One of the big questions we always get asked here at The Mobile Home Dealer is should the potential mobile home Buyer look to buy a mobile home within a land leased community or a land owned community?
While both living options certainly have their pros and cons, we feel no one has dug deep to figure out the main details needed to be found out prior to any potential Buyer buying in a land owned or co-op mobile home park….until now!
- What Is The Monthly HOA And What Does It Include?
Many times folks look to buy in a land owned mobile home park in an effort to bring down their monthly living costs. While this is totally understandable we strongly suggest you understand not only what the monthly costs for the HOA and what it includes but, also, what it does not include. Many times we see mobile Buyers excitement get deflated prematurely when they find out that although the monthly fee may be low they do have to pay quite a bit of extra money for amenities that would be normally covered in a land lease community!
2. What Is The Cost Of The Share
This is the elephant in the room that rarely gets discussed.
Often times co-op mobile home parks will not openly advertise what the share cost is of the park but, rather, focus on the cost of the actual home and the lower HOA payment. It is important that all Buyers fully understand what the cost is of share and if it is required to buy as a member of the community. Knowing this number along with the price of the mobile home you are considering purchasing will help get you a much better idea of your total cost for the purchase of the share and the home itself.
3. Do You Own The Property
Some land owned parks allow you to physically do what you wish with the land and some do not. Some mobile home parks only provide you a stock like certificate that states you own a share in the park and that is all. Make sure if you are considering buying in a mobile home park you fully understand what you can and cannot do with the land that your home resides on so that you do not go in to buying a share with the expectations of doing with your property as you wish only for it to not be the case.
Purchasing a mobile home park in a land owned or co-op mobile home park comes with it quite a few benefits while at the same time some misunderstood downside.
We, here at The Mobile Home Dealer, stress to all of our clients to complete thorough research on exactly what is and what is not included in each one of the communities they are looking to purchase in so, when the time comes to close on their new mobile home, they are well versed in all the details of the park they are buying in!
This is Mark Kaiser with The Mobile Home Dealer and we help mobile home Buyers and Sellers get to a better place in life.