Mobile home ownership is a unique but rewarding experience. A mobile home is a much less expensive solution to your housing needs than buying or renting an ordinary house. Buying a mobile home for the first time has several challenges, not the least of which is figuring out where to begin. MobileHomeSell’s guide on how to buy a mobile home will walk you through the process step by step so that you can make an informed decision about your future living situation.
Mobile Homes: What Are They?
Mobile homes are prefabricated residences constructed in a factory and afterward moved to their final locations. Manufactured or trailer homes are another name for these structures. Single-wide mobile homes are the most common, distinguished by their narrow length and tight layout, while double-wide mobile homes provide twice as much living area and have a more conventional single-family home vibe.
What You Should Know Before Purchasing a Mobile Home
Single-wide mobile homes cost about $59,000 on average in 2020, while double-wide averaged under $115,000 on the market. Typically, constructing single-family dwellings costs about $150 per square foot, making the price of a brand-new 2,000-square-foot house close to $307,000. Considering the vast price difference, purchasing a used mobile home is neither economical nor logical. Furthermore, buying a new mobile home allows you to tailor it to your needs. Even if acquiring a used mobile home is less expensive, you will spend more money trying to make it your own by modifying it.
A mobile home can be customized in terms of layout, amenities, and aesthetics by working directly with the manufacturer, saving you thousands of dollars compared to a conventionally built home. Buying new helps regular folks acquire the beautiful home they want at an accessible price.
Mobile Home Checklist
If you want to know what to consider when buying a mobile home, put these items on your checklist.
Mobile Home Sizes
Mobile homes come in three basic sizes: single-wide, double-wide, and triple-wide. Single-wides are typically 15 feet wide. Double-wides are 26 feet wide, while triple-wides can be 45 feet wide. The width of these mobile homes is all that matters, not the floor plan. It is always advisable to acquire a larger mobile home because the price is worth it, and individuals frequently regret picking the tiny size.
Available Floor Plans
Mobile homes come in various floor configurations to accommodate families of all sizes. Think about how many people you anticipate hosting, whether you’ll need a home office, how big you want the kitchen, and what amenities you want there. Before meeting with a mobile home agent, create a checklist of your family’s needs and best practices.
Financing Options
Potential purchasers are not required to use specialist lenders. Qualified buyers can choose from loan programs such as FHA, VA, USDA Rural, Chattel, HUD, and others. Specialized loans may be available for persons with low credit ratings and income when purchasing a new mobile home.
Customization Options
Your new mobile home’s price will be determined by its square footage, style, and personalization options. Luxury facilities are available in today’s mobile homes, built with high-quality materials. Buyers who don’t select the options they want when acquiring a new mobile home frequently regret their decision. Buyers are often pleased when all of their dream home possibilities are realized, given the affordability of these living places.
Additional Expenses
When obtaining financing for your new mobile home, do your homework on electrical, sewer, water, insurance, and other extraneous costs. Purchasing a new mobile home appears simple only when you see the finished product.
If you go through this checklist before meeting with a manufactured home expert to design your new home, you can rest assured that the process will go smoothly. A firm grasp of your budget, ideal home design and family requirements will help you make a well-informed choice.
The Right Time To Buy
Prices for mobile homes tend to fluctuate. Mobile home costs may be lower on average, and discounts may be offered from January through March. Waiting for a favorable moment to buy a mobile home can benefit your finances. Mobile home prices may also be higher in the summer due to increased demand for temporary housing during vacations.
Mobile Home Advantages And Disadvantages
Still not sure if a mobile home is right for you? Here’s a quick rundown of the significant advantages and disadvantages to consider.
Advantages of a Mobile Home
- Pose efficiency: Mobile homes can be quickly built and installed. The construction process has also been streamlined, resulting in fewer errors, damage, and delays. Because of the HUD code, which requires them to be built with energy-saving features, mobile homes are also highly energy efficient.
- They are adaptable: Mobile homes make ideal starter homes that can be expanded later. Modules can be added as your needs change or your family grows. And, while most mobile homes are no longer designed to be moved, it may be possible to relocate yours in the future.
- Typically less expensive: Mobile homes are frequently cheaper than stick-built homes. It’s also simple to tailor a home to your specific budget and lifestyle requirements. Today, you can buy a mobile home with all of the amenities and comforts of a traditional home for a fraction of the price.
The Disadvantages Of A Mobile Home
- Some restrictions regarding location: Mobile homes do not have their lot to stand on. You’ll also need to secure a plot of land for your home, whether in a mobile home community or on its own. That means additional costs on top of the house.
- Negative stigma: There is still a negative stigma attached to mobile homes and parks, even though safety and aesthetics are far superior to what they were several decades ago.
- It can be challenging to obtain financing: Because not all Mobile Homes qualify as real estate, you may be unable to get a traditional mortgage or mobile home loan. You may pay higher interest rates to finance a mobile home purchase.
Bottom Line
Mobile homes are just as good as site-built ones in every way: they’re adaptable, durable, and cheap. Even if you plan to eventually purchase a site-built house, having a mobile home on hand to use as a rental is still a worthwhile investment. We hope this guide is helpful as you take the first step on this journey, whether you are a young professional just starting, have recently started a family, or are looking to retire.
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