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Should I Buy a Mobile Home or a House?

Should I Buy a Mobile Home or a House?

Moving out is a process that often involves a variety of stressful steps. One of the most common steps people find themselves stuck on is deciding where to move. Many people wonder whether they could save more money by buying a mobile home versus buying a home. Exploring the costs and benefits of buying a mobile home may help with this decision. However, if you are dealing with bankruptcy, then reach out to a Tullahoma bankruptcy lawyer for answers.

Costs and Benefits of Mobile Home Buying

There are multiple costs and benefits of mobile home buying that can be helpful to explore when making a big decision. The benefit that may have drawn you closer to buying a mobile home is the price. Compared to the massive prices of buying a home with land, buying a mobile home is cheaper.

Many mobile homes cost as low as $10,000 to as high as $250,000 with prices ranging based on size and use. Used mobile homes will run significantly cheaper than new mobile homes. However, the cost of land must also be considered. Land with utilities is needed for a mobile home to run water and electricity, all of which come with fees.

This might mean a long process of trying to find land to move onto, whether this be a mobile home park or your loved one’s land. Mobile home parks charge fees for a variety of services, including rental fees. Some mobile home parks include benefits like community events and added security.

However, there are other costs of mobile homes that not everyone is aware of. For one, mobile homes are not good investments because their value substantially decreases over time. Home values increase over time, and you can profit from this. Mobile homes are the opposite of profitable investments.

On top of this, many mobile homeowners end of spending large portions of their income on mobile home repairs and hidden fees. Being aware of these hidden fees is vital for making a smart financial decision.

Hidden Fees for Mobile Homes

Not everyone realizes how many hidden mobile home fees can come with living in a mobile home park. Reading the mobile home park contract is everything. Each mobile home park with come with extra fees and rules that may differ from other parks. Common examples of extra fees include:

  • Repairs to the park

  • Resurfacing park roads

  • Replacements for park areas

  • Mobile home repair fees

Researching these hidden fees ahead of time is important for deciding whether buying a mobile home is a good investment for you. Comparing prices and long-term costs to buying a home can help with this process. Calling mobile home parks to find out more information can sometimes help.

Contact Tom Bible Law Today for Help

Facing dire financial circumstances can be daunting but you may not have to do this without help. Start by calling us at Tom Bible Law by dialing (423) 424-3116 for consultation today. Our experienced team of Tennessee bankruptcy attorneys might be able to help you escape your financial circumstances through bankruptcy. We are located throughout the Tennessee cities of Chattanooga and Tullahoma.

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