A mobile home is a great place to call home. You can enjoy all of the benefits of homeownership without worrying about high property taxes or maintenance costs. From retirees to first-time homeowners, mobile home living is quickly becoming a top choice for these buyers. There are plenty of advantages to buying a mobile home instead of a regular one. Here are a few things you need to know about the pros and cons of a mobile home.
Are you searching for the right manufactured home to meet your needs and budget? Our team at Home Nation can help you find the right option for your next purchase!
The Definition of a Mobile Home
During the home search process, you might hear several terms, such as mobile home, modular home, or manufactured home. You should know the difference between these terms. Modular and manufactured homes have most of their components pre-made or ready-built. However, there are a few distinctions between these homes.
Most homes built after 1976 have higher quality standards, so most manufacturers list their products as manufactured homes. Despite that, these terms are used interchangeably, and you hear people refer to these properties as mobile homes.
If you are worried about quality, all manufactured homes are produced under the Department of Housing and Urban Development (HUD). As a result of the Federal Manufactured Home Construction and Safety Standard Act of June 15, 1976, specific standards must be met. These standards regulate the home's strength and durability, fire resistance, design, construction, and energy efficiency.
Along with that, the HUD Code sets standards for plumbing, air conditioning, electricity, and heating. In many cases, these manufactured homes are available in single or two-section units.
On the other hand, a modular home is produced in a facility. These sections are then transported and assembled at the site. During the assembly process, the home is built on a permanent concrete foundation.
Unlike a mobile home, a modular home cannot be moved once it is built. Many of these homes are treated as traditional homes. You can find a large assortment of pre-designed structures, and their prices are lower than conventional homes. Along with that, you can customize a modular home to meet your needs and lifestyle.
Related: Lot Rent: A Mobile Home Guide
The Pros of Buying a Mobile Home
Now that you know the definitions between mobile, manufactured, and modular homes, here are a few reasons why these properties are a better choice than a traditional home.
One of the best advantages is the affordability of the property. You don't have to worry about high property taxes or maintaining the exterior like that with a traditional property. In some cases, mobile homes cost less than those permanent homes. Compared to a permanent home with the exact dimensions and amenities, a mobile home can cost up to 20 percent less.
There are fewer ownership costs associated with a mobile home. Even if you own the land, the property taxes are less than a standard home. All of your maintenance and property fees are rolled into one charge for those who want to purchase a mobile home park.
Don't forget a mobile home requires less maintenance than a traditional home. If you don't own the property, then there are even fewer costs associated with the home. You never have to deal with gas lines, landscaping, plumbing, sewers, or other issues. That can mean more money in your pocket. You want to read the fine print, especially if your potential property is listed in a park. There are some restrictions or additional fees in these communities.
Some people think that manufactured homes are made with low-quality materials than traditional homes. That is far from the case with today's options. The quality of the materials has improved over the years.
Many homeowners are turning to mobile homes because they promote an eco-friendly lifestyle with a small carbon footprint. For example, some mobile homes are made with reconditioned materials. Other options can reduce your energy usage and the overall ownership costs. If you want a regular house with those options, the listing price is bound to be too cost-prohibitive for many buyers.
The Cons of Buying a Manufactured Home
When you buy a home, it is a significant investment. You want any space to be comfortable, secure, and protect the people in the home. With a mobile home, one of the biggest drawbacks is depreciation. If you already own the land, then you should see an increase in those values over time. However, the actual structure of the mobile home can decrease in value. When you are ready to sell your mobile home, you can expect to make a lot less from the sale.
Mobile homes lose value because they are considered personal property, not real property. Personal property is movable, while real property is defined as anything attached to the land. But if your potential mobile home is located on a permanent structure, it could be classified as real property. You need to find out the classification of the property before making a purchase.
If you are weighing the decision of this disadvantage, it will depend on your personal finances and situation. In many cases, the monthly payment of the home could be less than renting an apartment or house in some areas. Your lot rent, loan payment, and insurance could be less than the cost of a tent. Plus, there are some situations where you can get a tax deduction with interest from the loan.
Finally, there are just fewer places to place a mobile home. If you buy in a community, you will notice that the lots are close together and smaller in size. That might not be ideal if you want some extra space. For those who are purchasing a mobile home and moving it, remember to choose a zoned area for a manufactured home.
Now that you know some of the pros and cons of buying a mobile home, you can make an informed decision. Mobile homes can provide a significant advantage over traditional homes for their flexibility and affordability. Despite that, you still want to weigh your options and find the best choice for your lifestyle.
Do you want to find a mobile home to make your dream of homeownership come true? Our team at Home Nation is ready to help you!