Do you rent or lease the land?

Most of the Mobile Homes are located on rented or leased land.  Typically this means they are in a park or community setting. In this case the ownership is still just in the structure itself, however, the value is in the structure AND the right to occupy that spot.  When you buy a Mobile Home in a park where you do NOT own the land, this is what you are buying - the structure and the right to be there. Now, the value will depend on many factors.  I.e., The park, county, if the home needs work... The best way is to call a Mobile Home agent for an accurate assessment. This should not be scary to anyone.  Once you have signed a rental agreement or a lease for the space, you can't just get kicked out.  Your contract falls under Real Estate Law and you have tenancy rights.  The chances of you getting "kicked out" are very slim - the same if you were renting an apartment. A lot of new buyers considering a Mobile Home will think that the chances of the park being bulldozed and made into condos are high - when the exact opposite is true. Mobile Home Parks are being bought and sold, and some are being sold to the residents.  This is a trend that will likely continue. Any instance of the park being for sale to the residents is normally a very good situation for the Mobile Home owners.  Most parks that are sold to the residents increase in value faster and hold their value much better.

Do You Own The Land?

Mobile Homes located on private land do not automatcially become Real Property (Real Estate).  They must be attached permanently and have the proper paperwork filed.  This is a specific process. In the case that you own the land and the Mobile Home is properly attached on a permanent foundation, this is all considered Real Estate.  The Mobile Home is now an improvement the same as a house, barn, apartment, commercial building, etc.  Please Note: this does not mean that the financing is now the same as all other Real Estate.  

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