Mobile home purchases have gone up over the past years. It is a lucrative business as well as a good living option for many. Is it worth it to you to also join the movement and purchase a mobile home? The answer is not a simple yes.
Is it worth it?
As with any big purchase, a mobile home purchase includes a renovation cost and should be approached with caution. Luckily there are signs and tells that can help you make a more informed decision.
First you have to ask yourself what your goal is. Are you planning to live in it or are you planning to flip it for a profit? You will have to take the current condition of the home and calculate the renovation cost in order to get it to the desired conditions.
What is your goal?
If the home is for yourself, how must it look before you are comfortable living in it? If you are planning to sell it, your priority is to at least make a profit for all your work in the end. How much will you spend and how much can you sell it for?
Are you planning to live in it?
If you are planning to live in the home, there are many things to think about. Is the mobile home park one that you see yourself living in? Unfortunately, mobile home parks have a bad connotation tied to the name for a reason.
Make sure that the park you are planning to live in is a safe one. Check reviews online. Ask current residents how they feel about the park. If you are planning to move the mobile home check with both parks about moving costs and requirements. Every park has their own rules about which type of homes are allowed.
If you are planning to move the mobile home there are certain moving costs you will have to think about.
Are you planning to sell it for a profit?
Before signing anything with the mobile home seller, make sure you check in with the park manager regardless if you are planning to live in or sell.
Sometimes management has requirements on how quick you must fix and re-sell the mobile home. You must figure out how long it will take to fix the mobile home and add some considerable time to find a buyer.
Check to see what other mobile homes are selling for in the park or surrounding parks. You do not want to put more money into the cost of fixing than you could get for it. After all you want to make sure that you get a profit for all your work.
These are just a couple of things to take into account when considering if a mobile home purchase is worth it. It can definitely be worth it if the conditions are right.
Make sure to do your homework and you will be sure to have made a good profit or a good home for yourself.