By Mashum Mollah
Mobile homes are prefabricated structures manufactured in a factory and then transported to the desired location. Many people use it as a vacation home, rental property, or primary residence. According to statistica.com, Texas, Florida, North Carolina, and Alabama have the highest numbers of such homes.
The need for affordable housing has never been greater, and the mobile home life can be a great fit for tens of millions of Americans.
When it comes to purchasing, it becomes vital to ponder whether buying a mobile phone is a worthy investment or not. Indeed it is. Mobile home parks have become the trend these days, and the population living in the different states is rising.
Some of the reasons include less cost, no property taxes, sufficient distance between neighbors, minimal maintenance, versatile location, small yards, and access to any community perk. You can place your house near your favorite pool, fitness center, pond, or lake or in any like-minded community.
Advantages Of Mobile Home Investing:
Why should you invest in a mobile home? Well there are not one but many reasons behind thinking like that. Here are the reasons mentioned.
1. Affordability:
Affordability is the first factor to consider while purchasing any property. Mobile homes are usually mass-produced in factories, so their cost is much less compared to conventional homes.
When you are investing in large multi-family properties, you need to pay a high cost per unit. However, you can acquire more units at a lower price if you go for mobile homes.
2. Minimal costs for repair and maintenance:
When you make your mobile home rental property, only your tenants should be responsible for repair or maintenance. Thus, you need not face the hassle of dealing with maintenance contractors.
Besides, mobile homes are made of a material that is easy to fix. Moreover, its setup is also easy as you need to take it from the manufacturing site and place it conveniently.
3. High Demand:
If you invest in mobile homes, your house will be in high demand as it is affordable accommodation. Undoubtedly, more people would look for it every year as it is an accessible cash-flow property.
4. Luxurious Options:
Your mobile home would offer you granite countertops, upgraded flooring, and other luxurious options. Since it is an affordable property, you can upgrade fixtures on your own anytime.
5. Safety:
Mobile homes are pretty safe, so you need not worry even if your property is in high-risk areas prone to natural disasters, storms, hurricanes, or any weather. They are built to a high standard, so their sustainability is higher.
6. Less Competition:
For now, mobile home investors are significantly less in numbers. If you are looking for a great deal without flooding into investors’ competition, it is an excellent investment for you. So, less competition can bring more opportunities for you if you are included in those limited numbers.
7. Flexible:
Mobile homes are easier to move than stricken homes, though not easy to do after setup. They can be placed in a controlled environment at any location like near mountains, fountains, etc.
8. Environmentally Sound:
You not only save costs and utilities but also make it an intelligent investment by benefiting the environment. Mobile homes are energy efficient and much more eco-friendly than traditional houses. They are usually manufactured in a factory and then transported to the site, unlike conventional homes, which need raw materials to be taken from far away places.
9. Less tenant turnover:
In the context of the most significant expenses, tenant turnover is one of them in case of scenarios like cleaning the unit, less income, monitoring a new tenant, and more results with the increased costs.
On the other hand, if you own your home and lease it, there is no loss, and the house remains in the same place.
10. Customization and modern features
There is always an option available to customize a mobile home, even if it is recently built. You can change the layouts, finishes and other details to your liking and your taste. This is an amazing way of making the space feel more homely before moving in.
Moreover, if you want to add some new amenities and modern features, you have the option to do that.
Disadvantages Of investing in mobile homes
The majority of real-estate opportunities come with a lot of disadvantages. When it comes to choosing mobile homes, here are some of the disadvantages that you should consider.
Density Restrictions
Nobody can deny that mobile homes have immensely improved in terms of technology and aesthetics. However, there are certain stigmas about mobile homes that are still going around. Some of the cities even have zoning restrictions that do not allow manufactured homes.
Because of this, there is very little appreciation for the lifespan of the investment. Traditional single families will grow in value over certain years, but the case with mobile homes is entirely different. The security is also not long-term for this kind of investment.
This is concerning for both selling homes and land that contains an entire mobile-home park. So, if you are thinking of getting a mobile home, then choose an amazing landscape, some brilliant infrastructure and common space.
Natural Disasters
Mobile homes are naturally less sturdy than a typical house built on a foundation. This is one of the main reasons why mobile homes are susceptible to damage or devastation during natural disasters. They cannot hold it on their own as there is a foundation holding and protecting it.
Earthquakes, hurricanes, and tornados can demolish a mobile home park easily. So, you have to think carefully and consider before you decide to invest in a mobile home or an entire mobile home park. Think whether natural disasters are common in your region or not.
Difference between single-family homes and mobile homes-
Both mobile homes and single-family homes are residences for single-family rather than multi-family apartments.
Some differences between single-family homes and mobile homes include size, cost, construction methods, and perceived longevity. If you are stuck while deciding between the two, consider the below differences and align with the suitability:
1. Size:
Mobile homes have less living space than single-family homes. In this case, you can prefer manufactured homes with more square feet. It would be much better.
2. Real Estate vs. Rented Land:
Mobile homes usually reside on leased land, but single-family homes sit on real estate. If you purchase a mobile home, you are dealing with only the house, not the land. In states like Florida, they are considered autos. We can call mobile homes personal property rather than real estate.
3. Cost:
The most remarkable difference between single-family homes and mobile homes is their cost variations. You would find single-family homes always more costly than mobile homes, even if you purchase land with the latter.
4. Location Factors:
Single-family homes are fixed by location, and they may not be at your desired place all the time due to their flexibility limitations. However, mobile homes can be at any site, be it kid-friendly, near high schools, with a good neighborhood, near the ski slopes, beach, or any destination.
5. Construction Methods:
Single-family homes are hand-built on a specific site. Their concrete foundations have more longevity than mobile residences built in sections in remote locations. Mobile homes are designed to be temporary or probably permanent.
Why Prefer Mobile Homes?
Mobile homes can be a unique investment. If you are currently in the following scenario, it is an excellent opportunity to make a purchase-
1. You pay high rents.
2. You have available financial options to purchase the home.
3. If you prefer to put your mobile home on rent in the future, what benefits would you get?
4. You already had a long-term goal of purchasing your own home.
Moreover, to firm your decision, set a discussion with a financial advisor to be consistent with your financial goals. After purchasing a mobile home of suitable size, design, and material, figure out where you want to fit it permanently or temporarily.
You are acquiring high-demand land with minimal risk units. Companies like Ft Myers Home Buyers specialize in fixing up distressed mobile homes both in parks and on land. Overall, since you invest in mobile homes, you are getting an asset with the highest returns of your investment.
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