I am concerned that I don’t own the land, and that it is only leased, what are my rights to the land as a leaseholder?
The rights of a leaseholder are very similar to that of an owner, in that the home can be sold, mortgage, willed or rented by the owner of the home and holder of the lease. In fact New York State has very specific laws that govern these types of communities and specifically protects the leaseholder as a homeowner. Also, the leasehold community allows community to keep strict rules in place, to keep the community clean, tidy and uniform, which maintains the property values of the entire project, and allows for appreciation of your home. The leasehold also helps keep the initial cost of purchasing the home lower and affordable. A leasehold estate at Summerset Landing also means no worrying about landscaping, trash pickup, well or septic maintenance. The 99 year land lease community at Summerset Landing also has a full time manager on staff and will offer a community center, exercise facility and recreation area.
What is the lease fee?
The introductory lease fee will be $357 per month, with a discount until all amenities are built.
What do I get for my lease fee?
The lease fee helps pay for the ground that your home sits on and all of the infrastructure and maintenance of the infrastructure in the ground. Summerset Landing includes in this fee water, septic system, grounds and road maintenance, landscaping, trash removal, community center.
What about taxes?
The assessor assesses each homesite individually and taxes must be paid on your leasehold homesite. The assessor will create a separate tax bill that will be billed to Summerset Landing and to the leaseholder together. Your taxes will be paid to Summerset Landing as “additional rent” however they will clearly be to satisfy your taxes, which will allow you to write off this expense on your income tax. All homesites are assessed separately and your taxes are not lumped into your lease fee, so that you are assured that you receive your full exemptions and STAR benefits directly, without any question to your proper tax due. Taxes will be paid to Summerset Landing monthly and taxes are due when the lease fee is due, on the first of each month.
What is my home’s warranty?
Your home carries a manufactures warranty of 5 years on its structure that begins the first day your home is ready for occupancy. Under this warranty the structure and mechanical systems used in your home are warranted to be free from defects in materials and workmanship. Any covered items found to be defective will be repaired or replaced at no cost to you.
What about basements?
The standard home comes on a crawl space which is sufficient for some storage, however a full basement option is available. For more information, contact your sales representative.
What about pets?
Cats and dogs are allowed, however cats must be kept indoors, and dogs must be walked on a lease and picked up after.
Can I plant flowers on my lot?
There is a space designated for your personal plantings.
Will there be a residents association?
Yes, after the community center is complete and open, a meeting will be held and resident association elections will be held to form a board and start the association. The association belongs to the residents, and can include all types of activities and events (those events will be held up to you, the resident).
Are there rules for the community?
The community has a list of rules to keep the community beautiful and help each resident respect the privacy of the other residents. Please see “THE RULES” for a full detail.
Who is the home manufacturer?
The home is manufactured by Marlette, which is owned by Clayton Homes. Clayton Homes is the largest home manufacturer in the country, and is owned by Berkshire Hathatway.
How long does it take to move into my new home after it is ordered?
Depending on the season in which the home is ordered, it should take about 4 months. There are peak construction periods which sometimes cause delays. Wheather may also prohibit progress at your homesite as the local construction team prepares the foundation and homesite for your home.
How can Summerset Landing sell new homes starting at $136,900?
Since Summerset Landing is a land lease community the land, the 99 year land lease gives the homeowner rights to the property without having to pay for that property when the home is purchased. Normally you can’t get a new home in and around Albany New York, New York’s Capital District, Columbia County or the Hudson Valley for under $200,000. Not only does Summerset Landing offers these beautiful, energy star homes for less than $200,000. New Homes start at just $136,900 – and since the homes can be customized a new home can be loaded up with a garage, attic, fireplace, patio, hardwood floors, solid surface counter tops and many more features for well under $200,000.