| Why are so many people buying mobile homes? | | | | older mobile home can be financed, it may be at a |
| Affordability is the primary reason. Buying a mobile for | | | | very high interest rate. Be aware of this, check into |
| a first home, a retirement home, or even as a rental | | | | rates before making an offer, and take the higher |
| property investment - they all can make perfect | | | | payments into account when comparing your options. |
| sense. They do have their own particular problems | | | | You should also keep in mind that when you want to |
| though. Here are some of those problems, and what | | | | sell someday, this financing issue will make it difficult, |
| you can do about them. | | | | unless you will be providing the financing for the buyer. |
| Depreciation is the first big issue that comes to most | | | | Age is also a big factor with insurance. Some older |
| peoples minds when they think about buying mobile | | | | homes may just be uninsurable. See if you can obtain |
| homes. They all go down in value, it is assumed. You | | | | insurance at a reasonable rate before buying, and |
| might someday owe $20,000 on a mobile home that | | | | again remember that this may be an issue when you |
| can only be sold for $15,000, right? | | | | sell. |
| That is absolutely right, IF you buy a mobile home on a | | | | Wavy walls and crooked door frames indicate that |
| rented lot. The easy solution is to only buy mobiles that | | | | the home is irregularly settling, the walls will sometimes |
| are attached to real estate, or that you will be putting | | | | show it. It may also show in the door frames, so see if |
| on your real estate. My own first home was an old | | | | the gap over the doors is straight in relation to the |
| used mobile on a small lot. It cost just $19,500. I sold it | | | | frame. |
| for $45,000 when I moved fourteen years later. | | | | Stains on ceilings indicate roof leaks. If it has recently |
| Mobiles on land generally go up in value just like any | | | | rained and the stains are dry, the leaks have probably |
| other homes. | | | | been repaired. Ask how long the roof was leaking. |
| Of course, the best deals, even when they are on | | | | Quickly repaired leaks may not have done any |
| land, are used mobiles. They have already | | | | damage, but if the roof is seriously sagging there may |
| experienced any initial depreciation in value. They also | | | | be rotten wood up there. |
| have their own problems, though. | | | | Watch for spongy floors. Many mobiles have |
| What To Watch For When Buying Used Mobile | | | | particle-board for floors, and when these floors get |
| Homes | | | | wet, they warp and/or rot. Step hard here and there |
| Many older mobiles were built to meet different building | | | | to test, especially in bathrooms. I've rebuilt two |
| codes than the more recent ones. For example, some | | | | bathroom floors in mobile homes. Fortunately it isn't all |
| mobile homes built before 1976 have aluminum wiring. | | | | that expensive. The toilet area is a common place to |
| This can be a fire hazard because of the chemical | | | | find problems. Note whether the toilet is level or leaning. |
| reaction between the aluminum and other metals, | | | | Condensation from the toilet runs down and soaks the |
| which sometimes causes sparking inside the walls (not | | | | wood floor around it. |
| good). Remove an electrical outlet or switch cover, | | | | Most problems can be resolved for much less than in |
| and look inside with a flashlight. If the bare ends of the | | | | a traditional house, so if there are issues, you may |
| wires are silvery, they're probably aluminum. | | | | want to use them as an opportunity to make a lower |
| Take this into account when making your offer, | | | | offer. The advantages of mobiles over traditional |
| because you may have to rewire the home to get it | | | | houses include the lower initial price, simplicity, cheaper |
| insured. In general, you will avoid many of these issues | | | | maintenance, lower monthly payments, less property |
| of construction standards and codes if you buy only | | | | tax, lower insurance cost, and perhaps even faster |
| mobiles built after 1977. On the other hand, most | | | | equity build-up (during low inflation - because of the |
| problems are correctable, so you may just want to | | | | shorter term of the loan). Don't let a few problems |
| offer less. | | | | stop you from buying mobile homes. |
| The age of a mobile can also it tough to finance. If an | | | | |