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Honored Contributor
Posts: 13,481
Registered: ‎03-09-2010

Re: Exactly how do you purchase a manufactured home?


@San Antonio Gal wrote:

Manufactured homes are like cars.  They depreciate in value over the years. 

 

You don't have to own land.  You can pay a lot fee each month.  


@San Antonio Gal   Not all.  My brother's home and the others in his community have gone up in value.

Esteemed Contributor
Posts: 7,311
Registered: ‎11-15-2011

Re: Exactly how do you purchase a manufactured home?

You do pay a "lot rent" in most communities but you don't pay taxes, you purchase a vehicle decal.  

 

In some communities you can own your land.  Some have HOA fees.  Some do not.  

 

Still much cheaper than owning a house and the sense of "community" is important as you get older.

 

 

Esteemed Contributor
Posts: 7,710
Registered: ‎08-19-2014

Re: Exactly how do you purchase a manufactured home?

 From an investment standpoint it doesn't hold it's value. It's not considered real estate.You will also either have to rent or buy a lot to place it on.

 

 Please do your research & think this through before you proceed.You don't need any surprises.

 

 

Honored Contributor
Posts: 13,510
Registered: ‎05-23-2010

Re: Exactly how do you purchase a manufactured home?

There are a few giant companies that are going all through the US and buying the mobile home parks. Then they jack the rents up sky high and they get away with it because they know residents can't move their homes. There are articles and podcasts out now about this. I recently listened to an expose podcast about this. Some residents are grouping together to buy their own parks and then own them cooperatively. 

 


If you want to by or rent try the areas around Tampa or just south of Jacksonville. 

 


If you want to do the prefab home, try looking into land in W. Va. Land prices  are relatively less than elsewhere and it's beautiful. 

Honored Contributor
Posts: 13,510
Registered: ‎05-23-2010

Re: Exactly how do you purchase a manufactured home?

[ Edited ]

@Allthingsgirly67 wrote:
These manufactured homes are already in a community, I didn’t want to throw money away on renting. I felt a manufactured home was a way to own something because I think a condo would be a little bit out of my reach. I’m 56 and don’t want the upkeep of a house and these communities offer lots of amenities.

@Allthingsgirly67 @Only buy in one in which the homeowners own the community or you will see skyrocketing rents when one of three mobile home buying companies swoop in and take over. They are doing it now. Some homeowners in communities and banded together to buy their own. They even get great govt. loans to help them do it. 
I urge you to learn about this trend. 


How to hear the podcast. You can listen free on Apple Podcasts, Amazon Music or just 

put in the title and the word podcast and you can listen free in hundreds of places. A podcast is like a radio show. You just press play and listen. Sometime there are ones that are not free, but they have that written on them. 

Podcast is called PLANET MONEY.  Episode is titled Mobile Home Parked from 2021

Planet Money is a podcast about financial things for everyday people. It's. From  NPR and it's very informative and entertaining.

"We find out what happens when big investors spend billions of dollars buying mobile home parks and make them less affordable for the people who live there. Then we learn how the government helps them do it, with super low-cost loans that were meant to support affordable housing." 

Esteemed Contributor
Posts: 5,906
Registered: ‎09-08-2010

Re: Exactly how do you purchase a manufactured home?


@docsgirl wrote:

I once looked into a lovely community in South Carolina.  All the homes were manufactured and quite upscale.  Unfortunately, you did NOT own the land.  You paid rent which was exhorbitant and went up every year.  I quickly walked away.  Same thing in many communities in Florida.  Buyer beware.


It's like a 55+ community. Yes, you don't own the land, but ALL your yard work, maintenance, plowing and shoveling (where I live) is taken care of. That in itself is worth the fee. 

Esteemed Contributor
Posts: 7,311
Registered: ‎11-15-2011

Re: Exactly how do you purchase a manufactured home?



@Allthingsgirly67 @Only buy in one in which the homeowners own the community or you will see skyrocketing rents when one of three mobile home buying companies swoop in and take over. They are doing it now. Some homeowners in communities and banded together to buy their own. They even get great govt. loans to help them do it. 
I urge you to learn about this trend. 

 

One community near me is "people owned" and it is the most expensive one in the area!  You don't own your land.  If the community has 350 lots you own 1/350 of the entire place!  

 

It's interesting how many "opinions" you get about Mobile Home living from people that would not live in one!  

 

Monthly lot rent is still the most inexpensive way to live and most of them do not cost $250,000.

 

Most retirees sell a home and pay cash for a mobile home.  That leaves lots of "play" money to enjoy retirement!  

 

Florida has over 828,000 mobile homes.  Somebody like them!

Honored Contributor
Posts: 8,920
Registered: ‎03-09-2010

Re: Exactly how do you purchase a manufactured home?

I highly suggest renting first in your new city before jumping into such a big decision, especially in a different state.

I would also be concerned about a manufactured home in hurricane country and the issue of owning/not owning the land.
Trusted Contributor
Posts: 1,340
Registered: ‎03-15-2010

Re: Exactly how do you purchase a manufactured home?

[ Edited ]

@Zhills wrote:

Flood insurance isn't usually a problem because mobile homes are at least a foot off the ground.  Insurance is really expensive in a coastal area....anywhere!  

 

 


The statement about flood insurance not being a problem because mobile homes are at least a foot off the ground is not true, at least for my area.  

Hurricane Ian last year flooded out a mobile home park that is located in a flood zone with at least three feet of water in the homes from storm surge.  The mobile homes had to be completely gutted due to water damage or were basically destroyed, a total loss.  And those folks are still dealing with FEMA and their homeowners insurance to process claims, a year later.   They have been displaced and many do not have the money to rebuild and comply with new building codes (build at a higher elevation).

You must do your homework and not buy in a flood zone unless you are so wealthy that you can self-insure your property and home.

 

My in-laws lived in a double wide mobile home on a golf course just a couple of miles from my house.  Any time a hurricane was coming, we demanded they stay at our house and not ride out a storm with 150 mph winds in a tin can.

 

Esteemed Contributor
Posts: 7,311
Registered: ‎11-15-2011

Re: Exactly how do you purchase a manufactured home?

Neither would I, but it's not like we have 150 MPH winds every other weekend!