Are you interested in buying or renting a mobile home? Before you sign anything, make sure you’ve done your research and know what you’re getting into. If you don’t, you could end up wasting time and money on things that could’ve been avoided. To get you started, we’re going to take you through the top things you need to know for just about every buying or renting situation you can think of. This will cover buying and renting mobile homes for personal use, buying for investment purposes and more. Let’s get started.
Buying for personal use
First up, we’ll be looking at buying a mobile home for personal use. We’ll break it down even further to look specifically at whether you’re buying the mobile home with land or buying one in a mobile home park. One common consideration for any of these scenarios is financing. Since mobile homes are unlike traditional houses, it can be tricky to get a loan. Be sure to research your options carefully. This article on Mobile and Manufactured Home Loans is a great place to start.
Buying on land you own
If you’re buying a mobile home and planning to install it on land that you own, then one of your top concerns will be the cost of moving the home. This is especially true if you’re buying used.
For example, you might have found a great deal on a pre-loved mobile home, but if you don’t look into the cost to move it to its new location, you might be in for a bad surprise. Not only will you need to pay per mile for transport, but there will also be additional costs to set-up the mobile home and secure it. In total, you could easily spend $10k to $15k depending on your state.
Another consideration is having the utilities and hookups in place for your mobile home once it arrives. You’ll need to get information specific to your area, so we suggest you head to your local building and planning department for processes and costs.
Buying to move into a mobile home park
If you’re buying to move into a mobile home park, your concerns will include those mentioned above. But before you can even discuss moving your home onto the property, you need to make sure that the mobile home park is right for you. Start off your research with a look at these articles:
- The Benefits Of Living In A Manufactured Home Community
- Living In A Mobile Home Park | What To Look For And What To Expect
- Family Mobile Home Parks: What To Look For Before You Settle Down
- Living The Retirement Life In A Mobile Home Park
Buying and renting mobile homes in a mobile home park
Whether you plan to buy or rent a mobile home that’s already located in a park, we encourage you to read the articles mentioned above as well. You need to make sure that the mobile home community is a place you want to live for awhile.
If you’re buying a home that’s already installed in a park, then the top item on our list is getting a thorough inspection of the home completed. This is well worth the money. A home inspection will find problems that you may not be able to see right away. As a result, you’ll be able to decide if needed repairs fall within your budget or if the damage is beyond what you want to spend.
If you’re planning to rent a home in a mobile home park, check your lease agreement carefully. Who takes cares of repairs and maintenance to the home and lot? Ask what happens once your lease ends or if the park is sold during the term of your contract. Take a tour of the grounds and look over the home carefully.
As an aside, if you’re not sure whether to buy or rent, this article gives the benefits of each to help you decide.
Buying multiple mobile homes as an investment
Finally, for those who plan on buying and renting mobile homes out as an investment, this is a great opportunity. Start your research with the legal requirements to run this kind of business in your city or state. See if others are already doing this and try to meet with them for advice.
Next, visit your city’s division for small business owners and your local manufactured housing division. They should be able to guide you on the licenses, permits and mobile home standards that need to be in place for you to operate legally.
Once you’re ready for operations, you still need to find suitable rentals. This article on inspecting used mobile homes covers just about everything you need to know.
Read these for additional considerations and tips on mobile home investing:
- Should I buy a manufactured home as a rental property?
- Are mobile homes good investments? The good, the bad, and the ugly.
Ready to buy or rent?
There’s really no end to all the things you should consider before buying or renting. But don’t dismay, starting off on the right foot will go a long way in making the process much easier. As you think through the things mentioned above and do your own research, we’re certain you’ll find the best buying or renting option for you. For a bit of inspiration, here are some beautiful mobile homes to look at.