HELP - Mobile Home Purchase Questions

[dfchelbay]

We've always owned your regular standard house. Never a mobile home so we do not know how this type of purchase works. My sister in law found a mobile home that she is interested in purchasing. It is in a retirement community park (55+). She, too, has only ever owned regular foundationed homes. The purchase price is a steal as she says and the location is at a place she vacations all the time in the mountains. Between the two of us we have no idea what it entails to purchase a mobile home.

The mobile home is already in its location within the retirement park. She intends to pay for it in full, no mortgage. So, what extra charges will there be? Sales tax of course. Is there closing costs? What other things are there to consider money wise when buying? She pays the lot fee per month to whomever owns the property, and it includes water, sewer and trash.

Also, do you buy auto insurance or homeowners insurance for it? If auto, would it be comprehensive only because it has no engine??? Neither of us have a clue about insuring it.

Anything else you all know about, please let us know. I will email her a link to this thread and she can read all your responses. Thanks.

 

[Denise W]

She will need to buy mobile home insurance, a type of homeowner insurance. A local insurance agency should be able to help her get a good policy.


Denise

 

[stm61]

She will need to buy mobile home insurance, a type of homeowner insurance. A local insurance agency should be able to help her get a good policy.


Denise

we have a double wide, so we didn't have to worry about it not being considered a home vs. a vehicle. (in our state there's some kind of vehicle tax if it's a single wide, not sure exactly what it's called) We financed so we have a standard mortgage, but we haven't been able to re-fi because we haven't been able to find a company that will re-fi a double wide on acreage. We have home owner's insurance, but be aware that mobile homes do not increase in value, they decrease with age. That means your insurance can increase somewhere down the line, and not all companies will insure them. We had Allstate and had no problems getting a policy. Switched to USAA and they have a company they contract with to cover mobile homes because they don't cover them.