Living inside mobile home parks is an affordable alternative compared to living in a traditional site-built single-family house. Since tenants are paying for their space and own the house, this means they pay lower monthly rent with bigger space. Mobile homes come in three different sizes: single, double, and triple wide depending on your family’s needs.
Many aspiring homeowners know how hard it can be to purchase a home in the current housing market. It’s no surprise why many people are seeking more affordable options – including tiny homes, RVs, and mobile homes (aka manufactured homes). In fact, it’s estimated that about 17 million Americans reside in mobile homes alone.
If buying a traditional home is just too daunting, consider mobile home living as an alternative option. Because mobile homes are extremely customizable and cost-effective, they’re a great choice for families and individuals of all sizes and walks of life. Keep reading to find out if living in a mobile home is the right choice for you.
One of the biggest benefits of living in a mobile home is that most of the mobile homes in the Sarasota Florida area are organized around the needs of older people and seniors. This means that mobile home parks are a peaceful community without teenagers creating noises or babies crying in the neighborhood.
Aside from the obvious affordability especially for seniors who have limited financial means, mobile home parks are highly organized with almost everything the residents need.
Knowing all of these benefits, one might be interested in moving into a mobile home but don’t know when is the best time to buy.
With all the talk right now being how hot the real estate market is throughout the Sarasota Florida area one can begin to wonder, when is the right time to buy a mobile home in Sarasota?
This question gets brought up on a regular basis and we, here at The Mobile Home Dealer, feel we have a good idea of how to answer this commonly asked question.
When looking at buying a mobile home in the Sarasota area each Buyer needs to first figure out if they want to buy a mobile home in a land-leased mobile home park or in a resident-owned park.
The difference here, although it seems small, is actually a huge determining factor on when and why one would look to buy a mobile home.
If the Buyer is looking to buy a mobile home in a resident-owned park then, in this situation, the Buyer is purchasing real property instead of personal property. The reason for this is because, in Florida, when a mobile home is sold with the land included in the sale it is now viewed as real estate and not as a personal property purchase.
When one purchases real estate then traditional mortgages can be used along with most other financing options available to single-family homes.
In this purchase, the mobile home will be subject to the ups and downs of the real estate market which, as we all know, are a roller coaster!
If the Buyer is more interested in buying a mobile home on leased land where they own the own and pay a monthly fee each month to the mobile home park for the usage of the land then they are buying personal property and not real property. These homes are viewed and taxed in the same way a vehicle is taxed in the state of Florida. When purchasing this type of mobile home then the purchase comes with a title and not a deed if they were buying a mobile home with the land included in the sale.
When buying personal property, such as a mobile home in a mobile home park with lot rent, then these homes are not subjected to the ups and downs of the real estate market nearly as much as the resident-owned properties. The reason for this is that a mobile home on leased land is not required to have the purchase price recorded with anyone or anywhere which makes pulling sales comps nearly impossible.
What we can say with confidence is that a mobile home on leased land does not see the ups and downs of a real estate cycle as much as resident-owned communities do. This can be a positive or a negative pending on where in the real estate cycle you are buying your mobile home.
If you are looking to buy a mobile home at the high time of a real estate market then the Buyer may want to entertain buying in a land-leased mobile home park as the prices stay pretty much the same year in and year out. However, in a down real estate market, there are plenty of deals to be had in a resident-owned community as well.
Whether this is the first mobile home you are buying or you have bought and sold several mobile homes it is important to know the basics of what to look for in your next purchase.
Buying a mobile home is an excellent way to become a homeowner without having to pay the high cost of a traditional house. But there is much to consider before buying a home in this style. The following information will help you determine the requirements to buy a mobile home and if it is the right investment for you.
With all of this understood, the main question each Buyer needs to answer is, when are you ready to start living your Florida dream?
This is Mark Kaiser with The Mobile Home Dealer and we help mobile home Buyers and Sellers get to a better place in life.