Buying a mobile home is a great option for anyone looking to stay within a tight budget. It is a more economical alternative to purchasing a traditional home that can easily cost six figures or more.
This is not to say that mobile homes are inferior to other types of homes. They are not. Just like traditional homes, mobile homes have their own unique set of benefits. In particular, mobile homes offer mobility which allows you to take them with you when you move to a new location.
With that being said, here are 3 things you need to know before buying a new mobile home in Charleston, SC.
Financing Options May Be Limited
Unlike traditional homes, banks do not consider mobile homes real estate. Because of this, a personal loan may be the only financing option you have. To increase your chances of getting a mortgage loan, opt for a mobile home that is permanently attached to the foundation. You may also be able to get a loan from a credit union.
There Are Mobile Park Fees
When it comes to buying a new mobile home in Charleston, SC, you have two options. You can either buy land to put the home on, or you can buy in a mobile park. If you choose the latter you will need to factor park fees into your budget. This is usually around $300 a month.
Mobile Homes Lose Value
Since mobile homes aren’t considered real estate, they don’t appreciate in value. As a matter of fact, they lose value over time and can be very difficult to resell.
If you are looking for quality built mobile homes and great financing options, contact N and M Homes at https://nandmmobilehomes.com
