Generally, when it comes time to buy your first house, you’ll be doing plenty of research. And in your research, you’ll probably find that there’s a big debate over whether one should buy a manufactured home, or a stick built home. Everyone and their second cousins are quick to explain why they think one is better than the other. Therefore, you’re left very confused, and not sure which one you should be choosing.
So today, we’re going to look at the pros and cons of living in a mobile home instead of a stick built home. That way, we can learn just what the hotly debated topic is all about.
If we’re realistic, we’ll find that there are a lot of pros that go along with living in a mobile home. So many, in fact, that we won’t have time to list them all today. But we’ll pull the top few out, so you know what we’re talking about.
One of the biggest, most obvious facts about mobile homes is that they’re less expensive than stick built homes. Furthermore, not only are they cheaper to buy and own, but they’re also cheaper to maintain, as well as build. Let’s set the scene for a moment, so you can get an idea of what we’re talking about.
For example, we’ll consider a young man named Ben who has just graduated college, proposed to his girlfriend, and is looking at his options for buying a home. Not only is Ben drowning in school debt, but the prospect of starting a family is financially overwhelming to him. Consequently, all the stick built homes he has looked at are much too expensive for him. But he’s particular about owning, and not renting.
Therefore, this is the perfect opportunity to buy a mobile home. The fact that a mobile home is so much cheaper than a regular home is very attractive to Ben. And a mobile home is not just more convenient for him because it’s cheaper, but because he can also live in it anywhere. He might even buy his own property to put it on. In short, it’s a win-win, because Ben is saving money, and he’s happy with his decision
Own your own property
In the previous paragraph, we briefly mentioned a man buying property to put his new mobile home on. Generally, many folks don’t realize what a good idea that is. Having your own property means that you can place a mobile home on it, and live there for as long as you like. Without having to pay rent. Generally, it also means that someday, if you have enough money and decide you want to build, you already have property to do it on.
Same quality as stick built
It’s a well-believed myth that manufactured homes are bad quality and made of cheap materials. This couldn’t be more incorrect! Not only are most good quality, but they’re made out of the same material as stick built homes. For example, after June 15, 1976, all manufactured homes had to meet certain federal construction standards, ensuring that mobile homes are made out of quality materials. And factories and retailer lots are also subject to inspection by HUD, to enforce those standards for buyers’ well-being.
While there are some cons to living in a mobile home, there are fewer than pros. Let’s take a look at the cons.
More expensive to finance
As NOLO points out, “A related disadvantage is that mobile homes, because they are personal property, are usually more expensive to finance. Personal property loans, sometimes called “chattel loans,” usually come with higher interest rates and shorter terms than a mortgage loan.” Generally, this won’t be a deal breaker, but doing your research is definitely going to help. Because every scenario is different, you’ll need to know what’s right for you.
Living in a park
Ordinarily, if you find yourself not being able to buy property to put a mobile home, the cost of renting land, or renting a place in a park is something you’ll need to consider. Generally, not only will you have to pay a landlord, and/or comply with park rules, but you also have to be ready if the landlord decides to evict you.
Taking time to make your decision
These are just a few of the pros and cons of living in a mobile home that you’ll need to think about and research. But don’t let the cons alone sway your decision negatively. There are too many pros that outnumber the cons to make a quick decision. Seeking information and doing research will be your best friend. And when it does finally come time to buy, and you need help moving, don’t be afraid to ask us, we’re here to help with all your mobile home needs.