Buying Mobile Homes and Manufactured Homes in San Diego and Temecula.
I bet the reason you are thinking of buying a mobile home or manufactured home is because it is cheaper then buying a condo or single family home.
If you are 55 and up, its not a bad idea to move to a 55 and up senior park, in most parks, only one of the occupants need to be 55 and the other has to be 45.
Mobile homes in senior parks can be bought at an affordable price, because you can only sell them to seniors. Senior park space rents I find are usually a lot lower then the family parks and some have rent control to help keep the space rents low. There are Mobile home parks you can buy the home and the land it sits on, then only pay a small HOA fee. These homes are more expensive and sometimes hard to finance depending on the age of the mobile home. Financing can be tricky on all mobile and manufactured homes, you can find financing, but you will pay way above the market interest rates for single family homes. There are more opportunity's to find owner financing on older mobile homes since the financing options are very hard to find.
Things to check when buying a manufactured home.
Check the space rent and talk with the mobile home park manager to see what you will need to qualify in order to rent the space in the park. Ask what the rules and regulations of the park are. Ask how much the space rent will go up every year and what is included in the space rent? Can you have pets? Size of pets? How many?
Do you have to pay property tax on the mobile, or sales tax?
If you own the land the mobile is on you will have to pay property tax, if you don't, you will pay sales tax like you would on a car as well as registration fees. You should also go through an escrow company to transfer title and make sure all documents are transferred correctly. This can cost in San Diego approximately $1,000.00
Family parks usually have a higher space rent but have better amenities. Family parks are a safe place to raise a family but it is my personal opinion if you have $20,000. to buy a mobile home, its a better investment to buy a home or condo even if you have to pay a bit more monthly, your investment will grow. Mobile homes are like cars, they depreciate with age, but still has some value in the end. For families if you can buy a condo or a home its a better investment in the long run, and if you are a Veteran you can get into a house with no money down and no MI (mortgage insurance ) which is huge!!
All in all its better not to rent, so if you can only afford a manufactured home or mobile home at least you still have something of value in the end.
The manufactured home in the picture is currently listed at $39,900. 2bed 2 bath built in 2002 and is approx 1000 sq ft. the current space rent is $1212.00 a month and it is located in El Cajon Calif. Your payment would be just as much as an apartment but you are owning a home instead of renting and you can paint the inside colors and decorate the way you want to as its your own home.