Buying a new mobile home is exciting but at the same time, it is also stressful if you don’t know what to expect. There are so many things that you need to consider when making the right decision. In this article, we share some things to be aware of and consider to make the buying process simpler and easier.
Understand Mobile Home Parks
If you want to buy a mobile home then understanding mobile home parks, in general, is very critical. If you are checking out a mobile home park online or visiting, keep in mind that there are various types of parks: senior parks and family all-age parks. Senior parks are limited to residents of age 55 or older on the home title. All-age parks are flexible with all ages and work best for families with young children. Additionally, different parks have different average space rents, different regulations and policies, and other specifications. It is very important to understand your needs and the environment of different parks. This is where mobile home agents come in and can give you advice about the different types of parks.
Understanding the Sizes
So you also need to understand the size of a mobile home before buying one. There are single wides, double wides, triple wides, and even quadruple wides in special cases, so before buying, always consider this. Experts say that the wider the home is the more space it provides to the residents, but at the same time if you buy a wider home then the price will be higher too.
Space Rent
If you are buying a mobile home in land-leased parks, make sure that when you are looking at the prices of homes, also note the space rent that you would be paying monthly to that mobile home park. There are different space rents depending on the location of the home and that can affect the purchase price of the home as well. There is usually a balance between the purchase price of the home and the space rent: if your home cost is low, then generally, the space rent may be very high and vise versa. Don’t rush for a good deal on the surface without checking space rent.
Have a look at different loan options
The best tip is to check out different loan options that are available to you and also consult an experienced specialist who is working in the mobile home industry. Many people do not understand that residential loans are not the same as mobile home loans. Therefore, it is important to work with a mobile home lender to know the specific financial details, mortgages, down payments, etc. required to buy a home.
Understand the Parking Rules
Since mobile homes don’t have garages, it is important to know how many cars can fit inside your carport. It would be unfortunate to buy a home and find out that you have no space to park one of your cars. Also, make sure to check the situation of guest parking if you ever plan on having guests come over. It is important to understand the details so no one’s car gets towed on accident.
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