Every family dreams of having their own house because this is a precious investment they could keep for life. However, it is a known fact that not all of us can afford to have one. Obviously, the financial capacity will determine the ability to own a house. The worse thing is the current economic situation and the high cost of buying or building a house. In view of this factor, there are families who resorted to buying manufactured homes because of budget concerns. Let us see how families assess the decision of buying a mobile home instead of a regular house design.
Mobile homes, also known as “manufactured homes,” are built in a factory and transferred to a location where it will stay. The owner may place the unit in a mobile home park, rented lot, or leased lot. Alternatively, the home buyer can also place the mobile home on the property if they have. For the first time mobile home buyers, making the transition from a traditional home to a manufactured home can be daunting. Hence, weigh the pros and cons of buying a mobile home before purchasing one. This is to ensure that you have made the right decision with respect to both financial and housing goals.
Features of Modern Mobile Home
A choice to buying a mobile home is a tough decision because of lots of factors involved. With so many mobile home sizes, designs, and materials to choose from, the options seem endless. Consequently, this is the reason why most families choose to go into this type. Nevertheless, a buyer should not only consider the cost and convenience but the depreciation and difficulty in re-selling the unit in the future. At this point, let us get down to identifying the pros and cons of buying a mobile home over other house types.
Advantages of Buying a Mobile Home
1. Mobile homes offer a lower cost option as compared to stick-built homes. Thus, homeowners will find it easier to achieve. Additionally, since mobile homes usually cost less per square area, then you get more space for your money.
2. Mobile homes have better flexibility. They are more affordable and semi-permanent. If you own the land, it will be easier to remove it in the future if you want to. This is an option if you are presently uncertain of what to own in the future for a longer time. Consequently, it’s a lot easier to remove the mobile home and replace it with a typical home later.
3. Mobile homes are safe and quality controlled; usually built-in organized environments. This means that they are consistently built to a high standard. And because they are manufactured in such conditions, construction delays due to weather or difficulty in scheduling subcontractors, are less likely to happen.
4. Living in a mobile home has a sense of community that many owners feel within their neighborhood. The owners might have their own space-driveway, backyard, and detached walls, but still close enough to promote social interactions.
Disadvantages of Buying a Mobile Home
1. The value of a mobile home depreciates quickly. Comparing to a new car, once a unit leaves the factory, the value decreases speedily. Conversely, stick-built house appreciates in value over time because the homeowner always owns the underlying land. A person who owns both the land and the mobile home may see the value of the combined property increase over time. But that is likely the result of the underlying land increasing in value, not the mobile home.
2. Being a personal property, mobile homes, are usually more expensive to finance. Personal property loans, sometimes usually come with higher interest rates and shorter terms than a mortgage loan.
3. Mobile homes are typically located in a mobile home park. Despite being the owner of the actual home, you are to pay rents and other obligations to the landlord. Furthermore, the landlord may at some point decide to evict you, in which case you will face either moving or selling your mobile home.
Are you ready to buy a mobile home or build a typical house design? The above points and arguments will advise you what to do.