Mobile homes are growing in popularity and are considered a cost-effective alternative to purchasing a traditional home. These homes are typically mass-produced in a factory and placed on a chassis that allows them to be placed on any land where they will be installed and inhabited. As a result, this has its benefits of producing more affordable homes. However, there are also downsides to purchasing a mobile home, and it depends on one’s personal financial, housing, and lifestyle goals.
Read on below to better understand the pros and cons associated with purchasing a mobile home and determine if it’s the right choice for you.
Advantages of buying a mobile home
Affordability
One of the biggest benefits of owning a mobile home is its affordability. They are generally less expensive than traditional permanent homes due to their lower price per square meter. Mobile homes could even be a solution to the housing affordability crisis.
Flexibility
With mobility comes the added flexibility of having a mobile home. They can be upgraded and customized as needs change from traditional homes. It can be moved across land if the space needs to be used differently. It is also a flexible lifestyle option where one can choose to have a less expensive but habitable home while waiting to afford a more traditional home, or need temporary accommodation while their home is under construction.
Low maintenance cost
In general, mobile homes require less maintenance than traditional homes. Maintenance such as plumbing/sewer repairs, gas line repairs or landscaping is almost non-existent. These are recurring cost savings that can accumulate over several years. The only maintenance will be necessary fixes in a mobile home from time to time.
Disadvantages of buying a mobile home
Depreciation
The biggest disadvantage of a mobile home is that unlike traditional homes which will increase in value due to the appreciation of the land underneath, a mobile home will depreciate in value.
In cases where land is also purchased, the combined value may increase due to appreciation in the value of the land, but the mobile home itself will depreciate significantly, just like a car that has left the dealership.
Resale can also be difficult for mobile homes if they are installed in mobile parks or if the buyer will need to move the mobile home from its current location. Both incur additional costs of several thousand euros and can deter people from buying a second-hand mobile home rather than buying a new one.
Park policy
Many mobile homes are typically located in mobile home parks. This means that there are external procedures and rules that must be followed. Rent must also be paid to the owner to have your mobile home there, which can be an additional recurring cost for the house.
This can undermine the freedom that a traditional home provides where one owns the land and, for the most part, sets their own rules for how they choose to live there.