In NC, most mobile home parks do not sell the land.
I thought the point of buying a property is to eventually own it outright.
If you pay off the mobile home but find yourself unable to pay the lot rent… you can still get evicted. This situation persists forever, unless you move the home.
Buying land with utilities and moving the home is so expensive that most people would have to take out a personal loan or multiple loans to do it.
Personal loans are usually restricted to people with high incomes and/or credit scores. (People who can simply skip the park and buy a house on land in the first place).
Paying the lot rent and mobile home combined also makes it not a particularly cheap alternative to renting a house.
But so many people do it that I feel like I must be missing something that connects the dots and makes this make sense (logically and financially).
What am I missing?
ETA – sorry if this is a very stupid question. My parents were city people so I genuinely do not know how people benefit from using parks
In: Economics
My best friend and I bought a cheap mobile home in a park right years ago. We split the cost of $17k. Paying $391 in lot rent per month is a hell of a lot cheaper than $1500/no for a studio apartment, even if I have to abide by ridiculous park rules that dictate what I can or can’t do inside my own home. It has enabled me to pay down a lot of debt and hopefully save for a piece of land where I can build my own little house at some point. The advantage of a park though is your little slice of property taxes each year is very low and typically someone else deals with the snow plowing and rubbish removal.
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