A double-wide mobile house is composed of 2 modular sections that are attached lengthwise, making the house double the size of a normal mobile home. The main reason many families decide on a double-wide is affordability. A double-wide is big enough to accommodate a family, but inexpensive enough to be achievable to lower-income homebuyers.
Will It Depreciate in Value?
The tattered reputation of mobile homes can bring to mind run-down units in far-off corners of the county, instead of an investment that can possibly provide a profit. Your double-wide is nearly certain to depreciate in value if you maintain it on a rented lot, according to Double-Wide Mobile Home, a website dedicated the manufactured housing market. They recommend that instead of leasing, you purchase a bit of land to affix your double wide to. This way, even if the true home’s value depreciates, appreciation of the land value could offset some losses.
How Do I Finance My Double-Wide?
You will need to locate a certified mortgage lender who is receptive to working with buyers of manufactured homes; not all are. FHA loans are available on double-wides, as they are on traditional stick houses, so let your lender know if you’re interested in FHA. Because there are fewer lenders competing for the mobile home lending company, the rate of interest you pay might be a bit higher than it would be about a traditional home.
Does My House Need to Be Affixed to the Ground?
In order to secure a traditional mortgage you are going to have to make sure that your double-wide is permanently affixed to the ground, that the tow tongue and axles have been fully eliminated, and that skirting is in place.
Can I Put A Double-Wide Anywhere?
The brief answer is”no.” Many areas have covenants stating that manufactured housing of any kind is not allowed. You may either need to find a mobile home community or a piece of land to buy zoned to allow mobile homes.
Any Special Problems I Have To Look For?
Just take a close look at an older-model double-wide; many built prior to 1976 have aluminum pipes, which can be a fire danger. Make sure everything, such as walls and door frames, are square and that they don’t wave in any way. Check for any spots on the walls and ceilings, which are frequently a indication of water damage. Remember also, it can be more challenging to secure a home mortgage and homeowner’s insurance on an older mobile home.