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I'd like to add a point that no one else has brought up. Mobile homes are cheaper to buy than stick-built homes, but they can be more expensive to maintain, because nothing is standard industry sizes. For example, I just bought a 2008 home in a 55+ park, and it needs some fixing up. I need to replace a glass globe in one of the ceiling fixtures. Can I just go to Home Depot and buy a 6" globe for $6.98? Nope. The "fitter" (the ring that fits into the fixture) is 5.75" in diameter, so I get to order one from the mobile home supplier for $9.12 plus shipping. Same story with my doors, and my tubs, and ... and, you get it.
Several people have mentioned that mobile homes depreciate like cars. They are also manufactured like cars, at widely varying price points and levels of quality. I bought the equivalent of a Chevy Aveo, so any fixing I do is going to be minimal. It's just not worth one of those gorgeous remodels you see people doing for better built homes. I would caution the OP to do a LOT of checking into different manufacturers, and the different types of upgrades available before committing to buy.
I'd like to add a point that no one else has brought up. Mobile homes are cheaper to buy than stick-built homes, but they can be more expensive to maintain, because nothing is standard industry sizes. For example, I just bought a 2008 home in a 55+ park, and it needs some fixing up. I need to replace a glass globe in one of the ceiling fixtures. Can I just go to Home Depot and buy a 6" globe for $6.98? Nope. The "fitter" (the ring that fits into the fixture) is 5.75" in diameter, so I get to order one from the mobile home supplier for $9.12 plus shipping. Same story with my doors, and my tubs, and ... and, you get it.
Several people have mentioned that mobile homes depreciate like cars. They are also manufactured like cars, at widely varying price points and levels of quality. I bought the equivalent of a Chevy Aveo, so any fixing I do is going to be minimal. It's just not worth one of those gorgeous remodels you see people doing for better built homes. I would caution the OP to do a LOT of checking into different manufacturers, and the different types of upgrades available before committing to buy.
In a lot of models, there are many standard size items and it depends on where you shop as to price difference. I had a MH in a lake community for a while. There is a large MH parts that was on the way there that had very reasonable prices, often less than the standard home equivalent. There are a couple of salvage yard I know of for some larger items like doors and windows that are either broken or fine. The trouble you speak of with regard to requiring non standard size parts is not limited to MH, BTW. It happens in houses also. Anyway, there are a lot of downsides to a MH. From my first hand experience, cost of repair is not one of them.
Your second point is a good one. As mentioned earlier, because of code changes anything more than ~12 years old probably doesn't meet the stricter codes. Even in newer ones, quality varies dramatically.
My M-I-L is paying over $500 per month in lot rent to site her Mobile Home which is fully paid for. Unfortunately, mobile homes are a declining value asset and it is worth less now that she paid for it.
Down here in the Valley at closing the Lawyer can attach the MH to the land, like a house. That's how ours is and these are not going down in value, so far they are increasing if well maintained.
A high quality mobile on land you own, or possibly in a co-op park, can be an OK investment. Unlike a 1976 or earlier "tin can" one on a rented lot in a regular "trailer park".
Many of you have posted about how great a mobile home can be. If that is so, why aren't we seeing more of them to help relieve the lack of affordable housing in many areas.
Many of you have posted about how great a mobile home can be. If that is so, why aren't we seeing more of them to help relieve the lack of affordable housing in many areas.
I think part of it is their "near cousins" - manufactured housing. Cost is similar, materials and construction similar but built to sit on a slab like a more standard house and shape/size is a lot more varied. I have seen a lot of manufactured housing communities pop up and/or expand. Some have very nice amenities and lot rent to match. Some are co-ops with purchased lots and low HOA fees.
Many of you have posted about how great a mobile home can be. If that is so, why aren't we seeing more of them to help relieve the lack of affordable housing in many areas.
It appears to me that when you add the monthly MH vehicle loan payment amount to the monthly lot rent, you effectively have a mortgage payment.
It appears to me that when you add the monthly MH vehicle loan payment amount to the monthly lot rent, you effectively have a mortgage payment.
You sorta do, except the lot rent is not deductible (at least IIRC) and more importantly it goes on forever, and can go up and generally will go up over time.
A "mobile" on your own land can be a decent deal. A mobile on a rented lot in a designated park - not such a good deal.
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