Is Buying A Manufactured Home A Good Idea? Advice For All Stages In Life
Some of you out there may be considering buying a manufactured home. However, you haven’t completely made up your mind. You may have some compelling reasons for taking the plunge. Plus, you might even have a financial situation that makes it possible (or even easy). But, you’re asking yourself – is buying a manufactured home a good idea?
We’re here to give you some advice for whatever stage of life you find yourself in.
It’s your first home, and it’s a really big deal
To begin with, let’s suppose you’re thinking about a first home. You’ve never purchased a home before. As a result, you’re nervous and excited. Of course, you could buy a stick-built house. But you’ve also been mulling over the idea of a manufactured home as your first property.
However, you want to do your research before taking the plunge. If you’re looking for a little more info on whether buying a mobile home could be a good option, take a look at How To Afford Living Alone In A Mobile Home Whether Buying Or Renting.
A word to the single & just married people
If you’ve just tied the knot, congratulations!
Now, you may be trying to figure out if it’s time to move out of the apartment. Alternatively, you may not be married yet. However, you’re still thinking it may be a good move to acquire a place to call your own. Either way, we’ll assume you’re not independently wealthy. As a result, you’re wrestling with how to finance the transition to being a homeowner.
Steve Gillman in his 8 Reasons Why You Should Consider Buying A Mobile Home posits that “People have this mistaken idea that you can’t get financing for a mobile home. Through HUD programs banks will loan up to $69,678 on a mobile home on a rented lot, and up to $92,904 on mobile home attached to a lot.”
And then there were 3 (or 4, or 5, or more)
Conversely, some of you may be long past the newly-wed or single season of life. Little people have joined your family, and space is at a premium. In your case, you like the idea of purchasing a mobile home for several reasons. But you’ve got one big question – will I have enough space?
According to Kara Zuaro it is possible. Their double-wide has 3 queen-sized beds and 14 bunk beds! Imagine all the people you could host in those quarters! Of course, if your brood isn’t that big, at least you have peace of mind knowing there’s no lack of space for your other belongings.
Is buying a manufactured home a good idea for retirement?
Still, other prospective homebuyers are in yet a different stage of life. Perhaps you’re on the other side of their retirement party and weighing your options. You may also be wondering, “is buying a manufactured home a good idea?” Here are some things to keep in mind.
Mobile homes are affordable, which is ideal for those on a fixed income. They’re also more energy-efficient, which is good for your wallet and the environment!
Unlike an apartment, you can still have a yard and some amount of privacy.
Many mobile homes are located in 55+ communities. These parks cater to retirees, offering amenities and services to make life a little easier. Plus you’ll be surrounded by your peers.
For more on living in a mobile home park, check out: 7 Questions To Ask Before Signing A Lease With A Mobile Home Park and 5 Things You Need To Do Before Moving Into A Mobile Home Park.
A few more considerations
While a mobile home can meet your needs in every stage of life, don’t forget to educate yourself about prospective drawbacks, too. One thing to consider is depreciation. Unlike traditional housing, mobile homes depreciate over time. You can learn more about Mobile Home Advantages and Disadvantages in this article.
Now that we’ve put some thought into your question, “Is buying a manufactured home a good idea?” you might have a few more things you’d like to know about. For instance, you may be thinking about giving a pre-owned home a chance. If so, take a minute to read over our 4 Things You’ll Want To Know Before Buying A Used Manufactured Home. And, if you’re ready to make your dream a reality, then stop by this one before you begin: Buying A Mobile Home Checklist | A Helpful Resource To Stay On Track.