Buying repo or repossessed mobile homes will cost you a lot less than purchasing any other kind of home. Buying mobile home foreclosures is typically a great way to buy. Mobile homes are already a fraction of the price of stick-built or traditional houses and you can usually get repossessed mobile homes for around 50% their market value. This makes sense if you can’t afford other types of housing for yourself or if want to rent out or resell ones you have purchased and spruced up.
Many people traditionally have shied away from purchasing a repo mobile homes. One reason is that they think of them as being in poor condition. But newer repossessed mobile homes are well-constructed with plenty of high-quality features, such as vaulted ceilings, fireplaces, granite kitchen countertops and jetted tubs. Many of the newer ones are over 1500 sq ft, giving you plenty of room.
Another major concern is that mobile home foreclosures depreciate in value. That is why purchasing a repo mobile home makes so much sense. Because you buy it for less than its value, it will be worth more than what you paid for it for several years, depending on how good of a deal you got.
It is important to be careful when choosing which repossessed mobile home to buy. You want to be sure that you are getting the right one that is in good condition and at a decent price. Consider the following things:
1. Size. Make sure the size of the home suits you. Look at larger ones if you need more room and smaller ones if you need less space and want less house to take care of.
2. Condition. Some repossessed mobile homes may not have been well-taken care of, especially at the end when the owners knew they were facing repossession. If it has been vacant for awhile, there may have been additional damage done as it sat empty. Because mobile homes cost less even when they are new and then lose value over time, it doesn’t make sense to spend a lot of time and money fixing one up. It is much better to find one that is already in good condition to
3. Location. It is most convenient to purchase homes that are located near you. This way you can inspect them yourself and don’t have to worry about misleading or inaccurate pictures. It is also really nice if the mobile home is already located in a spot where you would like it to be. This saves the hassle and cost of moving it.
4. Price. Since the prices vary widely on different mobile home foreclosures in different conditions, you should research numerous homes to get a good idea of what a good price is. The more you know, the easier it will be for you to spot great deals.
5. Additional costs. Be aware if there are any back taxes, rents or other outstanding debts associated with the repo mobile home and whether you will be expected to pay them if you buy it. Even with these added costs, it can still be a good deal. Also find out about park rents and other fees so you have a better idea of your total cost of ownership.
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