Are there any MAJOR disadvantages for owning a mobile (manufactured) home?

Question

I understand the space rental, but am unsure about anything else.

Answer 1

1) If you live in a hurricane zone they can end up like a crumpled tin can.

2) They burn up very quickly if caught on fire. Many people have died in mobile home fires because they get trapped and can't get out. I believe I heard that some mobile homes can burn within 5-10 minutes flat.

3) They are not nearly as solid and long-lasting as a real house.

Answer 2

Well in the us mobile homes are cheaper than a site built home and you get more square footage for your dollar, i guess the down side would be have to have a well and septic tank put in before you can get one vs a house would already have one, however when you get a mobile home there is usually a site package that they include in your home purchase. I would say the re-sale valuse on a house might fair better but then again if you ahve a good sized mobile home on a decent piece of land you could get your manoey back. And now a days there are some very nice mobile/modular homes that if done right you cannot tell the difference in. I would say a site build house would be eaiser to add on to but i have seen it done to a mobile home also. Supposedly a site built home is more sturdy but they have made so many improvements in mobile homes now who knows i guess for me it would the hit to the pocket book.

Answer 3

To answer your question briefly it has to do with the qualification of the home under Fannymae loans. Mobile Homes and Manufactured Homes do not qualify for those government 100% guaranteed loans, however Modular homes and stick built are. So therefore if you ever want to sell you have a smaller buyer's market to choose from.
Buena Suerte

Answer 4

depending on where you are located, but weather can be pretty rough on them. not just the usual wear and tear that all homes receive, but major storms and high winds sometimes cause damage. i am a firefighter, and most of the time there is little to be saved if this type of structure in burning. they seem to burn so much faster than other structures. most of the fires my department respond to that are mobile homes are usually 90 percent lost, or more.......

Answer 5

They depreciate, can't withstand tornadoes and worst of all, they go up in smoke in a hurry. Do you have any idea how many people die in mobile home fires? They go up so fast, the people don't have time to get out.

Answer 6

Depreciation

Answer 7

The walls and materials are not durable. If you live in an area where you get extreme weather like hail, tornado, flooding, snow storm, etc, it will not last. That's why it's cheaper to get it. It's fast to build but not durable.

Answer 8

many consider very low class
isn't real estate, is a depreciating asset - little or no investment value
older ones burn up fast - can be extra dangerous in a fire
tornado and propane explosion magnets
mobile home parks sometimes placed in low-lying flood plains

Answer 9

hard, if not impossible, to refinance. appraisals are generally very poor. in terms of getting loans to purchase or rennovate these are damn near impossible. getting one is fairly easy. however should you decide to do anything with it or use it as collateral, you'll have a very hard time doing so due to the complexities of the appraisal process.

Answer 10

They lose value and are dangerous if you live in tornado or hurricane areas. They are also expensive to keep, as they are not energy efficient.