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Reasons to Buy a Used Mobile Home. |
| Buying a Used Mobile Home can be a good if you are just starting out and moving
out of your parents house, starting a new family, getting a divorce and need a place
of your own, or simply just want a cheaper living option. You may be moving
out of an apartment because you want to quit paying rent and own a place of your
own. In most cases you can find a used mobile home cheaper than a stick built
or conventional house. Most Used Mobile Homes are located in a community so
you have instant neighbors. Mobile Homes in parks usually have lower property
taxes which can be an advantage, monthly payments can be lower, insurance is cheaper,
and if you improve on the mobile home it can even appreciate in value when you
go to sell it.
Keep in mind most mobile homes need some upkeep every year. For instance if the mobile home you end up buying has a metal roof you will want to seal it about every 3 years depending on the weather in your area. You should inspect it every year before fall so that you have plenty of time to fix any spots that could become leaks before the winter rains start. Other areas to look out for are the joints where the tip out is. That is where I've found many leaks. When you buy your mobile home keep in mind you can get rid of the old carpet and add new laminate flooring or just simply replace the old carpet. You can also remodel and update just about anything else in a used mobile home like you would a conventional house. |
3 Things to Consider When Buying a Used Mobile Home. |
1. Price - You should try to negotiate with the Seller to see if he will take payments. Also note all the problems if there are any with the mobile home and bring it up to the Seller to lower the price. Make sure to look at least 10-12 other used mobile homes first so you get a good idea of what they are selling for in your area. Ask the Seller for an All Cash Discount, a lower price since you will be buying with cash. 2. Mobile Home Financing - If the Seller will not finance it for you then you will need all cash or financing. If you need to finance the purchase of your mobile home then you will need to make sure the age of the home is newer than 1975 as most banks will not finance anything older than that. A few places to look for financing are 21st Mortgage Corporation or Mountianside Financial. 3. Clear Title - You need to make sure the Seller has a clear title to the Mobile Home so when the transaction happens and you end up the owner that you get the title to put into your name. Ask to see the Title and make sure there are no marks on it. If the seller can't get a hold of or doesn't have it, walk away and wait till they get it. They may still owe money on the home and if you buy it then you will owe that balance. The actual transaction is really easy to do at your local DMV, depending on the state you live in. It's just like buying a car so there are only a few things you need to watch out for. A. The property taxes are current before you buy it. Get proof before you exchange money. B. The Seller pays the Excise Taxes. C. You pay the transfer fee.
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