First Darlene, A mobile home is not real estate, it is a vehicle. If you purchase one already in a park, 99% of the parks here in Western New York, you RENT the lot; you do not own it which is why you do not pay taxes. Whoever owns the Mobile Home Park pays the taxes on the entire property. In most mobile home communities in our area, you have a lease for the lot and the lease amount can change from year to year. Some parks include water and sewer and others charge you. Many parks here have rules, regulations and some have age restrictions (over 55). Banks do not give mortgages out for mobile homes but you can get a loan, more like a recreational vehicle but it usually is at a higher rate than a mortgage and is for less number of years. Also, because it is NOT considered REAL property, you cannot deduct the lot rent on your income taxes like you can with property taxes however, you may be able to deduct interest paid on a loan if the unit is your residence. I recommend discussing that with an accountant.
Purchasing a mobile home is a choice many people make when downsizing and they are not concerned with the property appreciating in value. Most mobile homes (manufactured homes) decrease in value over years, at least in the Buffalo/Niagara region because there are so many the go up for sale and in many mobile home communities, you also compete with the park who may be still selling new ones or trade-ins.
Finally, the closing is not like closing a house. Some people choose to use an attorney but you don't need one. Some parks do the closing there. Again, itâ€™s a vehicle so it's like buying a car. Just make sure that you get a title and have a UCC search to make sure that there are no judgments against the unit.
If you have any other questions, please feel free to contact me directly.
Joe Sorrentino - Associate Broker