A mobile home is a residence that is built in a factory rather than on-site like a traditional single-family home. They are then transported by flatbed truck or tractor-trailer to a mobile home camp or trailer park. While some people still use mobile homes as campers and do not reside in them permanently, in recent years most trailers have been purchased as a comparatively inexpensive alternative to ordinary single-family homes. Once the trailers have arrived at their location, they must then be properly installed. Some states actually require that the wheels of the mobile home be removed to prevent movement. This may make them difficult, but not impossible to relocate in the future.
Although the first mobile homes were indeed used as campers by people with active outdoor lifestyles, as home prices and the overall population increased, many Americans searched for a more affordable type of home. To deal with this growing demand, mobile home manufactures introduced the singlewide, which is a trailer that is eighteen feet or less in width and 90 feet or less in length and can be easily towed or relocated. After the staggering success of the singlewide, manufactures soon began producing doublewides, which are mobile homes that are 20 feet or more in width and 90 feet or less in length. The doublewide is currently the most popular type of trailer on the market today.
The average mobile home costs only a fraction of the price of an ordinary single-family home or condominium. Owning a mobile home is also often cheaper than renting. The only costs you will incur are the costs of the home itself and the rent you will have to pay the owners of the camp or trailer park where you are staying. These rents differ depending on the size of the park and the amount of amenities they provide.
Though most states require mobile home owners to properly install and secure their homes at their location, most homes can still be relocated. This means you won’t have to sell your trailer and buy a new one. However, it is important to note that some trailers are much easier to move than others. Not surprisingly, singlewides are the most mobile trailers. If you own a double or a triple wide you may have to secure a flatbed truck company to move your home.
Since mobile homes reside in trailer parks, the park owners are the ones who are responsible for maintaining the grounds. You will not be expected to cut your own lawn, trim the hedges or shovel snow.
Unlike traditional single-family homes, mobile homes almost never appreciate in value. When they are sold, they are often appraised as a vehicle rather than as a home. This makes them difficult to sell when the housing market is down. If you have an older home, you will most likely receive only a fraction of its retail price.
Since they do not have a secure foundation, mobile homes are far more susceptible to damage from tempestuous weather than are ordinary homes. In fact, tornadoes tend to plow through trailer and camping parks like they were going through a row of dominoes. As a result, insuring mobile homes can be expensive and many people choose to go without it.
If you are thinking about buying a mobile home you need to do make sure you do your research. A simple Google search will provide you with listing of dozens of mobile home manufactures. Take your time and select the one that is right for you. You may also choose to buy a used mobile home. Because resale values are extremely low for mobile homes, you are likely to locate a good deal.
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|Mortgage Type||Today||Last Week||Change|
|30 year fixed||4.52%||4.38%||+0.14%|
|15 year fixed||3.54%||3.42%||+0.12%|