When you are looking to purchase a first home the options can be endless. Home types such as new construction, mobile home, modular home, single family home, or buying a duplex can all be great options. Today we are here to visit the pros and cons that the mobile home option may present.
Owning a mobile home can come with many pros. Here is a list of them:
1. Affordable purchase price: Mobile homes can range from $10,000-$80,000 which can be a lot more affordable than other home types
2. Cheap maintenance: The maintenance can be a lot more affordable than for a typical home. Smaller square footage will help keep things manageable.
3. Great Insurance options: Many mobile home insurance companies will include major repairs to the roof, siding, or sub flooring of the home.
4. Can be sold cash: If you own a mobile home and need to make a quick decision, you can sell the mobile home for cash in a day rather than a multi month transaction in real estate.
While there is many great pros, here is a couple cons of owning a mobile home:
1. Its considered personal property: It may be harder to take out a home equity loan against your mobile home than for a traditional house.
2. Longterm depreciation: Mobile homes can sometimes depreciate over the years a lot quicker than typical real estate. This is why its important to take great care of it.
3. Financing options: The lack of available financing options in the mobile home sector can make it tough for buyers to purchase the home they want.
All in all, mobile homes can be an amazing housing option for many. Whether its your first home or your forever home, consider a mobile home when looking to purchase. If you have a mobile home and are looking to relocate, give us a call today to see how we can help!