hy are so many people just $19,500. I sold it for
buying mobile homes? $45,000 when I moved fourteen
Affordability is the years later. Mobiles on land
primary reason. Buying a mobile generally go up in value just
for a first home, a retirement like any other homes.
home, or even as a rental
property investment - they all Of course, the best deals, even
can make perfect sense. They do when they are on land, are used
have their own particular mobiles. They have already
problems though. Here are some of experienced any initial
those problems, and what you can depreciation in value. They also
do about them. have their own problems, though.
Depreciation is the first big What To Watch For When Buying
issue that comes to most peoples Used Mobile Homes
minds when they think about
buying mobile homes. They all go Many older mobiles were built to
down in value, it is assumed. You meet different building codes
might someday owe $20,000 on a than the more recent ones. For
mobile home that can only be sold example, some mobile homes built
for $15,000, right? before 1976 have aluminum wiring.
This can be a fire hazard because
That is absolutely right, IF you of the chemical reaction between
buy a mobile home on a rented the aluminum and other metals,
lot. The easy solution is to only which sometimes causes sparking
buy mobiles that are attached to inside the walls (not good).
real estate, or that you will be Remove an electrical outlet or
putting on your real estate. My switch cover, and look inside
own first home was an old used with a flashlight. If the bare
mobile on a small lot. It cost ends of the wires are silvery,
they're probably aluminum. Age is also a big factor with
insurance. Some older homes may
Take this into account when just be uninsurable. See if you
making your offer, because you can obtain insurance at a
may have to rewire the home to reasonable rate before buying,
get it insured. In general, you and again remember that this may
will avoid many of these issues be an issue when you sell.
of construction standards and
codes if you buy only mobiles Wavy walls and crooked door
built after 1977. On the other frames indicate that the home is
hand, most problems are irregularly settling, the walls
correctable, so you may just want will sometimes show it. It may
to offer less. also show in the door frames, so
see if the gap over the doors is
The age of a mobile can also it straight in relation to the
tough to finance. If an older frame.
mobile home can be financed, it
may be at a very high interest Stains on ceilings indicate roof
rate. Be aware of this, check leaks. If it has recently rained
into rates before making an and the stains are dry, the leaks
offer, and take the higher have probably been repaired. Ask
payments into account when how long the roof was leaking.
comparing your options. You Quickly repaired leaks may not
should also keep in mind that have done any damage, but if the
when you want to sell someday, roof is seriously sagging there
this financing issue will make it may be rotten wood up there.
difficult, unless you will be
providing the financing for the Watch for spongy floors. Many
buyer. mobiles have particle-board for
floors, and when these floors get
wet, they warp and/or rot. Step you may want to use them as an
hard here and there to test, opportunity to make a lower
especially in bathrooms. I've offer. The advantages of mobiles
rebuilt two bathroom floors in over traditional houses include
mobile homes. Fortunately it the lower initial price,
isn't all that expensive. The simplicity, cheaper maintenance,
toilet area is a common place to lower monthly payments, less
find problems. Note whether the property tax, lower insurance
toilet is level or leaning. cost, and perhaps even faster
Condensation from the toilet runs equity build-up (during low
down and soaks the wood floor inflation - because of the
around it. shorter term of the loan). Don't
let a few problems stop you from
Most problems can be resolved for buying mobile homes.
much less than in a traditional
house, so if there are issues,
About the Author:
Copyright Steve Gillman. Visit his website for:
1. A photo of a beautiful house he and his wife bought for $17,500.
2. A free book on how to save thousands buying your next home.
3. A free real estate investing course.
Visit http://www.HousesUnderFiftyThousand.com
Read more articles by:
Steve Gillman
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