5 Tips For Buying A Mobile Home

Everyone should know the 5 tips for buying a mobile home even before you apply for a loan. If you do not know the facts, then you could end up overpaying for your mobile home or could get stuck with a lemon. Mobile homes are also called manufactured or modular homes.

1. How Much Home Can You Afford? Before you even start looking at mobile homes, you need to know how much you can afford. This is the most important of these 5 tips for buying a mobile home. You will not only be paying on the home, but you will also need to rent a lot or buy land to put it on. You will also need to be prepared to pay for regular maintenance on the home and have a repair budget set up for emergencies. You will also need insurance and if you are buying land, you will have to pay for a septic system, water connections, landscaping, driveway and make sure you don't forget property taxes.  
2. Financing New Mobile Homes. Another one of the most important tips for buying a mobile home are knowing the different financing options. Should you get an adjustable or fixed rate on your loan? This will depend on your financial circumstances and the economy. An adjustable rate will go up or down while a fixed rate will stay the same for the entire period of the loan. If you are on a fixed income, then a fixed rate would be best. Longer term loans will give you a lower payment on your mobile home, but the interest will be higher. Choose the shortest length that you can afford. Longer term loans end up costing you much more in the long run.
3. Buying Used Mobile Homes. Another one of the 5 tips for buying a mobile home that you should be aware of. While used mobile homes are cheaper, they are also more difficult to finance. Unless you are skilled in construction, you may miss important defects or major problems with the home that will cost you a lot of money down the road. Also, there are usually no warranties on used mobile homes. However, if you do your homework and find someone you trust who knows construction, then you could get yourself a really great deal.
4. Warranty. If you are buying a new or custom built mobile home, then some kind of warranty will usually be included. Covered issues in warranties can differ but the most important things that a warranty should cover is structural workmanship, factory installed plumbing, electrical, and factory installed appliances. Making sure your new home is covered in case it is defective is one of the most important tips for buying a mobile home.
5. Deciding Where To Put Your Mobile Home. One of the best tips for buying a mobile home that is rarely discussed is where to place your home. You have two options: rent a lot or buy land. When renting a lot, the monthly fee will often increase each year and there is no cap on how much they can increase your rent. On the plus side, you can always move your manufactured home to another location if it gets too high. If you decide to buy land for your mobile home, you need to make sure it is zoned for residential use. You will also want the land big enough for your home, a driveway, and a yard. This of course, is a separate loan from your mobile home loan and can make your total investment very high if you do not have the best credit.