Beware the Trailer Park Trap! Real Estate Tips for Mobile Home Owners

There comes a point, for some people, when renting seems pointless and wasteful. You are sinking money into a place that will never be yours, and there are many problems, including leases and landlord disagreements that you must deal with when renting.

So if you've decided to look for something a little more permanent, you may consider the option of buying a mobile home. With the economy the way it is these days, mobile homes are your most affordable option and based on that alone it may seem more promising. If you are considering buying a mobile home (used ones usually sell for $30k for a newer one down to only a few hundred dollars...) then you may hear the same warnings and advice about living in a mobile home.

It is important to fully evaluate the situation, because a move can be fairly permanent. Yes, in many cases you can buy a mobile home for what you would spend in a month just on rent. But let's examine what will happen now that you own that mobile home.

Chances are, if it's really that affordable, the mobile home is in a park. That means several big differences between a mobile home on it's own land. Sometimes, a double wide on it's own land, with a basement, can be considered a home. In all other cases, it is considered a trailer. Mortgage companies and banks won't touch them.

Let's just say you do have enough money to outright buy the mobile home. If it is in a park, the situation is just like a rent situation, only much, much worse.

You will be paying 'lot rent' to the park owners every month, by a dead line. Many park owners charge a late fee if your rent is not paid on time. Even then, the lot rent can still be less than what you would pay in an apartment or house renting situation. So financially, living in a trailer park can be your best option. But freedom is an entirely different issue.