Mobile Home Versus A Condominium

 

With home prices being so high, home buyers are looking to keep costs down and are exploring the market for either a condo or a mobile home. Let's go over the pro's and con's for both so that you can decide which options will work better for you.

First, a disclaimer: All associations are different, and I am sure some readers will argue my points, but this is just general from what I see local to me in my market in NH.

Mobile Home Parks-

Every park comes with its own set of rules. Some more in depth than others. Some parks are co-op's, other's aren't. When I talk with my clients on which would work better for their situations, I explain a few factors about mobile home parks.

Potential Cons: 

• You don't own the land, but with most associations you have to maintain your own landscaping as well as exterior of your property. 
• Aside from the park covering plowing the roads, you will have to maintain snow in your own driveway and walk ways in most parks. 
• Another con is high park fees and usually those don't include water and sewer bills so that would be additional on top of a steep monthly park rent. 
• Some have restrictions on pets or age.
• Most of the time you can not rent out your unit, it has to be owner occupied only.
• If financing your mobile home, interest rates are generally higher with mobile home financing than with regular mortgages and usually require more money down. 
• Speaking of financing, units older than 1978 aren't easily financeable so in the long run if you stay in your place long term and they change the cut off yours may ends up being hard to sell and you may not get all your money back when you do (mobile homes tend to depreciate).

Potential Pros: 

• You have outside space to yourself in your general area around your home to entertain. 
• Most have decks or patio's you can hang out on. 
• You can plant your own garden in most parks.
• Some parks allow fences for your lot area.
• Most have a playground or pool or some other amenities to use. 
• You do have your own space between neighbors since the buildings aren't touching so no loud neighbors stomping on your ceiling or yelling through your wall. 
• Some have a garage, shed space, or carport.

Condominium Associations- 

Everyone's heard the doom and gloom stories with a homeowners association (HOA). I have personally lived in an association and I can tell you, its really not as bad as some make it out to be. Make sure to look through the rules and regulations to make sure there isn't anything that would restrict you from doing something you will want to do.

Potential Cons: 

• Depending on how many units in your building, there could be more potential for noisy neighbors above you or to the sides. 
• Some associations don't allow pets, or don't allow grills. 
• Not a ton of entertainment space outside usually for the tight knit townhouses and especially for garden style/apartment style units. 
• Some have age restrictions. 
• The condo association can take out a loan for items needed to be taken care of that aren't in the budget and the cost of "special assessments" would fall on each condo unit owner and can be quite pricey. 
• Not all units can be financed with regular financing due to the owner occupant/renter ratio and a couple other factors which can limit buyer potential.

Potential Pros:

• Lower condo fees than mobile home parks most of the time. 
• Usually the associations have great amenities that go along with the fee such as pool, tennis court, playground. 
• Usually water and sewer is included in the monthly association fee. 
• Landscaping is taken care of as well as all exterior maintenance (studs out is generally association responsibility versus studs in is the homeowners responsibility). 
• Snow plowing is usually included as well as some take care of stairs/walkways too.
• The mortgage rates are generally less than mobile home financing. 
• You can usually rent out your unit if you decide to move and have an income generating apartment for down the road and sell later. 
• There is no year built cut off with condos and in fact, condo's generally appreciate in value.

There you have it!! I hope that helps with your decision. Thanks so much for taking the time to read. Happy house hunting!