Most aspiring homeowners understand how difficult it is to buy a home in the ongoing housing market. Therefore, it comes as no surprise why an increasing number of potential homebuyers are searching for affordable housing options -including smaller homes, RVs, and even mobile homes. As a matter of fact, it is estimated that around 17 million people in America reside in manufactured homes.
Is buying an on-site, traditional home too daunting for you? You can think of investing in a mobile home as the most effective and affordable option. As mobile homes tend to be highly customizable as well as cost-effective, they are an ultimate choice for individuals or families of different walks of life and sizes.
What are the Pros of Living in a Mobile Home?
Are you intrigued by the thought of mobile home living? There are several benefits of investing in a mobile home that could support your cause. Mobile homes are also known as manufactured homes. These are typically constructed in a factory setting while being placed on a trailer chassis for moving them to the desired destination.
In some cases, mobile homes are also positioned in dedicated mobile home parks or on some leased plot of land. In such cases, the owner of the mobile home is expected to lease the land or rent a dedicated space while owning the mobile home itself.
Whatever might be your choice of ownership or mobile home living, there are several benefits to investing in a high-end manufactured home. Some to consider are:
⇑ Cost-effective
One of the major benefits of buying a mobile home is the overall affordability. In general, mobile homes tend to be less expensive in comparison to traditional on-site homes that are constructed from the ground up because of the reduced price per square foot. As a matter of fact, mobile homes are regarded as the one-stop solution for the overall housing affordability crisis.
Quite similar to a number of newly-constructed homes in subsequent developments, you can usually think of adding on a series of upgrades to your mobile home. Still, even when you get access to the most lavish mobile home out there, the price will still not likely cross the limit of $250,000.
⇑ Presence of Multiple Features
While investing in a home, you might be searching for a living space featuring 3 bedrooms, a garage, or even a proper yard. An on-site home with the presence of all these features can be quite pricey -especially in some areas. Therefore, you should choose wisely. In case of a mobile home, you do not have to worry about making this decision. In most cases, you will have access to a myriad of personalized features depending on your budget and preferences.
⇑ Low Maintenance Costs
When you live in a mobile home, it offers you the opportunity to possess your home while not worrying about the overall land maintenance as well as property taxes. To top it all, most of the rental fees of the parking lot of your mobile home will include basis amenities like access to water, electricity, recycling, sewer, and garbage.
Therefore, you can expect recurring savings in the respective costs that could eventually add up through years. The only maintenance you need to look after are common fixes from time to time.
⇑ Opportunity to Live in a High Cost of Living Area
In some parts of your city, the living costs might be usually high. For instance, conventional, on-site homes in San Francisco will cost you around $1 million. In the case of a mobile home, you can continue living in such high-end areas without actually paying up for them. Mobile homes are indeed affordable located just outside the main metropolitan area wherein it is affordable to live.
⇑ Perfect Transition Home
As you own a property and wish to construct an on-site home there, where will you be living during the transition? A leading option is to place a pre-built manufactured home in the property and start living there. This will help you in saving significantly on the overall rent while protecting the new construction of a brand-new house. With a manufactured home, you can think of living there until your on-site house construction is complete.
⇑ Lower Taxes
A mobile home is typically regarded as a personal property and not a proper house. This is because you are able to move a mobile home quite easily rather than a traditional house. Due to this, property taxes are significantly lower on manufactured homes.
⇑ Potential for High-end Features
The best part about manufactured homes is that you can customize the same according to your needs. Therefore, if you expect extravagance out of your living space, you can personalize the living area to add high-end décor elements to the space.
What are the Cons of Living in a Mobile Home?
⇓ Different Types of Financing
A mobile home is regarded as a personal property. Therefore, you are not able to secure a typical mortgage loan on the same. You will have to access a personal property loan -also referred to as the personal loan or chattel loan. The downside here is that these loans might take significant time to close.
⇓ Renting Land is a Possible Cost
In case you park your mobile home at a dedicated park, ensure that you know the park rules beforehand. You should also consider the rent you will pay for the land you will use.
⇓ Bad Stigma
In most cases, the image of mobile homes is that these are old, crime-ridden, and dirty spaces. If these are your concerns as well, you should seek a mobile home community that is well-maintained.
⇓ Limited Layout Designs
The basic layout of a mobile home can be usually a long, rectangular living space. While it is possible to customize the living area, still you cannot change the house’s footprint.
⇓ Value Depreciation
While on-site homes appreciate value, mobile homes tend to depreciate over years. It is because these are personal properties.
⇓ Can be Hard to Sell
Due to the depreciation factor, it is difficult to resell a mobile home. Then, you are also expected to deal with the common stigmas associated with buying a mobile home.
Things to Consider While Buying a Mobile Home
There are several aspects to consider while buying a mobile home for your family -ranging from the location to rent of the parking lot, amenities provided, and the overall cost. If you need more assistance, you should seek professional manufacturing house consulting services from reliable providers like Manufactured Housing Consultants.
