With the prices of housing rising exponentially, Texans are considering cost-effective alternatives to traditional apartments. Now, you can also become a homeowner, without investing a significant portion of your savings or income on the loan repayment.

Mobile or manufactured homes are known for their affordability, structural integrity, and flexibility. They are built in factories and can be customized to your requirements. With around 2 million of Texas’s population living in mobile homes, these living options have become quite common. If you are looking for mobile homes in Laredo, this post is for you. We’ve mentioned some important considerations for buying a mobile home. Let’s take a look.

Things to Consider When Buying Mobile Homes in Laredo

Mobile homes have considerably less space than traditional homes, but double-wide homes can be as big as your built-from-the-ground-up homes. Knowing the different types of mobile homes and the facilities they offer is crucial before you proceed with financing and finalizing the deal. Below we’ve researched some tips that can make the purchase process smoother and efficient. Let’s take a look.

Understand the Mobile Home Market Trends and Pricing

Start with research. You should know the latest mobile home market trends in Laredo to know which properties offer the best ROI and which location is perfect for mobile homes. You can buy just the home or invest in the land where you place it. If you are permanently affixing your mobile home to the land, it will be counted as real property.

If you are buying it temporarily with the plan of reselling it in the future, you can buy the home and place it on rented land. A common mistake that investors tend to make when investing in mobile homes is buying them when the prices are soaring.

You don’t want to pay more than the home’s worth, so it’s advisable to wait for the right time, i.e. when the prices drop. Lorado has a vast mobile home market with a high demand for these manufactured homes with and without land. So, understanding the market’s dynamic and the pricing structure will help you invest in the right home at the right time.

Plan Your Budget

Mobile homes in Lorado are cheaper as compared to the land-based conventional homes, but that doesn’t mean everyone can afford them. You must plan your budget and financing options before starting your research. You don’t necessarily have to borrow money from conventional sources.

There are tons of financing options available and multiple financial programs, such as FHA, USDA, and VA loans that are great for mobile home financing. You can also consider loans from Fannie Mae and Freddie Mac. A Chattel loan is another financing option for those who do not qualify for other choices. Research the loan provider in detail and understand the requirements for borrowing, such as the down payment, repayment term, and more.

Choose a Suitable Home

The next step is to select a suitable home type. Mobile homes are available in single-wide, double-wide, and triple-wide categories, each having varying price ranges. The most viable choice for you depends on your family size and your requirements. For instance, if you are moving temporarily into a mobile home, have a small family, and have a limited budget, you might want to invest in a single-wide home.

These are approx 15 feet wide, but spacious enough to accommodate a small family. Double-wide and triple-wide mobile homes have 26 feet and 45 feet width. Those with large, joint families and are planning to shift permanently into a mobile home can consider triple-wide sized homes. These have multiple bedrooms and enough space to allow customization.

Inspection of the Home

Mobile homes are constructed following the HUD code, so they are of good quality and equipped with the basic amenities that you find in traditional homes. Still, it’s important to check the condition of the house, its floor plan, insulation, roof, and other features before investing. Check the sink, faucets, and plumbing units to assess the drainage system and water flow.

Also, check the electrical systems and the wiring to ensure they are in good, functional condition. The bottom of the house must have a vapor barrier that prevents moisture from building up inside the house and the resulting mold. Also check the roofing to detect missing shingles, leakage, and other problems. The doors and windows must be aligned well and close properly. For a thorough house inspection, you can contact a professional inspection team.

Choose Between Mobile Home Parks or the Land You Own

A vast majority of mobile homeowners buy homes in mobile home parks. These are cost-effective and smart options, as these homes are already connected to the utility and other amenities. This saves you the extra cost and time of getting electricity, water system, drainage, and other facilities. However, you can also have a mobile home secured to the piece of land you own. For instance, if you want to live in the woods or a cozy place away from the city, that can be done too. If you can handle the utilities on your own and have a good budget, buying separate land for these homes might be a good decision.

Know Its Value

If you are buying a mobile home for an investment purpose, know that the value of these homes tends to depreciate over time. The value of land appreciates, so your personal property that’s affixed to the land will increase in value over time.

As mobile homes might not be permanently attached to the land, their value will drop. These homes are viable choices for living purposes, but if you are buying them to diversify your investment portfolio, consider buying the land too, and have the home attached to the land permanently.

It may seem overwhelming to explore different mobile homes, compare their prices, and invest in a piece that caters to your individual requirements. But, finding a mobile home in Laredo is no longer a challenge when you understand the different floor plans, space, and value.