714 720 1358What Are Some Advantages of Mobile Homes?
Benefits
Mobile homes have less upfront costs over stick-built houses, and at about 1,100 square feet for a single-wide, living space is similar to a small two-bedroom house or relatively large apartment. A double-wide has about 1,700 square feet, making it as big as many houses.
Property taxes and insurance also cost less for a mobile home than for a stick-built house.
One of the major advantages of manufactured home ownership over apartment renting is the chance to build equity. While renters pay rent each month with no return (other than a place to live), mobile home owners make mortgage payments and build equity, which they can borrow against in the future. In addition, a mobile home owner can sell her property in order to fund a move or to capitalize on a rise in the market value, while renters stand to gain very little to nothing if housing prices increase.
Considerations
Mobile homes are cheaper than a house to maintain in several ways. Fixing a mobile home roof costs less than fixing a traditional shingled roof, and adding a new roof over the top of the old one costs less than putting a new roof on a stick-built house. The furnace can be more reasonably priced because it heats a smaller living space and one floor only. Your heating bills will be lower because of the more compact space, particularly if you do some winterizing.
Another major difference between buying a mobile home and renting an apartment is the degree of control over the space. A rental agreement may not allow tenants to paint walls, install new fixtures or make other improvements. On the other hand, a mobile home owner has complete control over making improvements and decorating the home to express a personal style. While a mobile home owner’s improvements might increase the value of the home, a renter’s alterations might result in the landlord withholding a portion of the tenant’s security deposit.
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Derek Mcdoogle
In your article, you stated that mobile homes have less upfront costs over stick-built houses, and at about 1,100 square feet for a single-wide, living space is similar to a small two-bedroom house or relatively large apartment. My cousin and his wife have been trying to find a new place to live and a friend suggested that they look for a mobile home. I wonder if using a real estate agent for a mobile home is any different than a regular home.
Kourtney Jensen
I really like the benefits you made about a mobile home. I’ve been looking for home options for my sister and her new family and this sounds like a good option. It’s nice that they are about the same size as a home but less expensive, which is good for a beginner home. Whether they choose mobile home renting or purchasing, this seems like a good option for them!
Chris Pederson
I had no idea that mobile home owners can build equity when they pay their mortgages. That is crazy to me because I have been paying for my current home’s mortgage for years with nothing to show for it. Maybe my wife will be down for buying a mobile home now that our kids are all out of the house.
Charlotte Fleet
My husband and I are hoping to move into a new home this year to save money. I loved learning that the cost of property taxes and insurance for mobile homes is much less than other houses. We will surely have to look into buying a mobile home to live in so we can save a lot of money.