If you are thinking of buying a used mobile home, there are things you need to watch out for. Buying a mobile home is not like buying a regular stick built. You need to know what to watch out for before you buy a used mobile home. Here are 10 things to watch out for when buying a used mobile home. These tips will guide you to make the right decision and/or how to negotiate in your best interest. Better safe than sorry. My seven years of selling used mobile homes has taught me a lot. I am now passing on that information to you so that you can make an educated choice.
1. Age. If your finances are tight, do not buy anything older than 1977. That is the cutout time for good financing and also the year a lender can determine if the used mobile home is a HUD home. 1976 and older were registered with DMV and not built to code. Therefor, lenders requires a 20% down on a 1976 or older. The term will be no longer than 15 years and the rate will be somewhere around 11-12%. That is a lot to pay. 1977 or newer requires only 10% down, you can get 20 years of financing and the rate is 1-2% lower. That is a much better deal. If the home is newer, the rate can be as low as 8%. Preferable, look for a home that is no more than 15 years old.
2. Park. Not all parks are approved by the lenders. Before making an offer to purchase, get yourself loan approved for that particular park. If the space rent is too high or if there are too many foreclosures in the park, lenders might say no to financing.
3. Rent control. Is it or is it not? Most parks are but some are not. If not, make sure yo fully understand what kind of yearly increase the park will impose on you. You might not mind paying that extra increase per year but each time the space rent is raised, the value of your mobile home WILL go down. Its like a car, depreciating. Still, it beats renting an apartment with people above, below, left and right.
4. Crime. Does the park have a security program? Is the park patrolled regularly by a security patrol company? If not, you probably should stay away. Yes, it is true, all residents have to follow the rules and regulations but if there is no security, many things can happen. A security patrol is a deterrent, crime will go elsewhere. Call the park manager and inquire. You can also call the local police office and ask for a crime report. Strongly recommended.
5. Pets. What is the parks policy? Your 80 ldb golden retriever might have a VERY hard time getting approved. Same for your pitt bull or any other so called "vicious breed". Most parks will NOT approve them. There is only one park in the Santa Clarita Valley that will approve a large dog, even two. However, no "vicious breeds". How stupid. Recently, I had a dog trainer with good credit, a large down payment and a German shepherd. That dog was the most well trained German shepherd but no, considered "vicious". So are dobermans, boxers, pinchers, chows and a couple of more. Inquire with the park BEFORE looking at any used (or new) mobile home. Save yourself the time (and your agents) by finding out first.
6. Neighbors. Most people are nice. However, since you are going to be living in tight quarters (most mobile home spaces are small and set very closely together), go and talk to the neighbors. Both the ones next door and some a few doors down. The ones a few doors down are the ones that will tell you what REALLY is going on. Maybe the couple next door do not get along any more. Maybe there is an alcohol problem. Maybe the kids play too loud. You need to know. Drive by in the evening, hang around for a while. Do the same for the weekend. Spend an hour on a Saturday night, driving around the mobile home park, you will then now if this is a place for you.
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