5 Things You Should Know About Buying a Mobile Home in Philadelphia

Thinking about buying a Philadelphia mobile home? Mobile homes have become a growing trend for people looking for affordable housing that also offers both privacy and a sense of pride of ownership, making up an estimated 6.4 percent of the housing market in the United States. Take into account these 5 things you should know about buying a mobile home in Philadelphia if you are interested in what buying a mobile home can bring.

Buying a Mobile Home in Philadelphia

Manufactured and Modular Homes

The word “mobile home” refers to any type of house that is manufactured and transported to the job site elsewhere.

Completely constructed and shipped as a whole, manufactured homes come. This means that, for ease of transport, they are usually smaller in scale.

Since they are composed of various room styles, sizes, and shapes, called modules, modular homes allow for more customization. As their own individual parts, the modules are assembled off-site, are much easier to ship, and are stitched together until shipped to the job site.

Which choice would be cheaper for you depends on a variety of variables, including the supplier, quantity, type of materials used, transport costs, and ease of access to the job site.

Land: Buying or Renting?

They envision a trailer park when most people hear the words “mobile home,” but you are not allowed to put a mobile home in a park. In Philadelphia, purchasing a mobile home simply means one that is more readily portable from one location to another than a typical site-built home.

Many people purchase their own plot of land these days and then settle on it with their newly-crafted mobile home. It’s a good idea to get your land position worked out before you get too interested with what you want the house to look like.

It’s always a good idea to look at what a park might have to offer, but combining the local real estate market for purchasable land is a fairly easy endeavor.

Financing Obstacles

When you understand the projected costs of your home and property, start talking to mortgage lenders to keep everyone going smoothly in the loop and your timeline.

Compared to on-site construction, it is important to expect in advance that you will end up with a marginally higher interest rate of 1 to 2% on a mobile home.

Another thing to remember is that in their loan services, the Federal Housing Authority does provide mobile homes. This could mean securing a USDA or VA loan with lower interest rates and little or no down payment needed if you qualify. The best course of action for finding your eligibility is to explore these choices with an FHA-approved lender.

Shop Around

You need to allow yourself enough time to thoroughly examine all of your available choices, and make an educated decision, just as we recommend when purchasing or constructing any new house.

If in your region you have more than one mobile home vendor, make the effort to visit as many of them as you can to provide more choices for yourself. Think of it as purchasing a new car when you walk into a vendor: the person you speak to is a salesperson who probably makes a good commission off any successful purchase.

Make sure that everyone you end up working with leaves you feeling relaxed and sure that you are doing the right thing.

Break Down Your Costs

The last really important thing to do when making your budget is to take all of your expenses and fees into account.

It is important to break down any seller and housing option in which you are interested to give you a clear picture of where your money is going. This includes paying, if applicable, the mortgage, insurance, expected utilities, taxes, lot fees if you lease property, and association or co-op fees for homeowners.

Don’t leave anything out, and you’ll be better prepared to make the right financial choices.

Professional Guidance Buying a Mobile Home in Philadelphia

If you intend to start the process of buying a mobile home in Philadelphia, contact us at (215) 385-3055 today!

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