If you’re thinking of becoming one of the millions of people who live in mobile or manufactured homes – you’re probably wondering about what some of the pros and cons of the move are. With 10% of all new housing being comprised of mobile homes – we’re sure you’ve probably figured that there’s something worth looking into, here.
Once it’s placed on land, mobile homes are considered real property and according to a recent study by the Federal hosing Finance Administration – manufactured homes on land are appreciating at a rate similar to site-built homes. So what makes them such an attractive investment? Why should you consider one yourself? Here are some of the reasons why. Let’s jump right in!
Size for the money
In some instances – you can get a 3 or 4 bedroom mobile home for half the cost of a traditional home and your monthly mortgage payment may even be smaller than most rental rates for similar living spaces. They are attractive options for families and multi-generational households.
Extras and amenities
Manufactured homes come with a plethora of affordable amenities that most homes simply don’t have – particularly if you’re considering a new build or condo. Mobile homes usually come outfitted with appliances and things like car ports – meaning you won’t have to do things like pay monthly fees to home owners’ associations or a landlord if you’re renting.
Especially if you’re a renter with your fill of overly close communal living – manufactured homes don’t come with shared walls, ceilings or floors. That means no loud music, late night parties or activities that feel like they’re in your space. In most cases- you’ll have you own parking space, your own yard and in some cases – even your own deck and patio. It’s life you want to live on your terms.
Enhanced sense of community
Mobile homes are frequently apart of communities that are professionally managed and have things like community centers, pools, tennis courts and other activities. In some specific cases – there are even age-restricted mobile home parks that have planned activities and amenities for you depending on your needs. Regardless of what those needs are – these are shared spaces where you can meet your neighbors; enjoy amenities and other shared experiences at your leisure.
At the end of the day, purchasing a mobile home makes a lot of sense for a lot of reasons – but most important of all – it’ll grant you financial flexibility. You’ll get all of the perks of owning a home without the long-term expenses if you don’t want them – all while accruing equity in a property that can be leveraged to help purchase another home down the line.
So if you’re in the market for a new home, give mobile homes a long look. You wont’ regret it!