Manufactured Home, Mobile Home?
If you are downsizing and actually considering moving to a manufactured home, here is a little insight as to who, what, when and where. Firstly, everyone asks “what is the difference between a manufactured home, a mobile home, a coach and a trailer”? The latter is a “no-no, bad word” we NEVER use that term, because it is not a “trailer”! “Coach” is an ancient term, went out with rabbit-ears and partylines. “Manufactured home” and “Mobile home” are essentially the same thing. They both come to the lot on the back of a transport truck, they are wheeled off and set down on the lot, and the wheels are removed. A double-wide is in two pieces, a tripe wide three pieces, and the rare single wide is obviously one piece.
Most manufactured homes are located in a park, where you either “own” the land or pay space rent. Usually the parks for seniors are under rent control, which means the owner of the park can only raise the space rent up to 5 percent per year. I live in a rent-controlled park. The space rent has never gone up 5 percent. This year it went up about $10. Last year only about $1. It is according to the C.P.I., consumer price index. In some parks you pay all the utilities, in addition to the space rent, which means gas, water, electric, trash and sewer. Some parks might include water and/or trash. It all depends upon the park.
Financing is available through lenders that do this type of financing. Your local bank probably will not if the unit is located in a park where you pay space rent and do not own the land. No worries! I have several lenders who offer very attractive rates and terms, no problem. I will be happy to share with you when you are ready. Don’t believe the nay-sayers!! They do not know!
Taxes! Yes, you will pay personal property tax, but no real estate tax, because it is not real estate, unless you own the land…then you pay real estate tax. Personal property tax is much lower than real estate tax. And I have never been to the DMV! People seem to think you have to go to the DMV to pay your property tax! NO, you do not!!
Call me anytime… 818-268-2200
Sally Fisher
