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Is your Mobile Home park for sale?
What you need to know

Also, scroll down for information on permanent foundations and owning the land!

One common fear we hear from owners and buyers of Mobile Homes is about the park they live in (or are buying in) will be sold.

First, you must realize that even though this is a possibility, the chances are that it will not happen.

Second, the residents might be able to buy the park and when this happens, everyone wins.

Here is why:

Residents have a say in how the park is run
The value of the land goes with the unit
The value is more stable compared to a Mobile Home on leased land
Monthy dues are much less

If you are looking to buy into a Mobile Home park that's for sale, you must check to see the likelihood of the residents buying the park - this is a good investment!

However, buying into a Mobile Home park that is being sold to someone that is NOT a resident is not such a bad thing either.

Most often when there is a Mobile Home Park for sale, and then sold to another owner, the residents won't even know or care. The thing is that owning a Mobile Home park is a lucrative investment and keeping that investment working is what the owners want. Rarely is it really feasible to change a Mobile Home park into something else and profit. This is really going against the grain on many levels and usually does not make sense to do.

Owning the land

Whether you live in a park that the residents own the land or you own some land and a Mobile or Manufactured home is installed there, here are some things to keep in mind:

Ususally owning or building/installing a Manufactured home on the land is less expensive and quicker to do.
The same permits and approval process is required.
The financing is still very different.
property taxes are in force, so Department of Housing fees probably won't still apply, but property taxes certainly will.

Financing and appraisal (value) are the main concerns to be aware of - for detailed information on why this is the case, see our Permanent Foundation page and our Financing for land and home ownership page.

Hopefully it is obvious that when owning the land, having the Mobile Home park for sale is no longer a concern.

Permanent Foundations

It is common for people to think that if you own the land under a Mobile Home you should or will have to upgrade to a permanent foundation. It is also common for people to think that because the land is owned and the Mobile Home is on a permanent foundation that the financing is different.

Both of these thoughts are false. There are some cases where the financing is better, this is true, but the fact is that regular Fannie Mae financing is not available for any Manufactured type of home. For more on why this is, see our Financing for land and home page.

Installation of a Mobile Home on to a permanent foundation can be done fairly easily and for only a few thousand dollars. The with some simple paperwork filed, the home is now considered Real Property. Find more about installing your home on a permanent foundation here. This process is still advisable when you own the land, even if you live in a Mobile Home park for sale. By Will Cunningham