Buying a mobile home is a different experience from buying a single-family home. There are challenges unique to mobile homes that you should be prepared to overcome. If you are thinking of buying a mobile home, here is what you need to know.
Can You Finance a Mobile Home?
When it comes to financing, the type of mobile home you are planning to buy matters. If you want to buy a single-wide mobile home, you could have trouble with securing financing. You might have to rely on the company selling the mobile homes for financing. Private mortgage lenders typically are hesitant to finance single-wide homes.
However, if you buy a double-wide mobile home, you might be able to secure a loan through a private lender. You could run into a lot of rules, though. For instance, there might be a restriction on how old of a mobile home you can buy.
Obtaining government backed loans, such as FHA loans, is possible, but there can also be restrictions. For instance, an inspection of the home's foundation could be required. The home will also have to meet the specifications established by the government agency that is funding your loan.
Is Inspection Required?
Some buyers believe that an inspection of the mobile home is not necessary due to the type of housing it is. However, it is important that you have the mobile home inspected by a certified home inspector. The inspection will reveal whether there are any problems with the home. Even if you decide to pay cash for the mobile home, get the inspection.
In addition to having the mobile home inspected, you need to check the warranty that comes with it. Depending on the manufacturer, you might receive a limited warranty with it. You should consider asking for an additional warranty that would expand the protections from the limited warranty.
Should You Negotiate?
The price on new mobile homes for sale might seem final, but you can negotiate with the seller just like you can with the seller of a traditional home. When you are negotiating, there are a couple of things to remember.
One thing to focus on is the final price of the home. Do not negotiate based on the monthly payments. If you do, you could inadvertently agree to a higher final price. Another thing to remember is that the profit for the dealer is built into the price you are quoted. You can use that built-in profit to negotiate for a lower price.