More and more people are considering choosing manufactured mobile homes in Massachusetts, instead of traditional ones. With mobile homes, the options are endless, because you get to choose between different materials, different designs and different sizes. If you are thinking about purchasing a mobile home, here are a few pros and cons that you should consider:
Pros of Owning a Mobile Home
It’s affordable: Manufactured mobile homes are affordable and they can give you the biggest bang for the buck. On average, mobile homes cost less than half per square foot, compared to traditional homes. Monthly mortgage payments for a mobile home are often in the hundreds, while many traditional home payments are in the thousands.
It’s simple: Many homeowners have the “less is more” attitude and they are looking to live more simply. By removing unnecessary complexity from your life, you can improve your mental well-being. You will have fewer chores and can spend more time each day on productive tasks or relaxing.
Better sense of community: When living in a mobile home complex, you often feel like living within the neighbourhood. Mobile homes ensure a good degree of privacy, but you are close enough to your neighbours to make friends.
Cons of Owning a Mobile Home
Although mobile homes are appealing, there are a few drawbacks that you should know about.
It’s valued less: It’s true that mobile homes are affordable, but many don’t consider mobile homes as real property. As a consequence, some lenders hesitate offering loans to buyers. Mobile homes don’t appreciate well in value because they are less rigid structurally. In fact, the value of mobile homes will depreciate if they are not properly maintained.
Structurally weaker: Mobile homes are not attached to real, permanent foundations. It means that natural disasters could be more damaging to mobile homes. Damages due to strong winds and floods can be more intensive.
Inadequate financing options: Financing options for affordable credit can be limited. In many areas, it is harder for mobile home owners to get a reliable loan from a reputable lender. Flexible financing options are often available only from larger lenders.
Mobile homes may offer an opportunity to save money, but with poor management, they could cause you to lose money. Home buyers should use common sense when buying mobile homes. In some situations, mobile homes are a less than ideal investment solution, but with good selection of location and proper maintenance, they could actually appreciate in value.
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