Hidden Pitfalls Of Manufactured (Mobile) Homes

Understanding Mobile Homes sometimes referred to as manufactured homes can be tricky: In this video, We'll look at the main problems people face when they choose to live in a mobile (manufactured) home. You'll learn about how these homes can lose value over time but not always, the difficulties in getting loans for them, questions about how long they last, the quality of the build, limited choices in design, and why they might cost more to keep up. This video is great for anyone thinking about getting a mobile home or who already lives in one, as it helps you see both the good and the tricky parts of living in a manufactured home.

For A Collaboration Video For Your Affordable Housing Option Or Comp.
Join this channel to get access to perks:

📭To Send Mail:
Kristina Smallhorn
PO BOX 1271
Prairieville LA 70769
#manufacturedhousing #mobilehomes #KristinaSmallhorn

eXp Realty LLC,2900 Westfork Dr. Suite 401, Baton Rouge LA 70817
225-246-1812,Office [phone] ext# 149
Kristina Smallhorn is a licensed REALTOR® with the state of Louisiana, License number 0912122918
Disclaimer:

[KristinaSmallhorn]

Are you thinking about buying a manufactured home this year? Watch the more about the hidden costs of manufactured homes Hidden Costs Of Modular and Manufactured Homes

[RaptureReady-Nethinim]

I bought a manufactured home paid cash $55 K and retired early and I could not be more happy! My insurance is only $659 a year and my lot rent is $490 a month. It’s no different etc than a HOA fee. There are some downfalls like propane and pipes can freeze 🥶 but it’s super cheap compared to the horrible renting market or buying a 3 bedroom around my area which the market is terrible! No one can find affordable housing in my area and people drive into our parks looking for sale by owner and they are gone in minutes! My home value in a year and a half went up $70K I have a double wide and it is the best decision I have made!!!

[noreenn]

The price of manufactured homes, on owned lots, have increased significantly in value in recent years in my area. It's actually quite surprising.

[marvinhaak]

I live in an area where you can’t put manufactured homes on land, only in parks where you have to pay lot rent. Need more updated zoning laws.

[GreatGreebo]

One thing to note: lots of trailer parks do NOT allow owners to rent out their trailer in their parks anymore. There’s more and more trailer parks adding an OWNER MUST OCCUPY type clause to their lease agreements. So, if you plan on moving out and eventually “renting it out” for income AND have it okayed with your home insurance, that doesn’t necessarily mean you’re going to be able to do that nowadays. Just some food for thought😢

[Only_Gnomes_Live_Here]

The prices for manufactured and modular homes are way too high. We have been looking and they have started to be the cost of a house. I've been told by several builders for modular that they are $245K starting prices. Manufactured ones are running around $120K for a single wide. Some cost of building materials have gone down, so to me its bs they increased the price that much. It's just builders and dealerships being greedy.

[DavidSmith-oxtu]

In 1999 I bundled 5 acers with a MFG DBL Wide total cost for the home and land development setting the home, power, well, septic, Electricity systems came out to $150, 000 I paid it off in 23 YEARS. The last tax appraisal has pegged the value at over half a million dollars. Advice find the land first and then look at every Mobile home dealership within a few hundred miles to find the right one. In my area stick built sell for about the same as my house would. My original loan was FHA.

[katespencer]

My cousin has property and is now shopping for a forclosed mobile home to move on their property. So much more affordable than stick built

[vannshuttleworth]

A few years ago, I was going to buy a mobile home in a RV park. It was on the market for a long time. But it was $30k.
But listening to you, I learned that I wasn't getting the land beneath it. Just the home: its manufacturing date was 1963! It looked okay, but it was an older mobile home. And the rent space is $750/monthly!
Thanks to you, I didn't sign on the dotted line! Still looking, but I didn't tie myself to a 60+ year old RV, and renting the land!
It does matter! Thanks!

[jeffreystanley]

If you don’t own the land underneath it do not buy it.

[gimcrack]

I bought my place the right time. Just before Covid-19 hit us. $40, 062 for a 1984 modular home with a detached 2 car garage on .65 acres of land. With a well and septic and all electric. Paid this place in cash, been here for 5 years and loving it. No rent or mortgage is awesome.

[BlackRoseJenn]

Thank you! That was extremely informative and incredibly helpful! My husband and I have been considering purchasing a manufactured home, but it really is no longer the “cheap” way to own your own home. By the time we buy the land and then the trailer house and have it all set up we could just go buy a property with an older prebuilt home it would seem. The only allure to going the manufactured home route is that it would be much faster than waiting to find a place that suits our needs.

[silentsam]

MH park downsides - small lot, close proximity to neighbor, high lot rent, yearly increases, restrictive HoA, clicks. You have to be the right person to fit in to the community/lifestyle.

[dirtwhisperer]

Truthfully they are not that bad. I hated mobile homes when I was growing up and ended up buying one brand new off the lot in 1999. I had purchased land to build a house on but we wanted to live there and get the land cleared and setup while we were building. I had the mobile home set back as far as I could off the road so we could build in the front. We ended up living in that for several years and it did great. The monthly payment was cheap and nothing really broke on it. The roofs on them are kind of wonky but it never leaked. If you are looking for a cheap way to live or something temporary I say go for it. Mobile homes today are not like the ones built in the 1970's. They hold up better.

[NatesHomeTours]

Here in Montana, a modular home runs about $200 a sq ft, where as a site built starts as about $370 a sq ft. So yes the modu;ar has gone up a lot, it is still almost half the cost of a site built.

[mikejames]

I've lived in my manufactured home now for 18 years. It sits on two wooded acres in Maine. I currently own it outright but when it was mortgaged I had a VA loan, which wasn't mentioned in this video.

[paulderosa]

We bought our manufacturers home last year and have been very happy with it. There are some non-standard things that can drive you crazy. The door knobs are not standard and these horrible pop-up water shut off valves that you will end up replacing

[naubaucat]

This is a shame being they are many areas that don't have affordable homes. I suppose people looking to buy tiny homes are having difficulty too.

[duanejahn]

The modular homes I've looked at on you tube tend to have prices per square foot of 3 to 4 hundred dollars which make them pretty pricey when you take into account that the improved lots aren't included.

[cantthinkofone]

My first home was a single wide, it was about 15 years old. I paid $12k cash for it. I had roommates the entire time that covered the lot rent and the utilities. It afforded me the opportunity to save up money for a down payment for a traditional single-family home. In the five years that I lived there, the lot rent went from around $250-$750 with no cap. It was really sad, several people in the neighborhood just abandoned their homes and walked away from their mortgages/defaulted. I was fortunate to move when I did, as the entire neighborhood was saturated with abandoned trailer homes. I sold it for $11, 000 cash, so it was almost like I had lived there for free those five years.

The obstacles I faced were the never-ending repair issues - water intrusion rotted out the flooring and the roof. It was always something there. The neighborhood also got pretty rough, I suffered two break-ins while I was there. No HVAC system, had to use window air conditioners and portable heaters.

I actually was very fond of that little house. I look back and I really miss it sometimes! It was a wonderful, starter home!