What all goes into buying a mobile home as far as costs?

Issue:

My friend and I are considering moving into a mobile home instead of an apartment next year. The initial cost of buying and owning the home will be $ 5000 and the lot rent will be $ 268 a month. Beyond paying that initial amount to own the home and our rent+utilities, what other costs might we run into in buying the home? Do mobile homes have mortgage rates if you own the home? I dont know much about this at all and I’m looking for as much help as I can get!

Question :

What all goes into buying a mobile home as far as costs?

Best Solver (Answer):

Answer by Ryan M
It will only have a mortgage payment if you took out a mortgage loan. No loan = no payment.

2 thoughts on “What all goes into buying a mobile home as far as costs?”

  1. Insurance and maintenance. If something goes wrong you fix it yourself or pay a professional.
    No mortgage since you are paying cash.

  2. If you are buying the mobile home outright with cash, then naturally, you won’t have a loan payment. If you are needing financing, then a mobile home that is not permanently attached to the land is not considered real property, and as such a mortgage loan would not apply. This would be considered a consumer secured loan, and, as such, the interest rates would be higher.

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