If you find yourself in the new home market, you’re probably thinking about all your options. Most home buyers will look to traditional single-family homes, but many look for mobile homes for sale because they are generally less expensive and have more flexibility than a conventional home. With the growing popularity of mobile homes, there are now more options than ever. From single wide to double wide and even triple wide models available, mobile homes can suit all lifestyles. With a little research, you may find that a mobile home meets all of your housing needs at a fraction of the cost of a traditional single-family home. Are you considering purchasing a mobile home? Here’s what you need to know…
Different types of mobile homes!
Gone are the flimsy, cookie-cutter mobile homes our grandparents once lived in. Mobile home manufacturers are now able to build mobile homes from an economical range to luxury models. Today’s mobile homes will combine luxury and convenience, maximizing available space to better meet the owner’s needs. They are now built with single, double and even triple floor plans and can even be built on site to give the home the look of a traditional home that has always been there. Singles, families and retirees are all likely to find or have a mobile home made that is the perfect space for them and their lifestyle.
Consider buying new or used, purchasing a new or used mobile home depends solely on your needs. Inspect the used mobile home carefully before purchasing it, as it may result in costly maintenance or repairs.
Prices of mobile homes and mobile home insurance to take into account
When purchasing a mobile home, most people are surprised to find that prices can be much lower than a traditional home. There are many mobile homes for sale in today’s market. For future homeowners tired of spending a large portion of their income paying rent, mobile homes can be a great opportunity to get into low-cost ownership. You can own your home and pay rent to a park owner.
When purchasing a mobile home, people can usually afford a newer, more energy-efficient model than what they can find in a traditional home at the same price. With a lower overall cost, down payments on mobile homes are often considerably less expensive than a down payment on a traditional home. As with conventional homes, mobile homes require mobile home insurance which can be more affordable than the cost of insurance for a single-family home.
Mobile home financing options are available
If you decide to finance your mobile home and/or the land where it will be placed, the loan may be a little different than for a traditional single-family home. For simple mobile homes, financing may be difficult to obtain from a private lender. Financing is generally easier to obtain for a double-wide mobile home and often depends on the type of loan you choose. Many lenders have a self-imposed “15 year” rule, meaning you may not qualify for financing if the mobile home you’re considering is more than 15 years old.