Mobile Home

A mobile home is a home that has been manufactured in a factory and then transported and installed on a vacant lot. The term mobile home is something of a misnomer--once it has been installed, a mobile home will almost certainly never be moved again. The owner of a mobile home may own the land that it is located on. Often the land is owned by a trailer park and rented to the owner of the mobile home.Although a mobile home offers very inexpensive housing, banks may require a large down payment before they will even consider financing a mobile home. In order to retain the value of their investment, owners of mobile homes should perform the necessary routine maintenance.There are some beautifully maintained mobile home communities with residents that enjoy the informal and inexpensive lifestyle. There are also less desirable neighborhoods with run-down mobile homes and derelict surroundings. Like any property investment, location is the key factor in deciding where to buy a mobile home. One also needs to watch for hidden costs such as high lot rental fees.Practical for SnowbirdsIndividuals will buy mobile homes for a number of reasons. It could be a temporary measure while they save for a more permanent structure. They may purchase a mobile home as an investment or a vacation home. Many retirees or 'snowbirds' with regular homes in the northern states own mobile homes in states with warmer winter climates.