Hurricane Katrina victims have discovered a downside to mobile homes. As there was a huge loss of land and property during that disastrous period of 2005, the Federal Emergency Management Agency (FEMA) for immediate relief provided hurricane victims with mobile homes. While in the beginning it might have seemed like a good idea to opt for these mobile homes, a recent discovery made suggests otherwise.
In Atlanta, the CDC or U.S. Center for Disease Control and Prevention has discovered a high level of formaldehyde in these mobile homes and trailers. This news spells ill as formaldehyde which is a popular preservative and used extensively in construction materials is also carcinogenic and can cause respiratory problems. While the FEMA no longer provides these mobile homes, they are still in use by many victims.
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Although Mobile Homes have been in existence for quite some time now, going back to the 1950’s when they were known as ‘travel trailers’, it is now that the craze for them has finally caught on. This sudden demand for them can be attributed to the sky rocketing real-estate prices and over the top expensive site-built homes.
While earlier they were a convenient way to go places without giving up on luxury, in today’s world Mobile Homes have become a necessary requirement for those looking for cheap housing options. They are a satisfactory alternative to the traditional site-built houses and save a lot of money as well.
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If you are a mobile home park owner or want to be one, there are some things you need to know about preventing crime in a mobile home park. If you find shoes hanging from a power line, this means drugs are sold there.
If you see tenants with teardrop tattoos, they have served time in prison, generally the more teardrop tattoos, the more years, since each tattoo represents a family member who died when the person was in prison. Another sign that tattoos are ones from prison are amateurish artwork and bad verbiage.
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Perhaps you did not know that mobile homes can appreciate in value as well. Mobile homes that are attached to fixed foundations appreciate with the years. The value of the home will be much greater that the purchase price after you have paid the mortgage for a few years. This difference between the appraisal value of the home and the mortgage value is mobile home equity.
Mobile home equity grows as the years go by. The owner of the mobile home also owns the equity, which is a financial asset. This can be used to borrow more money as a collateral. Mobile home equity loans can take a value of 85% to 100% of the built up equity value. This also depends on the lender’s policy and the borrower’s credit score.
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People often confuse among the different kinds of homes. So A Mobile home might be called a modular home and vice versa. Similarly there are other kinds of homes like panelized homes and kit homes. Let us discuss the points which distinguish these kinds of homes from one another.
Modular homes are constructed in factories in accordance with the UBC or Uniform Building Code that is also followed in the case of site built homes. They are then transported to the place where the home is to stand. Here the modular home is attached to the foundation.
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At a certain point in time, retirement comes about. This is a time when a little prior planning and thought can lead to a lot of comfort.
In the past mobile home parks for retirees meant cluttered, dirty arrangements. Times have changed. Today mobile home parks are upscale, quiet, well maintained. They are the perfect place where retirees can spend those years in peace.
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Just like traditional homes, there comes a time in the life of a mobile home when it begs to be renovated. It could just be that you have a new, little member in the family and so need more room. You may want to use a part of the home for work purposes and so need to renovate.
It is not so simple to renovate your mobile home. There are some ways, though, by which you can make your mobile home truly worth living. When looking at renovating your mobile home, have a look at some mobile homes that have already been through this change. This will give you insight into what you should do with your home.
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There has been a great rise in popularity of mobile homes. There are many benefits to mobile homes. Firstly they are portable. You can’t transport a traditional home like you can transport a mobile home. With the affordability of mobile homes, many people are fulfilling their dream of their own house.
Although many people think that mobile homes are not as good as traditional homes, many mobile homes are luxurious. Spacious quarters, carpeting, fireplaces, whirlpool tubs and such are the facilities available in mobile homes today. In your area you will likely find atleast one mobile home sales company. Showcase homes for walking through are often available.
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Since mobile homes are so different from stick built homes, dealing with mobile home foreclosures is very different as well. It is easier to remedy a foreclosure in the case of mobile homes. Lets examine some ways of avoiding mobile home foreclosure.
Generally lending institutions do not necessarily want a foreclosure on property. It seems like they are evil monsters bent on getting your home but this is far from reality. Foreclosure of homes involves time, trouble and expense. This is all the more true for mobile homes. Any lender would rather have their money back on a mobile home instead of foreclosure.
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Modular home builders abound nowadays and the newspapers are full of their adverts. What is essential is that the entire process should be such that your investment is justified. There are some questions that need to be asked to your modular home builder.
Since there are many choices available in modular homes, you must view sample products as well as modules designed and created by the builder. Find out the means of manufacturing and whether they are good. In addition to modular homes some builders often make mobile homes. This is a useful additional skill.
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It is easy to avoid mobile home foreclosures. This is because banks and lending institutions do not want to be stuck with mobile homes. If your mobile home is attached to its own property it is the best possible investment in mobile homes. Many banks and investors seek this kind of property and so they are the hardest to locate.
By checking mobile parks in a radius of 100 miles from your area you may just get lucky and get some good finds. How you approach the park manager or owner is important. This is because they may be looking for good deals within their own park as well. By having an inside track on people who are finding payments difficult you may be able to pick up mobile homes at a very cheap price.
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Mobile homes are very different from traditional homes in a number of ways. Their components and systems are different. So is the slang associated with them. This article is an effort to clarify some of the common terms used in the mobile home community.
Usually much is not visible underneath mobile home units. This is due to vapor barriers that are built in. These are called variously as bottom board, road barrier, rodent barrier. Much of the plumbing and electrical structure is obscured by this.
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Nowadays people with even bad credit can get mobile home loans. Some institutions still work only with people with established credit there are many institutions nowadays that lend to people with bad credit.
When you approach a lender for credit, he will ask you for the credit score. If the score is less that 620, you might find it difficult to acquire mobile home loans. If you get a loan it will be at higher interest rates. Missing a payment or paying less that the due payment will lead to a serious balloon payment at the end.
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The chattel mortgage crisis which started in 2000 has resulted in a high vacancy rate in most mobile home parks. Lets go through some ways to increase the occupancy of mobile home parks.
One way is to contact “dealers” and ask their help in bringing homes to your park. You can find dealers by talking to local mobile home movers. The other way is to go to competing mobile home parks to see if any for sale signs have the same phone numbers. If they do it means that personal homes are not being sold - they are being sold for business purposes. Make a good business offer to these entrepreneurs like free rent until their homes are sold.
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Floor Plans of manufactured homes can be of different types. Lets examine two such floor plans. Low cost homes are also known as rapid modular homes. A 2000 sq ft panel assembly can be completed by a three member squad within a day. The home can be dried in within three days. You do not need to mount dry walls to interior panels. There are no issues in installing cabinets either.
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Modular homes are carefully built in a controlled environment. They are computer engineered to match local, state and national standards. There are hundreds of basic plans. In addition you can generate unlimited variations through the computer . No two modular homes need to be the same. The framework is built first. 30-40 percent more material is used in framing to ensure durability. Both glue and screws and nails are used to make the modular homes more solid.
Since modular homes are built in the factory and indoors, adverse weather does not affect the building process. As the sections progress through the factory they face quality control at every step. Once finished, modules are covered and then transported to the site. After being placed on groundwork that is pre-made, they are joined and completed.
Sometimes modular homes are made in within just two weeks. Add to this another three to four weeks for the local builder to complete the home after delivery. The secret of the durability of modular homes is the fact that they are built in a modern and controlled environment. Precision engineering makes them good homes for a lifetime. More lumber is used in these homes. With all this trouble it is quite surprising that modular homes are far cheaper than traditional homes.
Mobile homeowners need insurance just like the owners of traditional homes. Unfortunately some of todays insurance policies feel much like they are sawing a part of you right off. If you use the right strategy however you can achieve savings of more than thirty percent on premiums. Don’t tell your broker I let you in on this little secret!
If you pay your monthly insurance premiums from your bank account, you save some of your company’s costs. The cost of preparing and mailing the bill to you which is saved is passed on to you, partly. Also repair important parts of your home like decks, porches and loose floorboards. You don’t have to worry about injury lawsuits once you have done this. Make your home safer, this saves you a lot of homeowners insurance as well.
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Not many people know that mobile homes are potentially great moneyspinners. Single high end properties may mean taxes and difficulties in raising money. Instead, if the same money is invested in a number of homes, much more money can be made. Also economic changes affect manufactured homes less that other real estate.
If you have some cash flow, it is easy to invest in manufactured homes. Importantly, you should know that manufacturing homes are not “inferior.” In reality a huge market for these homes lies in wait out there. Also, today the look and feel of manufactured homes is much different from the homes of yesteryears. Spacious patios, sun rooms adorn manufactured homes today.
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Today mobile homes are much better than they were two decades back. Many happy years will be spent in your manufactured home before any renovation is needed. Since there are no support beams through the home’s middle in manufactured homes, this makes manufactured home renovation so much easier.
In mobile homes the roof is supported by the external walls and not the internal ones so should you want to take down the internal walls you are at freedom to do so. To create a more spacious look, remove smaller rooms or combine them into bigger ones.
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It is easier to sell a mobile home than to sell a traditional home though both require a fair amount of work. Following the right pattern while selling these homes is important as is keeping in mind the financial differences between mobile and traditional homes.
Mobile homes cost far less than traditional homes and so selling one is often done directly without any real estate agent through “sale by owner.” This way the seller does not have to share profits, however there are a few risks involved.
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