Learning how to buy mobile homes is as easy as following these simple steps. Buying a regular house can be expensive, but a mobile home can be much cheaper. Mobile homes, also known as manufactured homes, can range from $15,000 to $100,000 depending on the interior design. While mobile homes are a lot cheaper when comparing with a regular home, they typically do not come with land. Therefore, you will need to have, purchase, or rent land to put your mobile home on. Here is a quick guide to buying mobile homes.
- Know your needs. While the term "mobile home" implies that it moves, the truth is only five percent of mobile homes actually ever move. Therefore, you need to know what type of mobile home you will need, and how much you are going to spend on it.
- Find and buy your mobile home. There are two ways you can buy mobile homes. First, buy homes that are for sale by owners. Second, consult with a real estate agent. We will discuss the pros and cons of each method in the following two steps.
- Buy direct from an owner. This is a great way to buy mobile homes. By buying from an owner, you can lower the transaction cost, thus lowering the price tag of the mobile home. However, this may not be for beginners. There is a lot of paperwork involved in such a transaction; you may not be familiar with all of it. Also, a lot of sale-by-owner homes are as-is; therefore, there is no guarantee that you are not buying a broken mobile home. You can find a lot of sale-by-owner information online.
- Use the professionals. You should consult with a real estate agent and a real estate lawyer if you are ever unsure about buying a mobile home. They are professionals who are familiar with the process, and they will charge you a small fee for their professional advice. Using an agent can help you minimize the risk of buying a mobile home.
- Check for federal standards and a written warranty. Since mid-1976, all mobile home are constructed to a single federal standard. All of them that meet the standard have a small red-and-silver plate that certifies that the home has met the federal standards. Furthermore, if you are buying a brand new mobile home, there should be several written warranties, including a manufacturer warranty, retailer’s warranty and appliance warranty.
- Make sure that you can afford it. Buying mobile homes requires not only initial payments, but also monthly maintenance fees. For example, you might want to buy home owner's insurance for your mobile home. There may be additional insurance, such as appliance insurance, so that you are covered when appliances are broken. If you have land, then you might have to pay property taxes as well.