What all is involved in buying a mobile home in a park?

Question

I am looking at buying a mobile home in a trailer park. Seems there are alot of different laws and stuff for buying one. Like down payments and different costs. Any one have any idea off all the different things you have to watch for or pay when buying a home like this please I need all the help and info so I do not make any mistakes

ty to everyone I am looking at one in Trenton ontario they have the ROP there it is included in the price, the lot fee is low includes maintenance water sewer snow removal. Everyone that buys has a say in the park they are on the committee. I have all the rules for the park it is just the morgage and like if there would be taxes and additional costs besides the morgage like transfer fee or anything else like I know with a house there is CMHC insurance not sure if they have that extra cost when buying a trailer home. Just want to make sure I have all the added costs covered. LOL It is grounded good so I am not really worried about tornados in Trenton Ontario, also it is all one level which is best for me due to my health I just hate living in apartments and will be a bit better then living in one. Thanks once aagain and if anyone has anything more they would like to ad please do I am lost and I guess a little blonde when it comes to purchasiing a mobile home. Thanks
Sue

Answer 1

You have to make sure any previous loan is being paid out before you pay for it. A mobile home park is private property. You have to make sure you are an acceptable tenant on the land. There is no title as there is with real estate. The down payment is strictly up to whoever you get your financing with. If you are buying a used home, and dealing with a reputable realtor, you will be guided through the process.

Answer 2

Things you need to think about:
1. Can I get financing. A mobile home in a park/on leased land usually can not go through normal mortgages.
2. Will you be able to lease the land from the park? Sometimes the park itself needs to qualify people.
3. What are the park's rules/regulations? I know someone who wanted to purchase inside a park that would only allow family of 4 or less (due to sewage restrictions). They had a total of 5 people so they could not live in this park.
4. How much does it cost to live in the par? Do you pay monthly or yearly?
5. What is included in the payments to the park? Does it include trash, sewer, water, etc?

Hope this helps or at least gets you started! Good Luck.

Answer 3

First off, you need to specify what kind of transmission your going to use to tie the three legged dog to. Then you have to figure out how much equity you can borrow to by duct tape and a hammer for home repairs.

Just kidding. The thing you need to remember is that you still have to pay rent for the lot, plus your mortgage. Interest on trailers is usually high and the always depreciate unlike a regular house (unless you are in a good area and lucky). Insurance will be hard to get too because you know tornado's really like trailer parks.

Answer 4

Getting rid of all the trailer trash first