A mobile home is an excellent choice for a first-time homebuyer. It’s also a sensible option for those wanting a low-maintenance living situation.
Mobile homes are an attractive option for many reasons. They’re affordable, versatile, and have all the modern amenities.
Buying a mobile home is akin to buying a conventional family home. It involves careful planning. There are also several steps buyers need to take. So what do you need to buy a mobile home? This short guide will walk you through the process.
Take a Good Look at Your Finances
You must take a good look at your finances before buying a mobile home. This means checking your credit score, income level, and savings. Understanding your finances will help you set a realistic budget.
Aside from the mobile home’s price, there are many things to consider. You should also consider the down payment when checking your budget. This ranges anywhere from 5% to 20% of the sale price. You’ll also need home insurance. There are also property costs to think about. Prospective buyers who don’t own land can rent space in a mobile home park.
Utilities and maintenance are also part of the picture. You have to add in electricity, water, and other costs.
Select the Right Type of Mobile Home
Manufactured homes come in various sizes and configurations. There are single-wide, double-wide, and triple-wide homes. Single-wide homes are narrower and more affordable. Double-wide homes offer more space. They also look and feel like traditional homes.
You should also ask yourself if you want a new or used mobile home. New mobile homes come with the latest amenities. They also have warranties. A second-hand manufactured home is more affordable. You can even find one in a location you like.
Find the Right Financing
You can get financing for your mobile home. It’s a little different from conventional home mortgages. Prospective buyers can get an FHA loan. The Federal Housing Administration covers it. It’s suitable for low-to-moderate-income buyers.
Chattel loans are also good funding options. These personal property loans are often used for mobile homes. Be aware that a modular home isn’t a permanent part of a property. You can also opt for a personal loan.
You can also get pre-approved for a loan. It will help you know how much you can borrow. This step also shows sellers that you’re serious.
Decide on a Suitable Location
Mobile homeowners can decide whether to go with private land or a park. Each option has its pros and cons. Private property offers more privacy. It also gives the buyer the chance to own the unit. The upfront costs for land sale are higher though.
Mobile home parks are a good option. These places offer amenities and a community atmosphere. You have to pay rent every month though.
Know the Legalities
Mobile homes are personal property. This means you’ll need to have a title and registration. It’s like vehicle ownership. You must ensure that the title is clear of any liens.
You should also check local zoning laws and regulations. This is to ensure you can place your home on your chosen land. Some areas restrict mobile home placement.
Get Ready to Move and Setup
Buying and installing mobile homes is faster than building a bungalow. There’s still a lot of work to do though. You need to work with the manufacturer on the design of your mobile home. They’ll start building it in their factory once you’ve decided on the size and style.
Your new home still needs transporting and setting up. You should hire the best professionals for this job. Proper installation is critical. It ensures the stability of your new home. You also want to make sure you’re compliant with local codes. The whole process can take anywhere from 8 to 20 weeks.
Helping You Find Affordable Housing
Live Mobile Now aims to make home-buying easy. We’re one of Florida’s top-tier listing service firms. Our company offers a wide array of mobile homes for sale. You can buy one at a fraction of the cost of standalone homes. Check out the extensive catalog on our website. We guarantee you’ll find your dream home. We also offer mobile homes for rent. Give us a call at +1-877-221-4040 for more information. You can also send us an email at [email protected].