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Tips On Buying A Used Mobile Home
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Buying any home even a mobile one is a big investment. This is why you need to make sure that you have considered everything before you part with your hard earned money. When you have decided to buy a mobile home, you will notice that there is really not much of a difference from when you are buying traditional homes.
If you are buying a used mobile home, age is a very important consideration. Most realtors will advice you not to buy anything that is older than 15 years. If on the other hand you are squeezed for cash then you should not buy anything that was built before 1977. You will find that when you are seeking financing for houses built before 1977 you will be required to pay a down payment of about 20%. You will be given a term of about 15 years at a rate of about 11% or 12%. Mobile homes built after that will attract a down payment of about 10% and carry a term of even 20 years. The rate is also lower by 1-2%.
When you are buying a manufactured home, have it inspected to ensure it is in good condition. This especially applies if you are buying a used mobile home. You should remember that the person who wants to sell a mobile home just wants to get it off his hands. While he may have good intentions, he might not disclose all the facts about the house. This is why physical inspection is important to ensure that you get value for your money. You can use a professional or even a friend who has lived in one before. Look at things like the roof and floors to determine whether they need replacing or not.
Before you contact the realtor or the person selling a mobile home, ensure that the park you have chosen to live in is approved by your lender. Some of the lenders do not finance homes located in some parks. The reasons for this are usually high space rent or that there have been too many foreclosures in that particular park.
Your motivations for the investment will also come in handy in helping you make a decision. If in the future you decide, I need to sell my mobile home; you should make sure that it is something that someone else will be willing to spend their money on. This is why you need to buy a quality home that will increase in value instead of decreasing. This is usually a challenge for motor homes but with proper care and maintenance it can happen.
Before you buy and sell a mobile home, you should also consider things like location and ease of purchase which also influence whether the customers want the property or not. The location should be in a crime free neighborhood with proper services such as garbage collection. In addition, it should have constant supply of fresh water and have good management. All these tips will help you make a better decision to buy a manufactured home.
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