Mobile homes can potentially act as the perfect primary or secondary residence for you due to the numerous benefits of mobile homes and mobile home parks. However, deciding on your future home can play a prominent role in your family’s happiness and finances.
Learn about the details of mobile home living to give you insight into whether it’s right for you before making a final decision.
In this article, you will learn:
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What Are Mobile Homes?
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Advantage and Disadvantages of Living in a Mobile Home
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Buying VS Renting a Mobile Home
What Are Mobile Homes?
A mobile home, sometimes called a “manufactured home,” refers to homes made entirely in a factory and moved to the desired location instead of contractors building the home on-site.
These semi-permanent or permanent residences don’t necessarily mean they are “mobile,” but they do have mobile capabilities when necessary.
These surprisingly luxurious and beautiful buildings must adhere to the HUD Code, ensuring each home meets specific regulations that make them safe and adequately efficient.
You have three options when you pick a mobile home:
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A single-wide mobile home
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Double-wide mobile home
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A quadruple-wide mobile home
Single-Wide Mobile Homes
Single-wide mobile homes do not exceed 90 ft. long and 18 ft. wide. These homes cost the least and are easy to move since they are made out of one structure. Single-wide mobile homes work best for people who move often and don’t need too much space.
Double-Wide Mobile Homes
Double-wide mobile homes provide significantly more space since they measure over 20 ft. wide. These homes have two large pieces, making them substantially more difficult to transport. Double-wide mobile homes suit people who don’t plan to move and need extra space for family and friends.
Quadruple-Wide Mobile Homes
Quadruple-wide mobile homes use four pieces to create a home. These homes typically don’t look like what people think of when they picture a mobile home since they look like a traditional home.
While they usually come with the highest price tag, they also offer the most benefits. Homeowners who want the benefits of a mobile home but something permanent and more luxurious will like this option.
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Not sure what mobile home suits your needs the best? Contact the nearest Home Nation location to you today to learn more about the difference between the different types of mobile homes.
Costs Associated With Living in a Mobile Home
You need to know the costs associated with living in a mobile home. Not only will you have to pay for the mobile home itself, but you will also need to pay for the property. You will also need to consider the cost of insurance and taxes for both the mobile home and the property.
Buying or Renting a Mobile Home
You can buy your mobile home or rent it. If you rent, you will not pay as much money upfront or pay for required repairs, but your rent doesn’t go toward you owning the home. Buying the home offers the best option if you can afford it. Keep in mind that you can possibly receive financing to help you with your purchase.
Related Article: Purchasing a Mobile Home With Bad Credit
Living on your Own Property or Living in a Mobile Home Park
Next, you need to consider whether you want to have a mobile home on your own property or whether you want a mobile home in a mobile home park. If on your own property, you will pay property taxes on the land. If in a mobile home park, you will pay fees to keep your mobile home on the property.
Insurance
If you decide to purchase the mobile home or the property, you will need to get insurance on your items to cover the costs of damage, such as property damage and natural disasters.
Insurance will cost anywhere from $300 - $1000 per month for insurance on the mobile home, depending on the level of coverage, the cost of the home, and the location.
The four types of mobile home insurance coverage include:
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Dwelling coverage - coverage on damage to the home up to a predesignated value for items such as wind damage or fire damage, depending on your policy.
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Personal property coverage - coverage on your personal property, such as clothing or electronics, up to a certain value.
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Liability coverage - coverage on damage you are liable for.
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Loss of use coverage - coverage on the cost of living somewhere else when you can’t live in your mobile home.
Related Article: How Much Does a New Mobile Home Cost?
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Advantages and Disadvantages of Living in a Mobile Home
Like any other type of home, mobile homes come with different advantages and disadvantages. When you understand the implications of the decision, you can learn if the situation will keep you and your family comfortable and happy.
Advantages of Living in a Mobile Home
The main advantages of living in a mobile home include:
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Cost-Effective
Manufacturers make mobile homes with affordability in mind. In Q1 of 2021, single-wide mobile homes with two sections cost an average of $53,800, and double-wide mobile homes with two sections cost an average of $109,033.
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Quick Construction
Traditional home construction can take years. However, you can move into a new manufactured home in as little as four months.
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Efficient
An efficient home not only contributes to the environment but also saves you money. Luckily, most mobile homes these days provide shockingly high-efficiency levels, especially if you take the proper steps.
To make your mobile home as efficient as possible, you should add insulation to the building, buy energy-efficient appliances, use efficient windows, doors, and building materials, and keep up on regular maintenance.
Related Article: 5 Reasons to Choose a Mobile Home
Disadvantages of Living in a Mobile Home
The main disadvantages of living in a mobile home include:
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Stigma
Unfortunately, mobile homes sometimes come with a stigma. Many people associate mobile homes with poverty and low-income areas. However, manufacturers today provide high-end mobile home options that make the stigma inaccurate.
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Personal Property VS Real Property
Since mobile homes fall under the category of “personal property” as opposed to “real property,” you may need to pay more money every month since loans for personal property tend to come with a higher interest rate.
Conclusion
Living in a mobile home offers a flexible and affordable housing option with various benefits and drawbacks.
By understanding the differences between mobile home types, associated costs, and insurance requirements, you can make an informed decision. With the right research, a mobile home could provide a comfortable and efficient living space tailored to your needs.
