Owning a home is an exciting and significant milestone in your life, and purchasing a modular home allows you to reach this milestone at a lower cost. But once you’ve decided to invest in a modular home, you face a big decision—where to put it. You may either add your modular home to a mobile home community or buy your own land. Finding the best place for your new home is easier when you know what to expect with each option.
Moving into A Mobile Home Park
Moving into a mobile home park is similar to moving into an apartment or condominium complex. You can expect:
Monthly expense: One of the primary fees you will pay to move into a mobile home community is lot rent. Like rent paid for an apartment, lot rent is usually due on a monthly basis and you do not accrue equity in the property.
Rules: Many mobile home communities have a Home Owners Association that establishes rules and guidelines. These rules are different for every community but may govern things like yard upkeep, pet restrictions, quiet hours and visitor policies.
Purchasing Your Land
If community living seems to restrictive, then you may opt to purchase your own land. With real estate ownership, you can expect:
Monthly expense: Unless you can pay for land outright, you will likely have a monthly mortgage payment on the land. Unlike lot rent, your equity builds as you pay off your real estate loan (which may also include closing costs, taxes and other fees associated with purchase).
Laws: Whereas moving into a park means you already have permission from the state, city or county zoning department to place your home on the land, purchasing your land requires you get permission from the zoning authority. Home size, upkeep and other factors may affect what properties zoning authorities may permit you to put your modular home.
If you are new to home ownership, the experienced team at Fiesta Mobile Homes can help. We have resources that can help you understand your options for modular home location and find the one that best meets your needs.