Purchasing a mobile home is an excellent alternative to buying a traditional home. It’s affordable and flexible. Many people are now choosing mobile homes because they want to downsize.
Mobile homes are a type of residential structure. They’re built in factories and then transported to a site for use. They are also known as manufactured homes.
Millions of Americans are now looking into mobile homes for sale. Many residents of Texas, North Carolina, and Florida live in these structures. It’s because they’re half the price of a regular family house. Manufactured homes also come in different sizes and styles.
The process of buying a mobile home is quite different though. Here’s a quick guide on how to purchase a mobile home.
Understand Your Needs and Budget
Future homeowners should first assess their needs. They should consider factors like the size and layout of the home. How many bedrooms and bathrooms do they need? Do they prefer an open floor plan? Location is another element to consider. Mobile homes are often installed on private land. There are also countless mobile home parks around the country.
Once a buyer knows what they need, it’s time to consider their budget. The prospective homeowner must determine how much he or she can afford to spend. The buyer must include a down payment, monthly mortgage, and insurance in their budget.
Learn the Various Types of Mobile Homes
Manufactured homes come in different types and sizes. Buyers can choose from single-, double-, and triple-wide types.
A Single-Wide mobile home is around 18 feet wide and 90 feet long. This structure is the easiest to transport. A Double-Wide home offers more space. It also feels like a traditional home. The Triple-Wide is the largest mobile home size. It’s more spacious and customizable. This type is also the most complex to move and install.
Secure Financing
The cost of mobile homes for sale depends on various factors, like the size. Customizations and added features will affect the price too. A manufactured home cost anywhere from $60,000 to $250,000. Compare that to the average home price of $495,000.
Manufactured homes might be cheaper but many Americans still need financial help. Financing a mobile home is quite different from conventional home loans.
Prospective homeowners have the option to get:
- Personal Property Loan: This is also known as a Chattel Mortgage. It’s ideal for mobile homes in parks or on leased land.
- FHA and VA Loans: These are government-backed loans with favorable terms.
- Conventional Loans: A homeowner can get a conventional loan. That’s if the mobile home is their property. This means it will be a permanent fixture on the land.
- Credit unions, banks, and specialized mobile home lenders can also provide financing. It’s best if the borrower shops for a lender with the best interest rates and terms.
Choose the Right Location
Location is everything. Mobile homeowners can buy land. This will provide them with more control and freedom. There are also a lot of mobile home parks. These areas are convenient and often come with amenities. Leasing a property is also an option. This is ideal for people who don’t own land but prefer a long-term lease agreement.
Shop for the Perfect Mobile Home
People interested in buying a mobile home have many options. Manufactured home dealerships offer different models, features, and prices. There are also mobile home manufacturers that sell straight to consumers.
A listing service is one of the best ways to find a mobile home. These sites have listings for new and used manufactured homes. They even offer mobile homes for rent.
Buying a mobile home involves several unique steps. It’s a smooth process when done with careful planning and research. Buyers must first understand their needs and budget. They should then secure proper financing. Homeowners can use dealers and listing services to find their dream mobile home.
Welcome to Your New Home
Buying a home is getting harder by the year. Live Mobile Now can ease that burden. We’re one of the premier listing service firms in Florida. Our company offers well-built and maintained mobile homes for rent or sale. These residences are a fraction of the cost of standalone homes. Check out our extensive catalog on our website. We guarantee you’ll find your dream home. You can contact us at +1-877-221-4040 or drop us a line here.