Mobile Homes: To Buy or Rent?

Mobile homes, also known as manufactured homes, provide an affordable alternative to anyone who cannot or doesn't want to buy a traditional single-family home. They are typically parked in mobile home communities where they are hooked up to utilities. In a mobile home park, rent is paid to the owner of the land while the person living in the mobile home either rents or owns the mobile home itself. Mobile homes can also be placed on private land.

There are several key advantages to choosing a mobile home to buy or rent. The biggest is that they are much cheaper than traditional houses and provide much more space for the money. This makes homeownership much more attainable. As it says in the name, they are mobile, allowing owners to uproot and move their living space to a new location if necessary instead of having to sell their beloved home. One final advantage is that mobile homes are built in controlled environments to a consistent and high quality standard. This means buyers do not have to worry about variation in building quality, which can be a concern with construction contractors.

Mobile homes do have some disadvantages, including: the social stigma surrounding them, the fact that their value tends to depreciate rather than appreciate over time and they are somewhat unsafe sources of shelter in storms. As with any type of housing unit, it is important to understand the pros and cons before making a financial commitment to buy or rent any living space.

Mobile Homes for Rent

Renting a mobile home is an option for people not in a financial place to buy. It is also a solid option for anyone unsure how long they will be living in a certain area. When a mobile home is rented, the tenant pays rent, typically each month, to the owner. Some mobile homes for rent might be owned by larger property firms while others are privately owned. For privately-owned units, the tenant negotiates lease terms with the owner directly. It is highly advised that all prospective renters have a basic grasp of tenant law and understand the lease thoroughly.

There is also an option that falls between renting and owning, and that is rent to own. In a rent to own agreement, the buyer rents the mobile home and, at the end of the amount of time stipulated in the contract, has the opportunity to buy the home for the remainder of the balance due. This is a good option for someone who may not have enough money to buy the home upfront but can pay rent and is still interested in owning the home in the future.

Mobile Homes for Sale

For buyers certain they want to buy a mobile home and that they will remain in it for the foreseeable future, the decision to buy might be best. Buyers have the option of buying a new or a used mobile home, with used models typically being cheaper. Another thing that must be considered when looking for a mobile home is location. There are generally two options, which are to buy a mobile home and place it in a mobile home park, or secure it to a foundation on land the buyer owns. A used home might already be affixed to a park or placed on private land that is sold alongside the home. Even for owned mobile homes, rent is usually required to park the home in a mobile home park.

Buyers can find mobile homes for sale from a number of sources. These include real estate agents, online listings, local listings, word of mouth and more. It is often worth it to work with a real estate agent who has experience in mobile home sales for individuals not familiar with mobile homes. This will help buyers evaluate their options realistically as well as research the management and stability of different parks. Choosing a mobile park in which to live is just as important as choosing the home itself. Buyers should look for a park with a good reputation and a history of stable, supportive ownership. These are signs that a park will be a good place to live.

Mobile homes are an important housing option for low-income families or individuals, or people who want more flexibility as to where they live. It is possible to buy, rent or rent to own a mobile home, so all buyers are advised to look into their options and choose the option that is right for them.