The idea of buying a mobile home probably isn’t something that many people have considered in the past. However, nowadays more and more people are buying mobile homes and living an alternative and cheaper lifestyle. You can buy a mobile home for a lot cheaper than a traditional home and can be bought all around the country. As such a cheap form of living, the mobile homes really have increased in popularity in recent years, this is despite the negative stigma that is often attached to this way of living.
When thinking about purchasing a mobile home, the advantages are not always that clear. That being said, the biggest plus point is fast equity building. It is also not completely true that all mobile homes depreciate over a period of time but this isn’t necessarily true. This can be the case if you keep your mobile home on a park but if you keep it on land then the price can actually go up. Over ten years you could expect the value of your mobile home to double. You will of course have to maintain the home and there is the risk that things could go wrong with the home but this is true of any type of house. In general the value of the land will go up and the mortgage payments will be lower than a normal house and this means that you will build up equity quickly.
You are likely to get a faster loan pay out due to the fact that homes that are kept on land will appreciate slower than a normal house, giving you better financial stability than if you were to go out a buy an expensive house. Lower rates each month mean that equity is built up quicker and you could really save yourself some money.
The best option is to own the land on which you keep your mobile home as this means you can make changes, modifications or pretty do whatever you want to your home. You can make changes so that the mobile home better suits your requirements and you can also think about renting the rooms out for a bit of extra cash. All the modifications you want to make on your mobile home such as repairing windows, plumbing, doors and everything else are generally a lot cheaper than making repairs to a normal house would be. It is also a lot cheaper to fit plumbing and electricity in these mobile homes.
Also, it is worth bearing in mind that property taxes that are based on value and insurance is lower on mobile homes than standard houses. Always check that you are eligible to insure the mobile home before purchasing it as some areas won’t allow you to insure old models.
Mobile homes really are a sensible and cheap alternative to buying a regular house. However, they do have their advantages and disadvantages and it is important that you are aware of both sides before going ahead with your decision. Some people simply aren’t suited to living in a mobile home whereas others love the lifestyle, so make sure that it is for you before parting with your cash.