5 Benefits of a Foreclosed Mobile Home

by Jason Butler on October 14, 2016 · 1 comment

5-benefits-of-a-foreclosed-mobile-homeHello, Dinks. Many people are rethinking buying the large home these days. They are looking for other options. As Dinks, you don’t need much space since you don’t have any kids. Here’s an interesting option to look at. Have you ever considered purchasing a foreclosed mobile home?

When people think of foreclosed homes, they think of larger homes that people haven’t been able to pay for. They think of expensive, bigger homes that people just weren’t able to pay for. While a lot of foreclosed homes follow that pattern, they are not the only type on the market. There are plenty of home types out there that have gone through foreclosure. Mobile homes are one of the latest ones to be featured in the market. A lot of people stay away from mobile homes, though. Some think they have a certain stigma labeled to them. Others just don’t think about living in them. If you are looking for something different or even temporary, you should consider these five benefits of a foreclosed mobile home.

Low price

Most mobile homes are not worth as much as other homes. The value of the mobile home is also low. That helps make a low final cost for the buyer.  You are able to get a small loan which will make it easier for you to afford the mobile home. According to home.costhelper.com, the average price for a single wide mobile home is $37,000. The average price for a double wide is $73,000. The price doesn’t include the land. It is pretty affordable.

Low monthly costs

With mobile homes being a lot more affordable that traditional housing, you can expect the mortgage to be lower as well. Depending on how much money you earn, you may be able to purchase your mobile home outright. If not, your mortgage will still be pretty low.

Easier to get accepted for

It is easier to get accepted for a mobile home for a few reasons. You don’t have to have the best credit score to be considered because of the lower value of the home. Also, it is easier to get approved for a loan for a mobile home because the amount will be smaller. There will probably be fewer people looking at the property, so that will be less stress for you.

Good starter home

A mobile home can be a great starter home for anyone trying to purchase their first home. Dinks can save money and stress by doing this. By looking at a mobile home as a starter home instead of a permanent home, you could even get an emotional benefit from purchasing a forecloses mobile home.

Small size

People are scaling back these days. They like smaller places. Mobile homes are small in size. They are perfect if you want to live somewhere smaller. The space could be similar to some of the homes seen on Tiny House Nation.  Those tiny houses are taking the nation by storm. The mobile home can be a nice alternate.

In summary. The five benefits of foreclosed mobile homes are the low price, the low monthly cost, they are easier to get approved for, they are good starter homes, and they are small in size. If you don’t have a problem with mobile homes, then this may be a good option for you and your significant other. If you are looking for a foreclosed home, but want to make sure that you can afford it, then a mobile home foreclosure is for you.

Would you consider a mobile home?

{ 1 comment… read it below or add one }

1 Mustard Seed Money October 15, 2016 at 10:42 pm

I don’t think I had previously considered a mobile home since there aren’t many places that I could park it in the county that I live. With that said I think if I thought it would be a good investment I’d be definitely down to buy a mobile home.

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