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How to Buy a Mobile Home

When homebuyers are searching for a house, they usually want a family home that was built on-site. However, these types of homes are not the only houses to consider in your search. Mobile homes are great options that are less expensive and roomier for your family. Living in a mobile home can be quite wonderful, and even more so if you decide on a quality mobile home on a lovely private lot.

Once you’ve chosen a great mobile home, how do you go about buying it? It turns out that purchasing a mobile home differs from buying a traditional home. Consider the following tips on how to buy a mobile home:

Know what kind of mobile home you want. Mobile homes are usually available as single-wide or double-wide units. Single-wide homes are narrower with connected rooms, and double-wide mobile homes are as wide as a standard single-family home. Many of them have larger floor plans and fancier features such as fireplaces and hot tubs, just like an expensive house.

Most mobile homes are sold without land. Unless the seller offers a package deal that includes land, you can either place the house in a mobile home park or buy bare land for the home. Buying land is more costly and involves things such as hooking up utilities and a septic tank as well as landscaping and porch construction, to name a few.

Financing a mobile home differs from standard homes. According to lenders, financing a brand new single-wide home is pretty much a no-go through large private lenders. Your best bet to finance a mobile home is to find a reputable credit union or a mobile home company. If you are thinking about buying a used mobile home, you may not quality for a conventional loan if the home is older than fifteen years.

Your down payment may be lower. Compared to a conventional home loan, a mobile home loan may involve a low down payment. However, mobile homes may come with a higher interest rate. This is because some lenders view mobile homes as a high risk purchase.

Make sure the mobile home is well-built. Compare companies to see which ones have the best reputation for mobile home construction. Your mobile home should have shingles and a properly vented attic. Be sure to choose a home that has vinyl siding rather than metal or hardboard siding since vinyl requires less maintenance.

As with any home purchase, insist that you see everything in writing. Be sure that your contract specifies details such as upgrades and construction specs.



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