The introduction of mobile homes in the real estate market was a major game-changer. These houses are built offsite in a factory, which earned them the name “manufactured homes.” Once a mobile home is built, the builders then transport it using a trailer to a given lot of land. This article outlines the many pros and cons of owning a mobile home and how you can buy one if you’re interested.

Advantages of a having a mobile home
The biggest advantage of owning such a house is that costs are less than those of a custom-built home. Those who wish to put down roots but are operating on a limited budget can consider this option. For the money spent, the space you get is quite a lot as the cost per square foot is less than that for designing a custom home. Another great benefit is flexibility: mobile homes are only semi-permanent, making them easy to move to another lot of land. If you place the home on your land in a few years or even months, you can remove the structure as and when required. As mobile homes are constructed in a controlled environment and mostly standardized, the quality is assured. You also have to deal with little to no delay due to weather conditions or contractor issues. Mobile homes are cost-effective alternatives to owning a permanent stick-built house.

Disadvantages of owning a mobile home
The one major issue that comes with owning a mobile home is depreciating value. Such houses lose their worth as soon as they have left the factory gate. As mobile homes are categorized as personal property, they can be moved without injury to the land and are not permanent structures. In comparison, the price of a stick-built house will mostly increase with time, as owners of such houses typically own the land on which it’s built. Stick houses are categorized as real property as these are permanently attached to the land that the house is constructed on, which is why they are valued more than a mobile home. However, that doesn’t mean you can’t convert your mobile home into real property. If the land under the house is owned by you, some procedures and measures can help you convert your mobile home into real property. Such houses are generally located in a mobile home park, where you may own the home but not the piece of land. You could be asked to evict the place if the owner decides to sell the land. These homes are placed on temporary foundations as they are not permanent, which is not ideal in case any natural disaster takes place.

Tips for potential mobile homeowners
If you have decided to become a mobile homeowner, we suggest that you understand the details beforehand. For starters, you must check the homeowner association fees. Ensure that you know which areas are available in the park and check whether it is part of a gated community. If you are someone who may wish to own the land in the future, then do check with the landowner beforehand to see if the leased property can be bought. If you wish to add a mobile home on land that is owned by you or land that you wish to purchase, there are a few other factors that you should consider. You must check the locality before buying the land and be aware of the crime rates, quality of schools, and communities that you will be joining. The zoning and building codes for manufactured homes differ from regular ones. Be sure to get that approved. The taxes for the land and mortgages for manufactured homes should also be confirmed as the real estate market is very dynamic.

Financing your mobile home
An important aspect one needs to thoroughly research about a mobile home is how to fund its purchase. Mobile homes are considered personal property and not real estate. Owing to this factor, you may be eligible for a personal loan rather than a housing loan. Those who are purchasing a mobile home on land that they own have better chances of getting a loan approved than those who are buying a home and renting a lot in a park. Contacting a credit union or a mobile home dealer can be considered for funding options. Whichever you decide to approach, be sure that you hire a special contractor to come and inspect the house beforehand. Any lender will need to know that your home meets the requirements set by the Department of Housing and Development.