Buying a mobile home: Pros and Cons of mobile home

After going through strict lockdowns, people are considering getting mobile homes so that they can live anywhere while enjoying the leverage to situate themselves at their desired place. To anyone who is here and does not know what mobile homes are:

Mobile homes are large transportable structures that people can use as their homes. Similar to the idea of the Caravan that we read about in many storybooks, usually children-based books.

The idea of mobile homes may seem adventurous and exciting. However, whether buying it is the right decision or not. You cannot tell that unless you go through the pros and cons of mobile home.

So, we have gathered the pros and cons to give you a better understanding of mobile homes.

Pros of moving into a mobile home

When we talk about living in a mobile home, not only mobility is one of the biggest advantages, but there are multiple others as well. Below you will find why mobile homes are becoming a trend.

Affordable and Flexible

Buying a house seems a task and it is not affordable as well. However, when you are going for mobile homes, not only it is easier to get, but it is way more affordable to buy as well. Other than that, you get flexibility. You choose the location and you can take your home anywhere with you. Bored of daily metropolitan view? Want a natural environment? Well, with a mobile home this is possible. The flexibility also saves your money on hotels and transport, if you plan to go to someplace for a short vacation or a trip.

Customize your house

Other than the above-mentioned key advantages, another benefit of building a mobile home is you can get your house custom-made and at a cheaper price. When you plan to only renovate your stick house, it becomes a nightmare. Not only it is heavy on pockets, but the renovation delays due to external variables like, weather conditions would hamper and elongate the process even further. As mobile houses are built in a controlled environment, you are less likely to suffer from delays.

Before you make your decision to shift into a mobile home, just after knowing about the advantages. We recommend you to go through the cons of living in mobile homes as well so that you can make an informed decision.

Cons of living in a mobile home

The value depreciates over time

If you are planning on investing in a house for a long-term benefit and want to enjoy value appreciation when you wish to sell it, then always go for stick houses. Mobile Homes are not a reliable investment. As mobile homes are movable and are built-in factory like a car, their value also depreciates like a car, although not as much as a car, it devalues over time, instead of appreciating.

Personal Property and not real property

If you buy land and build mobile home on that, you may find the value appreciation over time. However, know that the value of the land will appreciate and not of the mobile home. Other than this, the reason mobile homes are not a reliable investment is that it is personal property and not real property. Personal property is then movable from land, without causing any damage. On the contrary, real property is unmovable. Even though you cannot move the fixed house just like that, it is still considered personal property.

Higher interest rates for mobile home loans

Although mobile homes are affordable, if you plan to get them through a loan, we recommend you not to do that. As mobile homes are personal property, the loans that you will be borrowing will also be for a personal loan. These loans come with higher interest rates. It means the amount that you will borrow to buy a mobile home, you will be paying a lot more than that. Moreover, you will not be able to get the value of your money when you sell it.

Difficult to re-sell

Apart from that, if you are considering buying a remote home, then be sure of your decision, because these homes are not easy to resell. Furthermore, mobile homes are placed on a temporary foundation, which makes them prone to damages during any natural calamity.

Conclusion

Above we have discussed the key pros and cons of mobile home. We cannot advise you on whether to buy it or not. However, our article will surely help you to make an informed decision.