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What should I know about buying a mobile home?

Are there different rules for buying a mobile home? Will it maintain its value? What should I know about buying a mobile home?
Asked By Veronica | Sunnyvale, CA | 663 views | Buying | 1 year ago
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Rising Star
15 Answers
Bob Fall

Century 21 Lee-Mac Realty

You should know that every state and municipality handles mobile homes differently. Some lenders will lend on them some will not. In some states, they are titled like a vehicle and that means you may be required to pay additional sales tax on the purchase of the mobile home. Some states require a brokerage to carry a special license to buy and sell them. Because of all these variables, I would encourage you to reach out to a local professional that can speak to your specific situation. Hope that helps.
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Novice
4 Answers
Joe Castillo

Keller Williams Danville

(10)

Great question. When looking at active listings for Mobile Homes - take note of the park type. Typically 2 types 1.) Senior Park (55+) #2 Family Park. Factor in the space rent. (land your mobile homes sits on has a space rent fee. Note: depending on city and county rates will vary quite a bit. Most mobile home parks require that you can provide proof of income usually 3X the space rent. Note: if you are borrowing money to purchase a mobile that # will be factored in as well. I have sold a number of mobiles in the SF Bay Area representing buyers and sellers. Your question about will a mobile maintain its value -depends on the age - newer mobiles will hold their value better - older mobiles not so much,

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Novice
2 Answers
Richard Macmillan

MGR Real Estate

(6)

Good morning, Several things you will need to know when considering a mobile home. 1. Purchase with land? 2. Purchase on space rent? 3. 55+ park? 4. All age park? When purchasing (with a loan) a mobile with land you will want to make sure it has a permanent foundation (attaching the mobile to the land. This is called a 433 certificate (older versions are 413). Not needed if paying cash When purchasing on space rent (with loan) You will need to have 2 1/2 to 3 times space rent to qualify with the park. Some parks will allow you to prepay the space rent 6 months in advance if you don’t qualify with income. If obtaining a loan the space rent amount will be in addition to your mortgage payment. I have found that 55 plus parks are usually much nicer than all age parks which relates to the holding of value. Holding of value depends on the quality of the property and neighborhood Thanks
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Novice
1 Answer
Karey Grimsley

Intero Real Estate Services

(28)

Check the rules and requirements if the mobile home is in a park. Some parks are 55 + communities. You will also want to know the space rent and how much it can increase yearly. If you need financing, you will also want to check on the requirements with a knowledgeable lender specializing in mobile home financing, older models may be difficult to finance. The age of the mobile home will typically determine its value and appreciation.

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