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Tips for Purchasing Second hand Mobile Homes

There are a couple of things that you need to keep in mind when shopping for the right second-hand mobile homes. Note that, acquiring a mobile home is not akin to buying a normal stick-built home. Discussed herein, are some of the factors to keep in mind when shopping for an ideal manufactured home.

1. Age

If you are operating on a shoestring budget, then do not acquire anything that was manufactured before 1977. Regardless of whether or not you have the finances to purchase a brand-new mobile home, 1977 is the ideal cutout duration, especially if you are financing the purchase with funds obtained from a mortgage lender.

Mobile houses that were constructed prior to 1977 were listed with the department of motor vehicle and as such might not have been assembled to code. As such, mortgage lenders will require you to make a downpayment of 20% on homes built before 1976. The repayment period is usually less than 15 years and the rates are charged between 11 and 12 percent.

Mobile houses built after 1977 are generally regarded as new and as such requires a prospective buyer to make a downpayment of 10% of the value of the home. The good news is that the repayment period can be stretched to 20 years and the interest rate can be between 1 and 2 percent.

2. Park

Not every park is authorized by mortgage lenders. Consequently, prior to agreeing on a deal, request the mortgage lender to certify the park where the mobile home will be parked in. If the rental space is unreasonably high or if there are several foreclosures within the park, mortgage lenders are less likely to lend you the cash.

3. Rent Regulation

In addition to getting the park certified, find out if there is rent regulation in the part. While some parks have the tendencies of hiking their rents after every 12 months, there are those that do not. Get to know more about rent regulations before agreeing to buy a mobile home in a certain park. Whereas there is nothing wrong with paying the marginal increase in rent after every 12 months, it is important to point out that increase in rent lowers the general value of your mobile home.

4. Crime

Is there a security program within the park? Is there a security company that routinely patrols the park? Stay away from parks that are devoid of security programs.