What all goes into buying a mobile home as far as costs?

My friend and I are considering moving into a mobile home instead of an apartment next year. The initial cost of buying and owning the home will be $5000 and the lot rent will be $268 a month. Beyond paying that initial amount to own the home and our rent+utilities, what other costs might we run into in buying the home? Do mobile homes have mortgage rates if you own the home? I dont know much about this at all and I’m looking for as much help as I can get!

If you are buying the mobile home outright with cash, then naturally, you won’t have a loan payment. If you are needing financing, then a mobile home that is not permanently attached to the land is not considered real property, and as such a mortgage loan would not apply. This would be considered a consumer secured loan, and, as such, the interest rates would be higher.

3 Comments

  • Ryan M
    March 31, 2011 - 3:29 pm | Permalink

    It will only have a mortgage payment if you took out a mortgage loan. No loan = no payment.
    References :

  • Age of Reason
    March 31, 2011 - 3:56 pm | Permalink

    Insurance and maintenance. If something goes wrong you fix it yourself or pay a professional.
    No mortgage since you are paying cash.
    References :

  • Nan
    March 31, 2011 - 4:12 pm | Permalink

    If you are buying the mobile home outright with cash, then naturally, you won’t have a loan payment. If you are needing financing, then a mobile home that is not permanently attached to the land is not considered real property, and as such a mortgage loan would not apply. This would be considered a consumer secured loan, and, as such, the interest rates would be higher.
    References :

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