Some Benefits and Misconceptions about Owning Mobile Homes

Posted: Nov 08, 2012
Author: 1st Choice Home Centers

There are several advantages to buying mobile homes. They are less expensive than stick-built houses, so you have the option of buying land that’s more valuable. Mobile homes are also cheaper to maintain, and the notion that they depreciate in value is not always true.

Misconceptions

While mobile homes in parks may depreciate in value, those on privately owned land go up in value, especially if the land is in demand. In some very desirable locations, you’ll find many mobiles homes, for example around lakes, where people have been living in them as retirement or vacation homes.

Such locations once seemed too far from metropolitan job centers, but now that the highways are bigger and better, people are willing to commute. Plus, there may be more employment opportunities on the outskirts of cities. These are some reasons why owners of mobile homes are seeing the value of their properties increase dramatically.

Those who own double-wide mobile homes can also expect a significant appreciation. Double-wides are very prevalent in retirement communities where the value of land continues to rise.

Benefits

Apart from being cheaper upfront to buy, mobile homes are about the same size as a small 2-bedroom house or a fairly large apartment. Double-wide mobile homes can be as big as an average house.

Mortgage: The most affordable option is to place the home in a park, but this would involve paying a lot of rental. Another option is to buy a relatively cheap piece of land where mobile homes are permitted. With both options, you can take out a small mortgage, build equity quickly and pay the loan off sooner.