Rising interest rates and the high cost of single-family homes make homeownership difficult, especially for first-time buyers.
What if a mobile home was a solution to finally becoming a homeowner?
Not so long ago, when we talked about mobile home parks, we immediately thought of places populated by retired couples. Until recently, this image was fairly accurate. However, in recent years, mobile home parks are attracting more and more young couples and even families. The housing crisis has largely contributed to making this type of housing – and lifestyle – an attractive option to address the housing crisis.
Living in a mobile home represents a compromise between housing and a house. This type of housing is entirely built in a factory, then moved and installed on land chosen by its owner. In terms of size, it is often equivalent to a 4 ½ or 5 ½ apartment, on one level, but without the inconvenience of neighbors above or below you! In addition, you have land to enjoy the outdoors.
Owner and tenant
In most cases, these homes are installed in specially designed parks, where each mobile home owner rents the land on which it is located. This gives him access to amenities (sewers, snow removal, etc.) as well as a courtyard, all for a monthly rent. However, it is important to note that the project developer remains the owner of the land. Given the lack of laws protecting mobile homes, the developer could decide to change the destination of the land and evict the tenants with six months’ notice.
Special mortgage
To purchase a mobile home, you will need to take out a movable mortgage, which is a hybrid form between a mortgage for a house (real estate) and a loan for the purchase of a car. However, you also have the possibility of opting for a personal loan. It is advisable to take action quickly to obtain accurate information and find the solution that best suits you.
Expert advice
Since purchasing a mobile home involves many decisions, it is recommended that you be accompanied by a real estate broker. He will be able to help you in your research and clarify different points, working so that you can quickly feel at home in your home.
Also, it is preferable to use a notary for the transaction, it is not obligatory but it will save you many unpleasant surprises.
