Mobile Homes: Advantages and Disadvantages

 

Buying your own house is a major financial for you and your family which will require careful consideration of all the possible options in order to make wise choice. A common alternative for the traditional home is the mobile home. Instead of living in the traditional single family homes, town-homes as well as condominiums, you can opt to live in mobile homes. Buying a mobile home will offer several impactful advantages as well as disadvantages in comparison to traditional homes.

Initial Cost

One of the major advantages when it comes to purchasing a mobile home is in its initial cost. The home will cost you much lower to the cost of a traditional dwelling which includes the land. CNN reports that huge mobile homes which approach the size of low-end traditional homes typically sell for about $100,000 and new mobile homes typically include updated appliances as well as sophisticated amenities which are not likely to be found in traditional homes belonging to the low-end spectrum.

Residual Value

The potential disadvantage of acquiring a mobile home instead of the traditional house is that they may not retain the value unlike the traditional homes. With a traditional house, you will also inherit or gain the land which has value independent of any structures which are built on top of it. Owners of mobile homes often find themselves living in parks where they are leasing the land where they park their mobile homes and the total area which they use for their homes. Mobile homes also tend to depreciate similar to how cars depreciate. The corresponding value of mobile homes will decrease because of wear and tear, obsolescence and aging. Those mentioned tend to decrease the total value over several years.

Mobility

The mobile homes can be moved by tractor trailers towards to different locations. This can be advantageous to those who would not want to stay in the same place or environment for an extended period of time or if ever a particular location is not agreeable because of several factors like neighbors, weather or job opportunities. It can be relatively costly if you want to move a mobile home; however, the cost is likely to be much lower compared to the transaction costs which are associated in selling as well as buying traditional homes.

Tax Considerations

Those who opt to buy mobile homes can take out the mortgages in order to fund their purchase of the mobile homes just like those who purchase traditional homes. The homebuyers will be granted a tax deduction on the corresponding interest that they pay toward a mortgage. According to the IRS, a house should have cooking, sleeping as well as toilet facilities in order to qualify for the deduction of interest. Since mobile homes have all these aforementioned amenities, mortgages on the mobile homes will certainly qualify for the deduction in taxes.

After being presented with the advantages and disadvantages that goes with buying mobile homes, it is really up to you now to decide.

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By valariearthur

One comment on “Mobile Homes: Advantages and Disadvantages

  1. Pingback: What It Is Like to Live in a Mobile Home or Trailer – bottledigger2

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