We all would like to have our own home at least once in our lifetime. But, what with rising real estate costs and the additional payments you have to make for a traditional home, this dream has started to seem more and more unattainable.
You might have heard of mobile homes that many people are now opting for instead of traditional homes. Not only are they cheaper but they’re slowly gaining prominence in the country for a variety of reasons!
If you’re someone who wants to give the idea of living in a mobile home a go, you’ve come to the right place. We’ll tell you all about the costs of a new mobile home, but first, let’s look into a question you might have had.
What Are The Different Types Of Mobile Homes?
You might have heard of terms like “single wide” or “triple wide” if you’ve already started looking at mobile homes. But, what do they refer to? Mobile homes come in different sizes, and you’ll find that sizing is the major difference that people refer to when they’re looking for the right mobile home. Let’s look at the options:
1. Single Wide Mobile Home
These are the smallest mobile homes you’ll find which don’t go over 1,200 square feet in size. Single wide mobile homes come with a bedroom or two and a bathroom, and usually have enough space for all kinds of amenities that you’d like. In terms of the length and width, single wide mobile homes will go to a maximum of 90 feet in length and 18 feet in width.
2. Double Wide Mobile Home
As the name suggests, double wide mobile homes are double in size to that of a single wide home. Just like a single wide home, the length and breadth don’t change, but the square feet increase to a maximum of 2,500 square feet. Inside a double wide mobile home, you’ll find two to three bedrooms and a similar number of bathrooms. Since the space is bigger, these mobile homes also have added features like an entryway or a dining space.
3. Triple Wide Mobile Home
The biggest mobile homes out there, triple wide mobile homes are similar to a full-fledged house with an area that can go up to 4,500 square feet. These take more time to assemble and come with customizations to the layout because of the amount of space available. With such sizing, you can have rooms and areas put into the house that a single and double wide mobile home would not give you.
How Much Does A Mobile Home Actually Cost?
How much a manufactured mobile home costs depends on the size and kind you buy. For example, the cost of a single wide mobile home can cost anywhere between $40,000 and $50,000 depending on the amenities and quality you’re looking for.
Double wide and triple wide mobile homes on the other hand will cost much more because of the increase in space. A double wide mobile home cost can go between $80,000 and $95,000 whereas a triple wide mobile home can cost you up to $250,000. You shouldn’t be surprised though, because triple wide or multi-wide mobile homes are as big as a real traditional home might be. You’ll even find those that fall on the lower end of the spectrum costing around $100,00.
However, you must keep in mind that you’ll have to pay for the land that your home stands onif you don’t want to rent the land. The cost of the land that that mobile homes stand on can vary greatly depending on the location, so take that into account.
Additional Factors That Influence The Cost Of Mobile Homes
Mobile homes vary in their pricing based on multiple factors just like a normal house would, and you’ll definitely see a range in the pricing depending on what you want. We’ll give you a few usual factors that determine how much your mobile home will cost:
Getting Your Mobile Home Insured
You’ll be spending quite a large amount of money purchasing a mobile home so it’s necessary that you get insurance for it. In an unlikely and unforeseen scenario that your mobile home does get damaged, you can then at least have your insurance as a backup.
While insurance companies will give you a host of policies to choose from, factor in different costs while going ahead with an insurance policy. Just taking the cheapest one your eyes land on isn’t advisable, since if there’s damage, this won’t cover the costs of building or purchasing a new mobile home for yourself.
Insurance companies usually charge anywhere between $200 to $1,400 annually for home insurance for your mobile home. But you must know that rates differ based on several factors, some of which include:
- Where you choose to get the insurance from since locations where natural calamities are frequent have higher annual insurance rates.
- The value of your mobile home. If your mobile home and the amenities inside it are on the higher end of the spectrum, then the insurance rates for it will also increase.
- How old your mobile home is.
- The items you want insurance for: the more the coverage, the higher the annual insurance will be.
Also See: Do I Need A Moving Insurance?
Amenities Inside Your Mobile Home
Mobile homes come with a whole range of amenities inside, and even though they won’t be as grand and full-sized as you would otherwise get in a usual house, they do the work. When you start looking for a mobile home to purchase, you’ll notice that you can get customizations for the inside of your mobile home as per your desire.
This is an opportunity for you to put in some of your design talents to use if that’s something you’ve always wanted to do. But remember that these are accompanied by additional costs. Since it’s a smaller area, customizations for appliances or other such items might cost more than you would expect.
If you won’t be buying a mobile home that’s already located on a piece of land or buying the land too, then you’ll have to ask for your mobile home to be delivered to a specific location. If this location is within a specified radius, most mobile home manufacturers will carry the delivery out for free. But, if it’s beyond that distance, you’ll have to pay additional fees for delivery.
Land Rent Costs
Your mobile home will have to stand somewhere, and while buying a mobile home with land is a possibility, it’s extremely expensive as we’ve mentioned before. For this reason, most buyers of mobile homes rent the land that the home stands for, the cost of which can fall anywhere between $100 to $800 per month depending on where the land is located. It goes without saying that the more rural the area where you buy a mobile home, the lower the rent that you have to pay.
Even though you’ll be living inside a mobile home and paying a significantly low sum for it as compared to an actual house, you won’t escape the money you’ll have to spend on utilities every month. These include costs for gas, electricity, internet, and others which you’ll have to pay for yourself. Also, add in the amount you’ll have to pay for installing these yourself unless you decide to live close to a mobile home park where you just have to connect to the utilities available for a small payment.
See Also: State wise Utilities Cost
How To Finance A Mobile Home?
There are numerous ways in which you can finance a mobile home considering how similar it is to a regular home. While a traditional home loan isn’t something you can apply for, let’s look at what you can make use of:
1. Chattel Loans
Something that a lot of manufactured home owners go for is a chattel loan that involves taking a personal loan if you didn’t purchase your mobile home with land. This way, your mobile home counts as personal property and not real estate. One downside to a chattel loan is that interest rates are much higher, so you’ll have to budget for that.
2. FHA Loans
These are two loans you can opt for by the Federal Housing Administration, one for when you buy your mobile home with land and one for when you buy it without land as private property. FHA loans have low down payments and fixed interest rates which makes the entire process pleasant. But you have to keep in mind that FHA loans have a lot of criteria to check off like following HUD codes.
3. VA Loans
If you’re in the military, you can apply for loans that are specifically meant for mobile homes from the Department of Veteran Affairs. What’s best about this is that there are no restrictions on whether your manufactured home has to be bought with the land or the land has to be rented, it can be either! There will be some requirements, but it’s one of the best loans for those in the military.
Why You Should Buy A Mobile Home
Now that you’ve read all you have to know about mobile homes, we’re sure you clicked on this article because the idea of living in a mobile home actually interests you. We’ll encourage you here and tell you more about why mobile homes are actually a great purchase apart from the obvious – the low cost.
The Building Process Is Quick
One of the best parts about mobile homes is that they’re manufactured in factories, so the kind of home you want will be made available to you pretty quickly. This is great for those of you who don’t want to go through the lengthy and strenuous process of getting a house built from scratch.
Building a traditional house from scratch involves so much back and forth, a whole lot of money, and headaches that you wouldn’t expect. At the same time, the construction process can get delayed due to external factors like bad climate which won’t happen if you want to purchase a mobile home.
Your Taxes Are Low
Since a mobile home is viewed as personal property by the government, the property taxes levied on you if you have a mobile home will be significantly lower. If the land isn’t yours you don’t have to pay real property tax but pay the personal tax instead; this is lower in comparison, but differs from state to state.
A Decrease In Hazards
One thing that people are always concerned about while buying a mobile home is the risk of hazards to the home and their lives. But fire hazards and other problems that cause damage to mobile homes have drastically reduced through the years because of the HUD code that was put in place for manufactured homes. These building codes come with multiple rules and restrictions that make the mobile home manufacturing process much more regulated.
Also Read: 5 Best Mobile Home Movers
Is It Cheaper To Buy A House Or A Mobile Home?
From everything we’ve mentioned, we’re sure you’ve understood that mobile homes are cheaper than building or buying a traditional stick-built house. Not only is the cost per square foot lower, but so are the taxes.
Do Mobile Homes Last?
Compared to a traditional stick- built home, a mobile home won’t last for that long. But, if it’s taken care of properly and it’s built in accordance with HUD codes, you’ll be surprised to know that it can last for 55 to 60 years.
Can You Turn A Manufactured Home Into A House?
Yes, you can. To turn a manufactured home into a house there are two things you need to get done according to the Uniform Manufactured Housing Act:
- Move your mobile home onto a piece of land.
- Visit the land records office and file for a certificate of location for this new place where your home is located.
Mobile homes are the new trend that people of all ages are hopping on, mainly for their versatility and low costs. If you’ve been considering the option of buying a mobile home, we hope the guide we provided helped you with some basic information to get started with. We now suggest you start looking into companies that manufacture mobile homes and do as much research possible for the steps to come!