5 Mistakes To Avoid When Purchasing Your First Mobile Home

A couple who bought a house in a mobile home park in Desert Hot Springs, CA

5 Mistakes To Avoid When Purchasing Your First Mobile Home

When it comes to buying your very first mobile home, it’s easy to be overwhelmed by everything that needs to be done. The key is to understand the process of homeownership to make your experience all the more enjoyable and efficient.

 

Although it is important to know what to do when purchasing your first mobile home, it’s equally important to know what to avoid. In this article, we narrow down five common mistakes that first-time mobile home buyers make and what you can do to avoid them.

 

Palm Drive Mobile Estates is a mobile home park in Desert Hot Springs, CA, conveniently located near the various attractions of the Coachella Valley. For more information, call us at (760) 251 2205.

 

1. Trying to time the market

A common mistake first-time mobile homebuyers make is purchasing a house based on expected market price changes. In this case, people will purchase a home during a slow part of the year and sell it during a busy period, with the idea of maximizing their profit. Unfortunately, this isn’t guaranteed always to work out as planned

 

Timing the market perfectly is extremely difficult — maybe even impossible. Save yourself the unnecessary stress and instead, come up with a plan and invest as soon as possible.

 

2. Being too close-minded about location

If you’re serious about buying a mobile home, understand that your location options might be limited. If you want to live near the beach but you have a job in the city, then mobile housing probably isn’t for you.

 

As a first-time mobile home buyer, it’s important to consider all aspects of where you want to live. Do not focus on the area’s home prices or how nice it looks from pictures online. Here are other factors to consider:

  • The job market
  • The neighborhood’s cost of living  
  • Crime rates in the vicinity
  • The quality of nearby schools (as well as commute times)

 

3. Getting the wrong kind of financing

Before getting pre-approved for a mortgage, it’s absolutely critical that you know exactly what kind of home you’re looking for and how much your budget allows. Otherwise, your ideal house might turn out to be out of your financial range (or just doesn’t fit in with your family’s needs), and all that time spent on a pre-approval will be wasted. 

 

To prevent this from happening, make sure that your lender or broker is aware of what type of property is right for your living situation and budget. They will take a look at your income, debt, assets, and credit history and figure out what pre-qualification is appropriate for you.

 

4. Not accounting for closing costs

Closing costs are one of the most important parts of a mortgage because they can be as much as 3% of your home’s price. Always ask a lender about closing costs before you sign anything or make an offer on the house. 

 

Most lenders will require you to pay for closing costs in addition to your down payment and principal, so it’s important to have enough funds saved up prior to purchasing your mobile home. 

 

Your lender may also allow you to wrap up all closing costs into one lump sum payment at the end of the transaction. Don’t hesitate to ask for extra time to make payments or if you can have some fees waived.

 

5. Skipping the home inspection and appraisal

When it comes to buying a mobile home, never skip an appraisal or a home inspection. Both are valuable services that can help you avoid getting stuck with a lemon (i.e, a very disappointing investment). 

 

Let’s take a closer look at the two processes:

  • Appraisal: It’s an estimate of the value of your property and is prepared by an independent professional. If there are any issues with your home after closing, you can use this document as proof that what happened wasn’t part of normal wear and tear and, therefore, shouldn’t lower its value.
  • Home Inspection: This report provides detailed information about every aspect of your property (from the foundation to the roof), along with recommendations for repairs or improvements in need of attention before taking possession of the property. 

 

Conclusion

We hope this article has helped you tremendously in your mobile home-buying journey, saving you from making costly mistakes. 

 

If you have any questions or concerns about buying or living in a mobile home park in Desert Hot Springs, don’t hesitate to contact us at (760) 251 2205 or drop us a message!

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