Mobile Home Parks – Homeowner Risks and Rewards

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Mobile Home Prices

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Mobile Home Prices – You May Pay Twice

From purchase to sale, changing mobile home values.

When you want a home in a mobile home park you usually buy the home from the previous owner, but you cannot buy the land because it belongs to the landlord. You usually get a loan to buy the home and pay monthly mortgage dues to the bank. Additionally, you will need to pay a monthly rent to the landlord for the land the home sits upon. The land rent pays for the lot, hookups and park services.

These two costs, land rent and mortgage, are the major expenses of home ownership in a mobile home park. Lot rent expenses and park stability can affect the prices of the mobile homes in the park.

The price of a mobile home can be acceptable when you first buy, but you may question whether it will remain a good deal in the future. Landlord decisions may affect the future value of your home -which you often cannot change. A good deal is something that lasts, but can it change into a bad deal long after you signed the papers?

Understanding this “house price dynamic” can help you answer such questions as: “Why is it that in some parks, the rent is expensive but the homes are cheap?”

“Why, in some parks, are people paying more for the home but in a nearby, similar-looking park, the homes are much cheaper?”

“Which is best? Higher rent but a cheaper home versus lower rent but more expensive home, all other things being the same?”

Evaluating Mobile Home Prices – 8 Things to Think About

  • How is my mobile home’s value affected by the decisions and behaviors of others?
  • Learn about current rent costs and their level of future predictability
  • What is a mobile home worth? Who decides?
  • What do I need to know to make a bargain mobile home buy in a park?
  • Will I regret the mobile home buy in the future?
  • What is the highest rent I can afford and still have enough money to pay the mortgage?
  • Land rent cost versus home mortgage cost – how are they related?
  • Solutions to extreme prices, how to get mobile home prices that are stable
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