQ's: The Financial Advantages
of Buying a New Concrete Block Home at Spanish Lakes
What is a Land Lease Community?
- All 5 of our Spanish Lakes Communities are 55+ Land Lease Communities. This means that buyers can purchase a Concrete Block (CBS) home without the financial burden of purchasing the land, resulting in $100k+ savings! Land leases on CBS homes are issued for 99 years at a discounted rate and all original purchasers are offered Guaranteed Lifetime Rent (GLR). Buyers receive a Warranty Leasehold Estate Deed and a copy of the uniform long term lease agreement at the time of purchase.
Guaranteed Lifetime Rent = Peace of mind for 99 years
- Guaranteed Lifetime Rent (GLR) means that the lot rent will never increase while the original owners reside in the home. We have residents that still pay the same lot rent as the day they moved into Spanish Lakes in the 1970's!
- Plus, the GLR is the only fee our residents pay. There is No Mandatory HOA and since we are a land lease community, there are No Special Assessments. Unlike communities with HOA's, we cannot levy assessments to recuperate the costs of repaving the roads, repairs to the club house, pool resurfacing, etc. Spanish Lakes covers those costs. This gives buyers peace of mind to budget without worry and plan ahead for retirement with confidence.
The Guaranteed Lifetime Rent is an All-Inclusive Fee
- In addition to the the lot rent, the GLR fee includes your Lawn Maintenance, Trash Collection, and unlimited use of the communities' amenities. This includes heated pools, pickleball and tennis courts, shuffleboard, bocci ball, well-equipped gyms, saunas, woodshop, billiards, dog parks, unlimited golf with no green fees, spacious clubhouse facilities, auditorium, designated arts and crafts areas and more.
How much is the Guaranteed Lifetime Rent (GLR)?
- Your GLR depends on the lot and home you select. Pricing ranges between $399 for more standard lots to $729 for premium lots. Waterfront lots and those on a golf course are considered premium lots.
Managing the other costs: Insurance, Financing, & Taxes
- INSURANCE: Florida has not been immune to rising homeowners insurance premiums seen across the country. However, our concrete block homes are designed with structural advantages that will help residents qualify for lower premiums than most homeowners in the state. All of our new homes come standard with hurricane impact windows, metal roof, hip roof design, concrete block construction and exceed strenuous South Florida Building Code enacted after Hurricane Andrew. This qualifies our homeowners to claim Wind Mitigation Credits as well as the Florida Building Code Compliance Discount which are state mandated discounts that insurance companies must offer. Recent data shows that the average $300,000 homeowner’s policy in Florida cost $2,625 per year. Our residents pay as as low as $1,100 for their homeowner policies in recent years. Visit the State of Florida’s Insurance Entity Website for more information on discounts offered: https://www.citizensfla.com/discounts.
- PROPERTY TAX: With a 99-year lease, owners are eligible to apply for a Homestead Tax Exemption. This entitles homeowners to up to a $50,000 discount on the assessed value of their home. Visit the St. Lucie County Tax Collectors website for details.
- IN-HOUSE FINANCING: Spanish Lakes is proud to provide easy in-house financing to our future residents at rates significantly below the national average with no prepayment penalties. Visit https://www.spanishlakes.com/financing/ for details on our current financing rates and terms.
Upgraded Features are our Standard
- All of our New Concrete Block (CBS) homes are equipped with warrantied metal roofs, Hurricane Impact Windows, All New Stainless Steel Kitchen Appliances plus Washer, Dryer and Electric Garage Opener, Quartz countertops in wet areas, High-Quality Flooring throughout, and R-30 Insulation for Additional Energy Efficiency, all at no additional cost, giving you the peace of mind to move in without spending on additional costly upgrades.
- In addition, all of our new CBS Homes are built to exceed the Miami Dade Hurricane Building Code with features like metal roofs over 5/8ths solid plywood roofing instead of the wood composite (particleboard) other builders commonly use. These features not only qualify our homes for additional insurance discounts but also ensure that your new home is a safe haven for years to come.
Next Generation Program: Passing on the Savings
- With our Next Generation Program, buyers may include one of their children in the deed of their new home as the future recipient of the Next Generation Guaranteed Life Rent (GLR). This pre-calculated Next Generation GLR is separate from the GLR received by the original owner. Once the child becomes the sole surviving owner to the home, the child will receive the Next Generation Guaranteed Lifetime Rent and owner privileges if they’ve already reached the approved age of 55. The Next Generation GLR will be calculated during the original purchase of the home, based on the age of the child at the time of the purchase.
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