You’ve enjoyed your mobile home and have spent the last few years giving it the love and attention it needs to weather the years ahead. But now, you’re standing at a crossroad in life. And rather than sell the place you’ve grown so fond of, you ask yourself, “Can I rent out my mobile home?”
And that’s a great question. By the time we’re finished here, you’ll be better able to answer the question yourself.
Three reasons you’d ask, “Can I rent out my mobile home?”
With the uniqueness of each individual or family’s life, there is a myriad of reasons why you’d rent out your mobile home. We’ve brought these numerous reasons down to three categories.
Maybe you have plans of being out and about traveling all summer long. Looking for a short-term renter may not be a bad idea for two reasons. One, it’ll provide some extra money in your pocket as you chase your summer plans. Two, your home will not be neglected or fall prey to pests and an overgrown yard. Basically, someone is paying you to be your house-sitter all summer long. How cool is that?
On that note, you could run short-term, hotel-like rentals all year long if you have a spare bedroom setup. Places like Airbnb are a great way to bring in some extra cash. Rather than stay at a hotel, people look for a better deal by paying to stay in someone’s home during their travels. Why, you may even rent out the entire home in this fashion too if you have a second home on site.
Moving out of state (or country)
If you’re moving out of state for work, here’s another reason to rent out your mobile home. Perhaps you’re a contractor or in the military and you’ve been called away for a few years. But you love your home and the time you’ve invested in it, so this is why you’re asking, “Can I rent out my mobile home?” This is a great idea if you’re hopeful about coming back to your area in the future.
It was temporary to begin with
To be sure, some of you simply bought the mobile home with a temporary living arrangement in mind. You bought land and installed the mobile home on the property for short-term planning. This provided an affordable, safe, and convenient temporary living arrangement. Meanwhile, you worked on your site-built home. Now you’ve moved into your lovely new home, but you also have a pretty nice vacant mobile home on your property. It’s a shame to let it fall apart and remain unused.
Why not let it out for rent? With the right renters, you’ll have a consistent source of extra income thanks to your mobile home investment.
Getting started on renting out your mobile home
The question, “Can I rent out my mobile home?” elicits a hearty “yes” from our vantage point. And here are a few things you may wonder about as you embark on this exciting journey.
Should I hire a company to manage my rental?
Hiring a property management company can spare you from the grief of dealing with difficult renters. A property management company is responsible for thoroughly screening renters. This cuts down on deadbeat renters who’ll abuse your home and be slow to pay. A property management company knows how to recognize the signs of a bad renter.
Generally, a property management company will oversee what needs improvement in your property, calculate the ideal rent rate, and take the time to market your property. They’re on your team – if you win, they win too.
The downside of hiring a property management company is the fees involved. Typical management costs can run up to 12 percent. There are additional fees that may be required such as a vacancy fee, setup fee, and leasing fee.
However, the peace of mind in knowing someone else is going to deal with any problems may be worth it to you.
Where should I advertise my mobile home rental?
If you’re doing a short-term rental, we’ve already mentioned Airbnb.
For long-term mobile home rentals, we would suggest trying Zillow.com, Trulia.com, and Rent.com. A sign on your property is also a good idea. Contacting your local paper for an advertisement in their classifieds can help garner potential renters too.
How to write a lease agreement
In your lease, you will need to specify the cost per month (and additional fees) for renting your mobile home. You’ll also need to make mention of the security deposit fee and details concerning any refund that could arise.
Basically, you’re creating a paper trail of evidence should something go wrong later on. Your renter will be required to sign this paper, asserting that they were aware of whatever is in the lease agreement.
Other things such as the length of the time of rental, late fees, and what the process is for eviction should be written.
Some states may require slightly different or additional details within the lease. Contact your state’s manufactured housing division for more information.
Rent out your mobile home and enjoy the benefits!
“Can I rent out my mobile home?” “Should I rent out my mobile home?” We’d say yes to both! Make sure to research the requirements for your area though and choose what works best for you. We hope we’ve provided some helpful insights to make the decision that much easier.