What do I really own?
Personal vs. Real
Property
Ownership of a Mobile Home depends on where it is
located and how it is attached.
In every case, the actual Mobile Home starts out
as personal property and ownership is very much like owning a car.
A car and a Mobile Home are both movable and personal
property.
Do you rent or lease the land?
Most of the Mobile Homes are located on rented or
leased land. Typically this means they are in a park or
community setting.
In this case the ownership is still just in the
structure itself, however, the value is in the structure AND the right
to occupy that spot. When you buy a Mobile Home in a park
where you do NOT own the land, this is what you are buying - the
structure and the right to be there.
Now, the value will depend on many factors.
See the buying and selling section for more
info on market value of Mobile Homes.
This should not be scary to anyone. Once
you have signed a
rental agreement or a lease for the space, you can't just get kicked
out. Your contract falls under Real Estate Law and you have
tenancy rights. The chances of you getting "kicked out" are
very slim - the same if you were renting an apartment.
A lot of new buyers considering a Mobile Home will think that the
chances of the park being bulldozed and made into condos are high -
when the exact opposite is true.
Mobile Home Parks are being
bought and sold, and some are being sold to the residents.
This is a trend that will likely continue. Any
instance of the park being for sale to the residents is normally a very
good situation for the Mobile Home owners. Most parks that
are sold to the residents increase in value faster and hold their value
much better.
Do you own the land?
Mobile Homes located on private land do not automatcially become Real
Property (Real Estate). They must be attached permanently and
have the proper paperwork filed. This is a specific process.
In the case that you own the land and the Mobile
Home is properly attached on a permanent foundation, this is all
considered Real Estate. The Mobile Home is now an improvement
the
same as a house, barn, appartment, commercial building, etc. Please Note: this
does not mean that the financing is now the same as all other Real
Estate. See the financing page for more info.
By Will Cunningham
Related Info
Here are some related topics, click on the
underlined words for more information.
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