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
Lot rent isn’t too expensive. Even a loan for a used mobile home that I’d only a handful of years old can be pretty cheap month by month over 5 to 7 years.
The biggest maint issue is moisture. Any leaking AC systems, broken pipes have to be fixed ASAP. Checking every couple of months is usually what you do. That moisture will soak into the hanging insulation under the home and then rot out the subfloor and framing. Keeping it leveled is another one.
Upgrade the insulation for very hot zones or the normal AC for it, which is an A-frame unit. Won’t be able to keep up when it’s 100F+ outside. Keep the roof I’m great condition as well.
Local and very small regionally owned lots are by far more affordable for lot rent than ones owned by multistate corporations.
Another benefit is that once you by land, you move it to that land you save so much money and can work on building a house.
I live in Oklahoma. So it’s vastly cheaper in this state.
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