By Deborah Goonan, Independent American Communities
Anyone thinking about purchasing a manufactured (mobile) home to place on a leased lot needs to watch this PBS video.
The report exposes the truth behind this “affordable” path to home ownership. You may own the house free and clear, but you will always have to pay rent to the landowner. In fact, the rent can be much higher than you’d pay as a tenant in a traditional apartment, and more than you’d pay a mortgage lender (with taxes and insurance) for a similar size home, including the land.
And many manufactured home communities have a mandatory HOA, with the landowner running the show, either with or without the assistance of a manager. Even though the mobile home may be located in a rural area, you can still be confronted with some serious HOA restrictions.
One mobile home park in FL recently refused entry to a Food Pantry delivery truck, even though several residents rely on local agencies to assist with meal and grocery deliveries.
Buyer beware. Just because the initial purchase of a home may be “affordable,” that doesn’t mean it will be affordable to live in your home well into the future. And when the rent becomes too high, you may be unable to afford to pick up and moved your home to a new location.
That’s why the value of manufactured or mobile homes decreased over time, just like an automobile.
Bad Bargain? Manufactured homeowners feel the financial strain (PBS News Hour report)