Tips for purchasing a mobile home
When deciding to purchase a manufactured home, multiple factors should be considered before making your final decision.
Like most big decisions, it is important to do your homework when deciding on home ownership and which type of home you will buy.
Here is a list of items to consider before making a large purchase:
Type of home
Will you buy a stick-built home or a manufactured home? Both have their advantages. Stick-built homes typically increase in value over time, whereas like other items on wheels, manufactured homes often lose value over time. (For the purposes of this article, we will assume you are set on purchasing a manufactured home)
The fine print
When purchasing a manufactured home or mobile home, make sure that you look behind the curtain, so to speak. Often, what is obviously visible to the eye fails to tell the full story. You need to explore the hidden aspects of the home, which might include conditions beneath sinks, on the roof and underneath the home. It’s important to do this because manufactured homes are known for leaks that can actually rot the frame of the home. (A side note: Make sure that the dryer vent is not disconnected underneath the home. This will cause moisture to build up, creating a situation that rapidly increases the chances of your floor rotting out.)
Make sure that you are thinking about the extra costs when buying a mobile home. If you are thinking about relocating to private land, there are costs associated with such a move. (You can read more about these costs here.) If you are putting the home in a park, or buying an existing home in a park, you will want to think about lot rent costs, which can get quite costly (I have seen them as high as $500+ per month in the state of Michigan.)
Consider the cost of financing the mobile home. Interest rates increase your total payout and if the home is not placed on private land, the percentage points can increase risk factors for the lender.
By placing the home on private land, you are protecting the home from depreciation in value. However, they still do not fare as well as a stick-built home, which is considered an investment item.
We hope that these bullets give you much to think about when considering purchasing a mobile home. If you are considering moving to a park in the state of Michigan we encourage you to contact us to explore what we have to offer. We purchase mobile homes throughout the state.
If you are looking to upgrade and cannot make the purchase until you sell your current manufactured/mobile home, we would love to hear from you. Click here to get an initial offer from our company. This value would be the amount that we could pay form the home. It does not necessarily imply the actual value of the home.