Tips on Buying a Mobile Home
For some prospective home buyers, a traditional home is out of reach financially. Mobile homes are less expensive and have many features and amenities that make it a viable option for individuals interested in purchasing a home. However, it's important to be an informed consumer, particularly when dealing with a purchase this large. Consider a few key tips when buying a mobile home.
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Buy a Newer Model
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If at all possible, you should invest in a newer mobile home model. This is because older homes may have issues that conflict with current building codes. For example, according to the Home Buying Institute website, mobile homes built before 1976 may contain aluminum wiring, which poses a significant fire risk. It can also be a real hassle to get financing on an older mobile home and may cost you more in interest.
Buy What You Can Afford
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The tricky part about mobile homes is that you have to consider the purchase of the home as well as the land on which it will sit. Upon purchasing the home, you have to consider the cost of the home and then either the cost of the land or the cost of the land rental if you decide to rent the space for your home. Since you have both considerations, you should buy only as much home as you can afford, which may differ greatly from what you want.
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Pay Attention to Home Details
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The last thing you want to do is buy a mobile home in need of major repair. When you look at the home, pay attention to the details in how it's built. For example, if the walls seem wavy or the door frames are crooked, the home may have settled improperly, which can spell trouble down the road. If the ceilings have stains that likely indicate a leak from the roof, the roof may need to be repaired or replaced soon. It's also a good idea to check for soft spots in the floor. Since mobile homes generally have particle board for flooring, wet spots often turn into rotted areas, which can leave dips in the floor.
Choose Your Location Wisely
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One of the biggest factors in purchasing a mobile home is where you will settle with it. You should determine this before you purchase the home, depending on whether you plan to own or rent the land on which the home will sit. Your home will enjoy rapid and higher appreciation if you sit it on a private lot that you own. If you rent the space, you have less control over the homes around it and the area in which you rent, which means you could see a slower rate of appreciation, if any at all.
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