The names Mobile and Manufactured homes ("MH") are now used interchangeably. Here are some key issues to know:
1. Most MH are considered personal property and actually depreciate. They are not real estate, which over time actually appreciates.
2. Most MH do not transfer by grant deed. They transfer by a title document which is much like a pink slip.
3. The "property taxes" on an MH decrease every year. However, make sure you read your space lease documents well, as you might also be responsible for paying the real estate property taxes on the space you are renting.
4. Space rents tend to go UP over time.
5. MH are subject to the Mobile Home Residency Act. One of the less MH owner friendly clauses allows the MH Park to foreclose on you (in as little as 60 days) for non-payment of space rent.
6. You do not finance a MH with a standard mortgage. The financing for these properties is more like financing a large vehicle. Depending on the age of the actual MH, your credit score, and the MH Park, you can finance up to 95% of the purchase price for up to 20 years.
Be careful when buying a Mobile Home. Make sure you understand what you are buying and that you get all the correct documents and disclosures about your purchase.
Shel-lee Davis BRE #01817412
Real Estate Consultant
International Real Estate Specialist - IRESÂ®
Senior Real Estate Specialist - SRESÂ®
Certified Home Seller Advisor - CHSAÂ®
Certified Home Buyer Advisor - CHBAÂ®
Member - National Association of Certified Expert Advisors - NAEA
Certified Distressed Property Expert - CDPEÂ®
RE/MAX Estate Properties