Mobile Homes?

Are there any advantages to living in a mobile home? I have never lived in one and am curious. From what I've read, they lose in value over the years. So, what could the advantages be to living in a mobile home?


Also, why don't lenders like to do loans on mobile homes?s it because they lose money?

Mobile Homes?
A mobile home is sold just like a car and it depreciates the same. But they are much cheaper to get into. They are either in a Mobile Park where you pay rent or on land that you own or pay rent.


Mobile homes or Manufactured homes are easier to build and cheaper to build therefore the savings.





Here are the advantages:





Low cost


Quick to set up


Security of a Mobile Park


Activities in a Mobile Park


Great for Seniors on Limited Incomes





Disadvantages:





Materials used are cheaper so it does not hold up the same as a home


Depreciation each year


Rent in Park can go up often or be quite high


Small lots in Mobile Parks / close to neighbors


Roof Problems is the biggest fault


Harder to re-sell, buyers will buy a home over a mobile if close in price.


Mobile Parks can go down hill it all depends on the management (stricter


rules helps guarantee better neighbors and cleaner, quieter park)


Mobiles are made with particle board, toxic glue, and other toxic chemicals


that can cause Cancer. Go look at new mobiles for sale and you will see


notices posted that the fumes in these mobiles from the construction


can cause cancer. They must post this notice now by law and you can


smell the toxic fumes. They eventually subside in the first 2 years but they


are still present in low amounts as time goes on. The worst risk is when


they are new. Is it worth the health risks????





For low cost housing try condos, townhomes, and duplexes first. Use the Mobile Home as a last resort and buy one older that 3 or 4 years.


Good Luck
Reply:The main advantage to living in a mobile home is that it is cheap. With mobile homes losing value and not being worth very much money (in many situations) there is a lot of risk for a lender with little reward. Most lenders now-a-days will not make loans to borrowers that are under 50,000 dollars. There are a few companies out there who will lend on mobile homes and you can always talk with an FHA mortgage lender. Most companies that will lend on mobile homes want the home to be on a permanent foundation with the wheels removed. They also want the home to be on your own land and not in a park. If you are considering buying a mobile home in a park then it would be wise to contact the park you are considering and talk to them about who does most of their financing.
Reply:The advantages are that a mobile home is cheap, and you can move it if you have to.


The disadvantages are that mobile homes lose value and may be destroyed by severe storms.
Reply:They don't hold their value. Lender's don't want to lose money if the have to foreclose. I work at a title company and have had many sales cancelled over the years because the property is a mobile home (in a lot of cases, a mobile home that has been added on to or built around). There are lenders who loan on them, but you really have to jump through some hoops to get approved. Sorry, I don't know the advantages, other than you can sometimes find really nice mobile homes for relatively little money.
Reply:In September of last year I purchased a 2006 mobile home. Its really nice and to me its just the same as a house. They are built a lot better now than they were 20 years ago. My house was roughly $30,000 and then I added a fixed rate insurance policy on top and then had it financed for 15 years. My house is only $366/mo and thats with the insurance. And its a 3 bed 2 ba. I didn't think that was bad at all. Now I wouldn't ever live in a ghetto mobile home. Mine is built to look more like a regular house. (its a clayton).
Reply:i lived in a mobile home when i was younger and it was awesome. very nice and they build them to look more like wood homes. there are some disadvantages they do loose value over years but can and will eventually be sold again. good thing is there are people to do it for you. My dad buys and sells mobile homes and new homes from the ground up

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