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
Know your desired home type and budget before seeking mortgage pre-approval. Avoid wanting unaffordable homes that don’t meet family needs. Pre-approval without clarity is pointless.
Make sure your lender or broker knows your budget and living conditions. They’ll evaluate your income, debt, assets, and credit history. This helps determine the appropriate pre-qualification 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.
Save enough for closing costs along with a down payment and principal to buy a mobile home.
Lenders may let you wrap up closing costs in one payment. 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. Keep this document in case of home damage after closing to prove it wasn’t normal wear and tear.
- 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.
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!