Often, when we think of buying a home, we think of single-family homes that are built on-site. And the idea of a mobile home seldom, if ever, comes to mind. But this type of home has its advantages; think affordability and the ability to live a simple life.
But what exactly are mobile homes?
Here are the main things you need to know about mobile homes. These ideas will help you make more informed decisions on whether you'd find it worth having one.
What is a mobile home?
A mobile home is a prefabricated house that can be transported to different places. You attach the mobile home into a car, and you'll have a set-up similar to an RV or a trailer. The mobile home manufacturer builds the mobile home, and they also deliver it to you. So these are domiciles that can go anywhere. But remember that you eventually have to park to get some rest.
Where can you park a mobile home?
This question comes with a lot of options. There are commercial trailer parks in most cities, and you can stay there as long or as short as you like. Another way is to rent a piece of land where you can park your home either on a permanent or semi-permanent basis. This is what it means to own your house but rent the lot.
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Take parking fees into consideration when looking for a place to park. Mobile home parks usually charge around $300 a month. While this may sound exorbitant at first glance, the fee already includes garbage pick-up, and maintenance of the grounds, water, and sewage.
However, if you prefer to be the owner of the place where you can park regularly, there are mobile home trailer parks where you can buy your lot. It doesn't necessarily follow that you would have escaped paying fees, however.
These are real communities complete with a homeowners association, and being a member of any group always entails a membership fee and being subjected to rules, some of which you may not like. This can cost you around $200 to $300 every month, but you can expect this to include all the amenities and convenience you find in rented parks.
How big are those mobile homes?
You have a variety of choices here, but keep in mind that the bigger the size, the higher the price. That being said, mobile homes come in a single-wide, double-wide, or even triple-wide sizes. A single-wide house is about 18 feet (5.5 meters) in width and 90 feet (27 meters) in length or less.
A double-wide is 20 feet (6.1 meters) or more in width and 90 feet (27 meters) or less in length. Triple-wide mobile houses are still rare, but they do come with more units inside the home, sometimes four of five units, and sometimes more.
How do you finance a mobile home?
You have several options. You can take advantage of loan programs for mobile homes offered through the Federal Housing Administration loan program.
Some lenders offer Fannie Mae mortgages through the MH Advantage program or the Freddie Mac Home Possible mortgage program.
