Buying a home is an important time in life, and it can be significant in a lot of different ways. When you’re looking for a house to buy you want to know how it’s constructed, so you should check into whether it’s a site-built structure or a mobile home. A lot of people like mobile homes, and others would prefer not to own one. There are also parts of the country where a mobile home may not be the best choice, such as where there are a lot of hurricanes or tornados. So, what is a mobile home, exactly, and is it right for you? Here are some explanations and things to consider.
Are mobile homes just as solid as site built homes?
When you’re buying a house you want one that’s solid and that will help ensure that you and your family will be protected. You can get that from a site built home, but also from a mobile home in many cases. Older mobile homes were not nearly as well built as homes that were constructed on site, but mobile homes have greatly improved over the years. They all have to meet FHA and other requirements, so they are nearly as strong as a home that would be built from the ground up, right on the site you chose.
Is this the same as a modular home?
Mobile homes aren’t the same as modular homes. A mobile home is completely constructed off-site, in a climate controlled building where everything is put together. Then the home is brought to the site and placed where it will be used. In some cases the wheels are left on it, but they are generally removed and the home set on a foundation. There are different types of foundations, and the home may also be tied down to protect it from strong winds. Mobile homes that are double or triple wide are sealed together quickly after they are put in place. A modular home is only partially constructed off-site, and there is still a lot of work to do when the different modules are brought to the site to be assembled.
What about the value?
Part of purchasing a home is getting something of value. That can be harder to do with a mobile home, because the older ones are often not worth very much. Newer mobile homes can be worth quite a bit, though, and can be very expensive to purchase. It’s possible to spend as much on a mobile home as you would on a site-built home of the same size, depending on the finishes and the location. Upscale mobile homes are available, and are more popular in some areas of the country than in others. If you’re concerned about the value of a mobile home, it’s important to do your research before you make an offer or commit to a contract.
How does an appraisal work?
Appraisals on mobile homes can be more difficult than appraisals on site-built homes, mostly because there is still some of a stigma regarding the value or quality of mobile homes. However, that is changing, and in communities where there are many of these kinds of homes it’s easier for an appraiser to establish a good value. Buying a mobile home in an area where there aren’t many around could make determining the true appraisal value more difficult. If you’re not sure whether the mobile home will appraise for a value that’s high enough for you to get a loan, your lender and real estate agent may be able to help.
Will all lenders allow for mobile homes?
Not every lender wants to lend money on a mobile home. Some of them are completely against doing so, and others have very strict requirements that have to be followed. It’s important to check with the lender you plan to use if you’re going to buy a mobile home, so you are sure they will accommodate you for a loan. If they don’t loan on mobile homes, you’ll need to shop around until you find a lender who will. Many lenders do, so you’ll have some options.
Does the home need to be moved?
Depending on the mobile home you buy, it might need to be moved from where it’s currently located. You may also buy a home like this that’s already on a piece of land where it can stay. Mobile homes that have been tied down and set on a foundation already can be moved. They must simply be untied and put on wheels again. In some cases these homes have the axles removed and an affidavit of affixture filed, making them permanent real property like a site-built home.
Is depreciation going to be an issue?
Mobile homes are not the same as site-built homes and they don’t always appreciate in value the way a house that was built at the site would, which can be a problem for buyers and for lenders. Understanding whether the mobile home is likely to depreciate and considering whether that’s going to be a serious issue for you over time is important. The level of depreciation may also depend on whether mobile homes are common in the area, or whether there are very few of them available in that location.
2 Point Highlight
When you’re looking for a house to buy you want to know how it’s constructed, so you should check into whether it’s a site-built structure or a mobile home.
Mobile homes are not the same as site-built homes and they don’t always appreciate in value the way a house that was built at the site would, which can be a problem for buyers and for lenders.
