Top 5 Tips for Buying a Mobile Home

As you may have already discovered, the world of mobile and manufactured homes is vast, and can have a lot to offer you as a potential buyer. In a way, the power is in your hands as you embark on your search for your new home. Knowing some important things to consider, and tips to keep in mind, will help you find your perfect mobile home with minimal hassle, and have you on your way to your ideal lifestyle.

1. Know The Difference Between a Mobile, Manufactured, Modular Home

Discerning the difference between a mobile, manufactured, and modular home can seem tricky, as these terms are often used interchangeably.

In reality, the distinction is quite simple, and has to do with:

  • Where the home is built (In a factory or on site).
  • How the home is transported, either from factory to site, or between sites.
  • What kind of foundation or structure the home has.

Additional Reading: What is the Difference Between a Mobile, Manufactured, or Modular Home?

2. Consider whether a park lot or private land is right for you.

When shopping for a mobile or manufactured home, one of the biggest considerations will be whether to situate the home on purchased or leased land. Each scenario has its assets and drawbacks. Let’s consider some now. 

Leasing land in a Mobile Home Park can provide services, as well as give a sense of community.

Do your research: 

  • What amenities does your park offer? 
  • What services, like landscaping or utilities, are included in your lot rent? 
  • Does the park feel secure? Does the lot provide adequate privacy?
  • Is there a Homeowner’s Association (HOA) fee additional to rent? If so, what does it entail?
  • Does the park offer financing options?

Additional reading: What to Keep in Mind Before Signing that Mobile Home Lease

For some, buying a mobile home for private land is an appealing solution.

When considering purchasing land for your mobile home site:

  • In addition to the price of the land, what is the annual property tax?
  • How much might the tax increase after situation your manufactured home?
  • Does your land have adequate access to local utilities, like water, and electric, or internet? Consider any associated fees you may have to pay to initially connect to these services.
  • Will you be serviced by local garbage pickup? 
  • Is there any local zoning or permitting restrictions that may inhibit your ability to place your manufactured home?

3. Consider the best time of year to embark on your mobile home search.

Not everyone knows that the housing market, which includes the manufactured homes market, is seasonal. When you choose to purchase your home can have quite an effect on how much you end of paying, or saving. 

The most competitive time to buy a manufactured home is in the summer months, peaking in June and JUly. This is for a variety of factors including weather and school schedule.

As you might guess, winter is the least competitive time, meaning if you are willing to purchase a home off-season, you may have more leverage as a buyer.

It is generally recommended to start shopping for a home 7 months before planning to move, if you plan to apply for loans and financing. 

4. New or Used?

Depending your needs, buying a used mobile home can save you a lot of money. However, buyer beware! Many home buyers end up paying as mich or more as they would buying a new mobile home for what it takes to renovate the old one.

If buying a new mobile or modular home, you can often customize it to your liking, choosing things like square footage, modern design options, and materials.

5. Financing Your New Home

When buying a mobile, manufactured, or modular home, many conventional loan types are often available. The FHA, VA, and HUD all offer loans to people seeking a new mobile home. In some cases, niche lenders are an option, especially for those with low credit or income. Make sure to do your research! Find out what lenders are available to you, and compare their rates and terms before selecting a lending partner. 

Additional Reading: What is the Difference Between a Mobile, Manufactured, or Modular Home?