Mobile home prices are rising as many people are showing interest. Now has never been a better time to buy, with interest rates low and home prices on the rise. There are many reasons why people are starting to show an interest in mobile (and manufactured) properties, as well as reasons why homeowners (including first-time buyers) should consider a mobile home for their housing purchase.
Why Are Mobile Home Sales Booming?
There are a lot of reasons behind this boom. Some people have chosen to downsize; a mobile home is often easier to maintain. First-time buyers are getting into the market now, with an eye on eventually upgrading to their dream home. Some people are purchasing seasonal properties in areas that they love. And others are just being more frugal in general, with the economy being uncertain.
Mobile and manufactured homes have also made great strides in the last decade, with many manufactured homes being very similar in shape and form to stick-built properties. So, there’s less of a differentiator overall between mobile homes and stick-built homes.
It should be noted that mobile homes and manufactured homes are not the same as modular homes. Mobile homes need to meet more standards than modular homes and manufactured homes meet more standards still.
What’s the Difference When Buying a Mobile Home?
Buying a mobile home is just like buying any other home; the type of mortgage is the same. The only distinction is if the mobile home is being sold with or without the property. Usually, there will be no complications for those buying a mobile or manufactured home with the land. But there could be some complications if buying a home on land that is not being purchased; this may need to be a different type of loan.
Foundation issues tend to be one of the most common problems with mobile homes. When looking at mobile homes, pay attention to the foundation, how the home has been secured to its foundation, and whether there’s any sinking, dips, or cracks.
As with other homes, the mortgage lender will need to see the home appraised, and will need to know that it’s in move-in condition. There are also renovation loans available for mobile homes for properties that need some work.
Are There Any Downsides to a Mobile Home?
There are some downsides to purchasing a mobile home that some buyers should be aware of. Mobile homes don’t generally appreciate in value as quickly as other homes, because they don’t last as long. With the right repairs, renovations, and additions a mobile home can be an excellent option and can still be a better option than renting. But they usually won’t be as good of a financial investment as a larger home. Working with a qualified real estate professional is a good idea when looking for a mobile home because you need to know that the mobile home has been maintained properly and isn’t coming with major issues that have to be repaired.
However, many people don’t need a larger or more luxurious property or don’t want to spend the money for one. Those who are interested in purchasing a home should strongly consider the benefits of mobile homes over more expensive properties. For most, that would be more or less all they need.
Want to learn more about mobile homes and the current housing market? Contact the experts at Homes Direct AZ.