How to buy a mobile home
Manufactured homes offer quality, affordable living
With rents and home prices at all-time highs, owning a manufactured home offers quality, affordable home ownership for less than a 1-bedroom rental in most areas of Central Pennsylvania.
Once considered a depreciating asset, manufactured home values increased 60% in the past 5 years, outpacing equity growth of stick-built homes. The best financial advise for home ownership equity gain is to have a 5-7 year plan before selling for all types of homes.
Read more;
- Top 3 tips for home buying success
- Home ownership more affordable than renting
- Do I need to pay my buyer agent's commission?
- Financing options for manufactured homes
- Affordable living in Central PA
There's a national focus on manufactured housing as a viable solution for the US housing shortage. Experts don't expect the housing inventory crisis to go away any time soon. Add to that the aggressive acquisition of single family homes by Wall Street funds adding to their ever increasing inventory of corporate owned rentals and its no wonder home buyers are feeling squeezed out of the market.
Quality, location, and condition affect your home's future value whether its stick-built or manufactured. Market reports on home value trends in your area will give you insights on potential future value of your home should your life plans change and you need to sell.
Land lease communities vs fee-simple home ownership
Land lease communities offer a variety of lifestyles, from 55+ to all ages. Some are pet friendly, others have strict limits. Your land lease fee covers home many ownership costs associated with fee simple homes on privately owned land, such as land taxes, some utility services, etc. When comparing costs of ownership, be sure to add in the fees you'd be responsible for with a stick-built home vs a land lease manufactured home. Each township's fees are different.
Just like any type of home, location matters. There are differences in the various land lease manufactured home communities. Explore your options just as you would searching for an ideal neighborhood for a rental or traditional site built home purchase.
New construction or resale - options for all lifestyles and budgets
Articles:
- Buying a mobile home: what you need to know - Realtor.com
- What to know about buying a mobile home - Trulia.com
- Buying your first mobile home? - Manufactured Housing Consultants
- Benefits of mobile homes for seniors - Manufactured Housing Consultants
- HUD's Guide for Manufactured (Mobile) Homes
- How Much Does It Cost to Buy a Mobile Home? - US News
- Complete Guide to Buying a Mobile Home - Rocket Loans
