There seems to be a distinct prejudice against mobile homes in the United States despite their many advantages. They are dismissed as being the sole preserve of lower income families and many people can’t shake images of ‘trailer parks’ and the like out of their heads. In actual fact, a mobile home can be a far better investment and living choice than a house because of its versatility, relatively low cost and investment potential.
There is a misconception that mobile homes can only depreciate in value. While this is the case if the home is on parkland, mobile homes on private land tend to increase in value quite rapidly. If your mobile home is near a lake for example, you are in luck because this property will be in great demand. Mobile homes are also far cheaper than traditional houses overall and the amount of available living space is almost the same. Regular mobile homes will have a living area of over 1,100 square feet while ‘double wide’ mobile homes have 1,700 square feet worth of space, as much as a traditional two bedroom house.
You also have plenty of options when it comes to paying off the mortgage. Perhaps you can afford to pay the mortgage within a few years and build some equity. If you live in the home for five years or less, expect to be able to sell it for a profit if it is on private land. It will be easy to sell a mobile home in good condition because buyers are interested due to the money saved on sales and personal property taxes. Those who decide to keep the mobile home will be able to pay it off in less than 15 years on average. Compare this to traditional homes where 25-35 year mortgages are the norm.
There is also the small matter of versatility. Owning a mobile home allows you to decide where you want to live. Perhaps you have been offered a new job in a different town or city. Instead of having to sell your existing home and get a new one, you can simply transport your mobile home to your new location. It is also common for families to buy a mobile home as a recreational property before selling their main house when they reach retirement while keeping their mobile property.
When it comes to fixing up the house, there is no comparison between mobile and traditional locations. It costs far less to repair a mobile home roof than a traditional home for example. Heating the home is also much cheaper because you are not worrying about individual rooms. You will be more energy efficient in the long run and this will be reflected on your low energy bills.
A mobile home may not be to everyone’s taste but for certain individuals and families, it offers the best living arrangements. You will not be putting yourself in a huge level of debt and you have the freedom to move from place to place if you choose.