How A Mobile Home Helps Homebuyers Make Good Choices
Making choices can be challenging. Of course, living in an information-saturated culture has its advantages. However, it may mean that coming to a conclusion takes longer – you might feel you have more information to consider. And when it comes to choosing what kind of home you want to live in, the amount of research you could do might just feel overwhelming. So today, we want to weigh in by providing you with some thoughts on how a mobile home could be a good choice.
Mobile homes can offer a price advantage
Clearly, when you’re considering a new home, the price is something to think about. Unless you happen to be independently wealthy, you’ll want to think about how much your new home is going to cost.
Which leads us to some very encouraging information about manufactured homes, courtesy of the Manufactured Housing Institute’s 2017 Manufactured Housing Facts: Industry Overview. When it comes to “average price per square foot” for a “Site-Built Home,” they say you’re looking at $107. But what about a “Manufactured Home?” That’s the number we’re excited about. For this type of home: $49 is the “average price per square foot.”
Obviously, those are averages, and the price will vary. Still, we think it’s a good comparison to consider when making your decisions.
It could help you buy within your means
Next, a mobile home could help you when you’re looking to live in a financially responsible way. Don’t get stuck on the idea of keeping up with the Joneses. Who says you need a many-thousand-foot “dream home” to be successful? And who says you need a mortgage payment that’s just as high as you could possibly afford?
Perhaps you’re thinking it would be more reasonable to opt for a home you can easily afford. That way, you hope to have money to save each month. Your future self may thank you if you opt for a home where you can easily make the payments each month and set some aside in savings.
It might beat out renting, financially speaking
A used mobile home that’s priced low could end up being a great option compared to renting. If what you spend on rent each month is higher than what you could spend monthly for a mobile home, it might become your option-of-choice.
Start by determining how much you currently pay for your living situation. Consider rent payments plus things liking heating, air conditioning, and electricity. On top of this, you may need to factor in the cost of your commute if a move into a mobile home would change how far you are from work.
When it comes to comparing the cost of living in a mobile home to renting elsewhere, we recommend you do your due diligence in personalized research. Crunch your own numbers here because this could depend on the cost of renting where you live. Plus, it could depend on the type of mobile home you buy and whether you rent or own the land it’s on. Also, don’t forget you may need to factor in how much you’ll spend on lot rent, utilities, and repairs.
You may be able to get more house for the money
Obviously, this depends on the housing situation where you live. But if you live in an area where home prices are high (and rental prices are too), you might just be doing yourself a major favor. You might be able to get more square footage for the same or a lower price than you could otherwise.
Let’s say you’re renting a 500 square foot apartment for $X monthly. But you discover you can bump up to a 1000 square foot mobile home for roughly the same amount each month. More space for you and the family – same amount of money. Does that sound like a win-win?
You won’t be bothering the neighbors on the other side of the wall
One consideration when switching from an apartment to a mobile home is that you may not have to be as careful about keeping the noise down. Maybe you’ve felt like you were walking on pins and needles sometimes, trying to keep an evening or entertaining guest from bothering the neighbors. Or even avoiding playing your piano in the evening altogether. Even the noise of your TV could have felt like imposing on the neighbors in the apartment next to yours.
On the other hand, maybe your near neighbors’ noise has actually been bothering you. Well, your mobile home could provide a welcome respite from those issues. With some extra space between you and the other dwellers, you may have a bit more wiggle room when it comes to invading the soundscape.
Just don’t make so much noise that people in other mobile homes in your park will be affronted. Otherwise, you’ll find you have more freedom than in an apartment with thin walls.
Next, let’s touch briefly on the concept of appreciation. And, no we’re not talking about how happy you are to have a mobile home (though we hope you will be happy)! We’re talking about the concept of your mobile home’s value going up over time. This might sound like it flies in the face of other mobile home information you’ve heard. However, take a moment to read the Urban Institute’s “New evidence shows manufactured homes appreciate as well as site-built homes.”
Getting more info
Maybe you’re getting the feeling that a mobile home could be a good choice for you. You need a new home for you and your family, and the advantages a mobile home seems to offer are piling up. Take a minute to learn a little more about financing a used mobile home. Then, educate yourself on What To Look For In A Mobile Home That’s High Quality.