Mobile Home park for sale
Is your Mobile
Home park for sale?
What you need to know
Also, scroll down for information on permanent
foundations and owning the land!
One common fear we hear from owners and buyers of
Mobile Homes is
about the park they live in (or are buying in) will be sold.
First, you must realize that even
though this is a possibility, the chances are that it will not happen.
Second, the residents might be able
to buy the park and when this happens, everyone wins.
Here is why:
Residents have a say in how the park is run
The value of the land goes with the unit
The value is more stable compared to a
Mobile Home on leased land
Monthy dues are much less
If you are looking to buy into a Mobile Home park
that's for sale, you must
check to see the likelihood of the residents buying the park - this is
a good investment!
However, buying into a Mobile Home park
that is being sold
to someone that is NOT a resident is not such a bad thing either.
Most often when there is a Mobile Home Park for
and then sold to another owner, the residents won't even know or care.
The thing is that owning a Mobile Home park is a
lucrative investment and keeping that investment working is what the
owners want. Rarely is it really feasible to change a Mobile
Home park into something else and profit. This is really
going against the grain on many levels and usually does not make sense
Owning the land
Whether you live in a park that the residents own
the land or you own some land and a Mobile or Manufactured home is
installed there, here are some things to keep in mind:
Ususally owning or building/installing a
Manufactured home on the land is less expensive and quicker to do.
The same permits and approval process is
The financing is still very different.
property taxes are in force, so Department of
Housing fees probably won't still apply, but property taxes certainly
Financing and appraisal (value) are the main
concerns to be aware of - for detailed information on why this is the
case, see our Permanent Foundation page and our Financing for land and
Hopefully it is obvious that when owning the land,
having the Mobile Home park for sale is no longer a concern.
It is common for people to think that if you own
the land under a Mobile Home you should or will have to upgrade to a
permanent foundation. It is also common for people to think
that because the land is owned and the Mobile Home is on a permanent
foundation that the financing is different.
Both of these thoughts are false. There
are some cases where the financing is better, this is true, but the
fact is that regular Fannie Mae financing is not available for any
Manufactured type of home. For more on why this is, see our
Financing for land and home page.
Installation of a Mobile Home on to a permanent
foundation can be done fairly easily and for only a few thousand
dollars. The with some simple paperwork filed, the home is now
considered Real Property. Find more about installing your
home on a permanent foundation here. This
process is still advisable when you own the land, even if
you live in a Mobile Home park for sale. By Will
Additional Manufactured Home info
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