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 on 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 as and taxed as 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 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 any where 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 a 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.
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.