Examining the pros and cons of mobile homes can help you make an informed decision before signing.

Kevin Brown

Examining the pros and cons of mobile homes can help you make an informed decision before signing.

Examining the pros and cons of mobile homes can help you make an informed decision before signing.

Mobile homes, sometimes known as manufactured or modular homes, are prefabricated and can be delivered ready to move-in. In a tough economy, buying a mobile home, whether new or existing, is one of the quickest ways to become a homeowner. But before you do, consider the pros and cons.

The Pros of Mobile Homes

Mobile homes come in many sizes and layouts, suitable for individuals or families.

Mobile Homes are Cheaper than Traditional Homes

The average price of a new manufactured home in 2021 was $125,200. The US Census Bureau reports the cost of new single-wide mobile homes at $88,000 and doublewide mobile homes at $155,200.

In comparison, the average price of a traditional home in the first quarter of 2022 was $507,800.

The low entry price of a mobile home can help secure housing in high-cost cities.

Quick and easy setup:

You can purchase an existing mobile home or buy a new one. If you buy new, you’ll need your own land or rent space in a mobile home park. Mobile homes are prefabricated, allowing for quick delivery in as little as a week.

Custom Builds:

Mobile homes have all amenities and can even be custom-built. When shopping for a new home, you can view base models with available upgrades for layouts and finishes.

Possible lower taxes:

Transition Space:

Mobile homes can work as great transition homes, especially in areas with high rental rates. They provide temporary housing while you save for something else.

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Ability to Relocate:

Relocating a mobile home is possible but not easy. If you’re planning to purchase land, you can live in a mobile park home temporarily and then move it to its new location when you’re ready. You can also sell your mobile home if you decide to move elsewhere.

Cons of Mobile Homes:

While mobile homes have perks, there are also drawbacks to consider.

Hard to Finance:

Obtaining a traditional loan for a mobile home is difficult unless you already own the land. The most typical type of mobile home financing is through the dealer.

Mobile homes tend to depreciate, unlike stick-built homes which appreciate over time. However, there are exceptions, especially if you own the land. During the recent housing crisis, mobile home prices increased nearly as much as traditional homes.

If you’re worried about future selling, consider the depreciation factor.

Mobile homes have less durable construction.

The finishes of mobile homes are usually lower quality than stick-built homes, with thinner walls that are more prone to damage. Mobile home parks allow residents to park their homes, but lot rent is required unless you own the land.

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