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    Buying a Mobile Home: Everything You Need to Know

    2 months ago · · Comments Off on Buying a Mobile Home: Everything You Need to Know

    Buying a Mobile Home: Everything You Need to Know

    Justin Becker

    Updated: December 12, 2022

    Undeniably, traditional homes are getting more and more out of financial reach with time. Steep price hikes and unsuitable financing options are discouraging buyers to invest in site-built properties. On the other hand, manufactured homes or modular homes are gaining popularity in terms of urban development. With a manufactured home on leased land, you can find a permanent home at a way cheaper price with no compromises. Find out how much a mobile home costs here.

    Of course, everyone is more inclined to the option of mobile homes for this reason; but if you are new to mobile homes or want to explore more about this affordable alternative before buying one, there is a lot to explore. You can learn about buying a mobile home so that you too can benefit from this industry instead of getting stuck in the cycle of a lifetime of mortgage payments for a site-built home (see: manufactured homes vs. stick-built).

    Buying a Mobile Home

    Time to Buy

    A manufactured home or mobile home is exactly what the name suggests. It is manufactured or built offsite and can be moved wherever the buyer wants it installed. Manufactured homes and mobile homes can easily be transported onto the mobile home park.

    Mobile home owners usually get their manufactured homes located on a land that they either already own or are in the process of buying. However, with the rise in the popularity of mobile homes, there also has been a rise in mobile home communities. Mobile home communities are designated places known as mobile home parks where you can rent land to park your modular or manufactured home. You can also get leased land.

    Pros of Buying a Mobile Home

    Before buying a mobile or manufactured home, you should know the reasons why manufactured homes are way better than old-school stick-built homes.

    Here are a few reasons that will entice you to make that down payment and finalize the purchase of your dream mobile home right away:

    ●      Higher Value for Money in Mobile Homes

    ●      Flexibility to Move a Manufactured Home

    Higher Value for Money in Mobile Homes

    A mobile home offers the same, if not more, than what you get in a traditional house. Firstly, the lower price makes it possible for you to own a home, even if it is a manufactured home.

    Within the same budget, you can get way more square footage and better build quality in manufactured homes. You can even opt for a customized floor plan in mobile homes and manufactured homes, just like you can in stick-built homes.

    Manufactured homes are more environmentally appropriate. Mobile homes or manufactured homes have a certain building standard. Since every manufactured home is built uniformly in terms of quality at its construction site, they have a higher build standard than an average house.

    A mobile home, in general, is built to survive all sorts of environmental conditions. Weather hazards are a circumstance that every mobile home has to experience at some time. They are built and installed with this in mind, which is why a mobile home lasts for decades without deterioration. Learn how mobile homes are built here.

    Flexibility to Move a Manufactured Home

    Once a mobile home is installed in your desired location, it won’t move; but the option to get it removed is always open (see: how much does it cost to move a mobile home?). The plumbing and other attachments of the mobile or manufactured home do need to be detached, but it is not an impossible task. This is an option completely unavailable with a traditional home.

    The concept of a mobile home park makes it easier to move with your manufactured or modular home. Find a mobile home park in your favorite city and you are ready to move without any worry of making a down payment to get a new house, apartment hunting, or leasing land.

    Since mobile homes are built under specific building standards, i.e. the HUD Code for mobile homes, you would hardly experience construction delays due to weather conditions. Besides, scheduling subcontractors is easier as compared to hiring subcontractors for building a traditional home.

    Cons of Buying a Mobile Home

    Though buying a mobile home is an affordable option with some great benefits, it is equally crucial to analyze the downsides before even starting to search mobile homes for sale. Here are a few cons you should be aware of before you secure financing with a lower down payment for a mobile home:

    ●      Mobile Homes Do Depreciate

    ●      You Would Have to Face Some Limitations

    Mobile Homes Do Depreciate

    The value of a traditional home appreciates because the homeowner actually owns the land. However, you might face the opposite scenario for a mobile home as the value of a mobile home depreciates with time. That is because a mobile home is considered personal property or moveable property (and not real property) as it is not permanently attached to the land. However, a mobile home can appreciate in value only if you own the land. Learn how to increase the value of a mobile home here.

    Since mobile homes are also considered personal property, mobile home financing options can be expensive because going for a personal loan is an option here. Manufactured home loans, such as chattel loans, have high interest rates. Plus, you might find it difficult to repay a personal property loan on a short-term basis even if you fulfill the minimum credit score requirements for availing manufactured home financing.

    You Would Have to Face Some Limitations

    Even after becoming the owner of your mobile home, you would still have to be accountable to a landlord in terms of park rules. That is true if your mobile home is situated in a park where there is a mobile home community. The landlord also has the right to evict mobile homeowners. In this case, you would either have to move or sell your mobile home without considering any mobile home insurance. Learn how to buy a mobile home in a park here.

    It is slightly more challenging to resell a mobile home if it has been shifted to a mobile home park. However, you can get a buyer if you own the land and if someone is willing to buy both the mobile home and the private land.

    So, Should You Buy a Mobile Home?

    If the cons do not turn you off and you have no plans to move elsewhere by reselling your mobile home, it is a wise decision to buy a mobile home. It is even better if you own the land on which your mobile home will be located. This way, you will be able to avail the home ownership you deserve.

    Choosing the right mobile home community will also give you the opportunity to socialize with like-minded neighbors. Plus, you’d notice that the outdoor area of manufactured home communities generally remains maintained and tidy due to specific rules and regulations set by mobile home park owners.

    Mobile Home Financing

    Not sure if you can pay the down payment? Though getting help from a lender is possible, a better option is to contact the mobile home retailer and discuss the financing options available; but that might be challenging since mobile home loans are granted for “real” properties (and not for personal properties; such as mobile homes). Thus, the chances for availing mobile home financing loans are limited. Plus, going for a mortgage requires you to fulfill many requirements. For instance, the home should have a title as well as a permanent foundation. That said, buying a mobile home is a great option if you are willing to pay its total cost.

    Types of Mobile Homes

    Once you have decided to buy a mobile home, the next step is to explore your options. Here are the most common mobile home types to look for:

    Single-Wide Mobile Homes

    These are the smallest, as well as least expensive, option available to you. Single-wide mobile homes for sale are usually one-bedroom or two-bedroom units. Depending on the manufacturer’s sizing standards, they measure around 500 to 1,200 square feet. The width is typically 18’ while the height is 9’.

    This mobile home type is ideal for individuals or couples who prefer minimalist living. It is also a great option for those who have just started out and are first-time mobile home buyers. However, if you have a home business to manage and need a workplace that requires you to have a larger space, it is better to go for buying a double-wide home.

    Double-Wide Mobile Homes

    These types of mobile homes are manufactured and shifted in two units, with the assembling being done on-site. You can expect to have two-bedroom, three-bedroom, and even four-bedroom units here. The added features might also include a dining room – something you wouldn’t find in a single-wide mobile home.

    The sizes of double-wide mobile homes vary depending on the manufacturer’s building plan. The interior can be as wide as 28’ and as long as 80’. The height is generally up to 9’. You may also avail outside features, including covered parking. So, if you have previously been living in a single-wide mobile home and want to move to a larger space to invite family and friends over, this is a feasible option to consider.

    Triple-Wide Mobile Homes

    These comprise three sections that are joined together to construct a single, large mobile home. Also known as multi-wide mobile homes, triple-wide mobile homes can accommodate your entire family. You will get three bedrooms (or even more), a living room, a dining room, a spacious kitchen, and some additional space. The width of a triple-wide mobile home ranges up to 4,000 square feet, while the length may go up to 90’.

    Triple-wide mobile homes are a perfect choice for large families. Due to additional space, these mobile homes are extremely customizable. So, you can easily add walk-in closets, home offices, fireplaces, and even spa bathrooms while buying your dream home.

    How to Make Customization Possible

    You can mostly avail customization options in double-wide or triple-wide mobile homes because of the extra space available. However, you should choose the mobile home manufacturer who takes care of every design and detail of the overall layout.

    From ceilings to arched doorways to mobile home skirting, you can look for various design options and customize accordingly. Before going further, it is wise to ask the double-wide mobile home dealers to show their customization designs and the construction projects completed. That way, you can select the customization options that suit your requirements the most. You will also get an idea about how your finished home will look after selecting the customizable options.

    The Takeaway

    Choosing between a mobile home and a traditional single-family home can be a complex decision. It requires assessing not only your current financial situation, but also your overall lifestyle and preferences. Since living in a mobile home has its pros and cons, it makes sense to evaluate both the home options and decide accordingly.

    If buying a mobile home is your preferred choice, it is worthwhile to go for newer homes that are also within your budget see: how to buy a new manufactured home). You will also be able to enjoy other perks of living in a mobile home, including community amenities, outdoor space, and low property taxes. So, start searching where to buy mobile homes today and move to your dream home right away!

    Tags: tips

    Categories: Mobile Homes

    About The Author

    Justin Becker is a property owner in the state of Michigan and has a passion for managing communities. He owns both apartment complexes and mobile home communities and has been writing his own blogs for his properties for several years.