Mobile Homes?

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5 Responses to “Mobile Homes?”

1. Nevada Pokerqueen on: 14 December 2009 at 9:25 am

   A mobile home is sold just like a car and it depreciates the same. But they are much cheaper to get into. They are either in a Mobile Park where you pay rent or on land that you own or pay rent.
   Mobile homes or Manufactured homes are simpler to build and cheaper to build therefore the savings.

   Here are the advantages:

   Low cost
   Quick to set up
   Security of a Mobile Park
   Activities in a Mobile Park
   Fantastic for Seniors on Limited Incomes

   Disadvantages:

   Materials used are cheaper so it does not hold up the same as a home
   Depreciation each year
   Rent in Park can go up often or be quite high
   Small lots in Mobile Parks / close to neighbors
   Roof Problems is the largest fault
   Harder to re-sell, buyers will buy a home over a mobile if close in price.
   Mobile Parks can go down hill it all depends on the management (stricter
   rules helps guarantee better neighbors and cleaner, quieter park)
   Mobiles are made with particle board, toxic glue, and other toxic chemicals
   that can cause Cancer. Go look at new mobiles for sale and you will see
   notices posted that the fumes in these mobiles from the construction
   can cause cancer. They must post this notice now by law and you can
   smell the toxic fumes. They eventually subside in the first 2 years but they
   are still present in low amounts as time goes on. The worst risk is when
   they are new. Is it worth the health risks????

   For low cost housing try condos, townhomes, and duplexes first. Use the Mobile Home as a last resort and buy one older that 3 or 4 years.
   Excellent Luck
2. Kathleen M on: 14 December 2009 at 9:25 am

   They don’t hold their value. Lender’s don’t want to lose money if the have to foreclose. I work at a title company and have had many sales cancelled over the years because the property is a mobile home (in a lot of cases, a mobile home that has been added on to or built around). There are lenders who loan on them, but you really have to jump through some hoops to get approved. Sorry, I don’t know the advantages, other than you can sometimes find really nice mobile homes for relatively small money.
3. ambubbett on: 14 December 2009 at 9:25 am

   In September of last year I bought a 2006 mobile home. Its really nice and to me its just the same as a house. They are built a lot better now than they were 20 years ago. My house was roughly $30,000 and then I added a fixed rate insurance policy on top and then had it financed for 15 years. My house is only $366/mo and thats with the insurance. And its a 3 bed 2 ba. I didn’t reckon that was terrible at all. Now I wouldn’t ever live in a ghetto mobile home. Mine is built to look more like a regular house. (its a clayton).
4. dzwreck on: 14 December 2009 at 9:25 am

   The main advantage to living in a mobile home is that it is cheap. With mobile homes losing value and not being worth very much money (in many situations) there is a lot of risk for a lender with small reward. Most lenders now-a-days will not make loans to borrowers that are under 50,000 dollars. There are a few companies out there who will lend on mobile homes and you can always talk with an FHA mortgage lender. Most companies that will lend on mobile homes want the home to be on a permanent foundation with the wheels removed. They also want the home to be on your own land and not in a park. If you are considering buying a mobile home in a park then it would be wise to contact the park you are considering and talk to them about who does most of their financing.
5. Bill M on: 14 December 2009 at 9:25 am

   The advantages are that a mobile home is cheap, and you can go it if you have to.
   The disadvantages are that mobile homes lose value and may be ruined by severe storms.