Thinking about buying a mobile home in Ventura County? Making up an estimated 6.4% of the United States’ housing market, mobile homes have become a growing trend amongst individuals looking for cheaper housing that still provides both privacy and a sense of pride in ownership. If you find yourself interested in what purchasing a mobile home can offer, take into account these 5 things you should know about buying a mobile home in Ventura County.
Manufactured and Modular Homes
The term “mobile home” refers to any form of house that is fabricated elsewhere and transported to the job site.
Manufactured homes come fully built and transported as a whole. This means they are typically smaller in size for ease of transport.
Modular homes allow for more customization because they are composed of different room types, sizes, and shapes, called modules. The modules are built off-site as their own single pieces, are much easier to transport, and are stitched together once delivered to the job site.
Which option will be cheaper for you will depend on a number of factors including vendor, size, type of materials used, transportation costs, and ease of access to the job site.
Land: Buying or Renting?
When most people hear the words “mobile home,” they imagine a trailer park, but you are not required to place a mobile home in a park. Buying a mobile home in Ventura County simply means one that’s more readily portable from one place to another than a traditional site-built home.
Plenty of people these days are purchasing their own parcel of land and then settling their newly-crafted mobile home on it. Before you get too involved in what you want the house to look like, it’s a good idea to have your land situation figured out.
Looking at what a park may have to offer is always a good idea, but combing the local real estate market for purchasable land is a fairly simple endeavor.
Once you know the estimated costs of your home and land, start talking to mortgage lenders to keep everybody in the loop and your timeline moving smoothly.
It’s important to expect upfront that you’re going to end up with a slightly increased interest rate of 1 to 2% on a mobile home compared to on-site construction.
Another point to consider is that the Federal Housing Authority does include mobile homes in their loan programs. If you qualify, this could mean securing a USDA or VA loan with lower interest rates and little-to-no down payment required. Discussing these options with an FHA-approved lender is the best course of action to discover your eligibility.
Just like we recommend when buying or building any new home, you need to give yourself enough time to carefully examine all of your available options, and make an informed decision.
If you have more than one mobile home vendor in your area, make the effort to visit as many of them as you can in order to provide yourself with more options. When you walk into a vendor, think of it like buying a new car: The person you talk to is a salesperson that likely makes a decent commission off every successful transaction.
Be sure that whomever you end up working with leaves you feeling at ease and sure you’re doing the right thing.
Break Down Your Costs
The last very important thing to do is to take into account all of your costs and fees when creating your budget.
Every vendor and housing option in which you’re interested needs to be broken down to give you a clear picture into where your money is going. This means covering the mortgage, insurance, estimated utilities, taxes, lot fees if you are renting land, and homeowners association or co-op fees, if applicable.
Don’t leave anything out, and you’ll be better equipped to make the right financial decisions.
Professional Guidance Buying a Mobile Home in Ventura County
If you’re planning to begin the process toward buying a mobile home in Ventura County, contact us today at 805-232-8503!