Why buy a mobile home? Is buying a mobile home a good investment?
For many, a mobile home is not the first thought when wanting to move out of your apartment or invest in property. There has long been a stigma attached to the term and idea of living in a mobile home: “No matter how nice it is, people don’t want to buy a mobile home.” Before you cross it out as an option, take a moment to review the evolution of mobile homes.
The first and most obvious advantage to owning a Modern mobile home is cost. It can provide a cost-effective alternative to a stick built home allowing home ownership easier to achieve, especially if you are unsure where you want to plant your roots. Mobile homes, also known as “manufactured homes,” are assembled in a factory and placed on a trailer chassis which makes them movable. Alternatively, mobile home owners can place mobile homes on land they already own or are under contract.
Also, mobile homes are classified as ‘personal property’ so your property tax is not as high compared to a site-built home.
These manufactured homes are built in a controlled environment. Through the years, mobile homes have more advanced engineering and construction methods to ensure energy efficient, quality-built modular homes. Even the structure itself is more sound to fight against any form of natural disaster.
Similar to a car, mobile homes depreciate as soon as you buy them but in this case some of these mobile homes can almost be called luxurious. When you think of their interior, its usually a Long, rectangular shipping container-like body, narrow halls, and oatmeal-colored paint jobs but they have come a long way. There is no shortage in design that can spruce up this boring rectangle; from modern kitchens with stainless steel appliances to spacious bedrooms, walk-in closets, and a variety of floor plans.
Thinking about investing in a mobile home community?
The important topic around this conversation for any investor is targeting the right demographical region for purchase. There is a small price gap on site-built homes and manufactured homes in the Southeast region which could scare some investors from building a mobile park community. Places with a dense population, such as California, allow mobile homes to be a more viable and cheaper cost of living. Being a good investor means looking at options through all angles. In any region with the right demographic, these mobile park communities can be a beneficial investment.
Against everything you believed, the majority of trailer parks are uniquely safe. Because of their close proximity, these communities create a neighborhood of guardians, making illegal activity much easier to detect. Above all else, the physical layout of the communities themselves actually work to protect residents. It is ingrained in many of us to think the worst of mobile parks’ exterior but many communities have pools, playgrounds, and heavy restrictions to maintain their aesthetic appeal. But like anything that’s neglected, infrastructure can swiftly fall into serious disrepair, resulting in everything from poorly maintained water systems to cracking driveways and foundations to trash overflow. Solution here: attentive landlord.
Size is everything!
The most recognized mobile homes is a singular module which measures at 18 feet or less in width and 90 feet or less in length.
Double-wide. Is just that; two times the size of the single. This more so resembles a traditional ranch home.
Though uncommon, Triple-Wide is just right for the “go big or go home” crowd.
At the end of the day, what all communities are really offering is a vision of the future: a community with family traditions similar to your very own. Dig deeper, and it appears that mobile park communities at its best form is everything a more traditional neighborhood wishes it could be.