Are you ready to take the plunge and purchase a vacation home? Perhaps you might be considering a mobile home. The purchase of a mobile home may be less conventional than what you’ve experienced in the past so it’s important to consider some of the benefits. There are also some potential pitfalls that should be researched carefully. Here are a few of the positive attributes of choosing a mobile home as a second home.
First and foremost, the most compelling reason for purchasing a vacation home is likely the sentimental value of having a place to create MEMORIES. The real goal is to create a place for either yourself or your family to get away, get some reprieve, and change your scenery a bit. Sure you can travel and stay as a guest somewhere, but wouldn’t it be nice to have your own place for repeated visits. Imagine a small child who grows up enjoying adventures year after year. The creation of long lasting memories is the biggest benefit of purchasing a second home.
The second most attractive benefit of choosing a mobile home as your second home is that they can oftentimes be found for CHEAP. Whether it’s a mobile home on wheels or a mobile home that’s been placed on a permanent foundation, they are traditionally less expensive than a stick built home. They are also typically smaller in size which correlates to a smaller price point. In some situations the home itself is cheap but you are required to rent the land OR purchase the land separately. There may also be an annual fee that needs to be accounted for in overall cost. If you’re looking to purchase a mobile home to travel from place to place, you’ll just want to account for your additional travel expenses. Overall, a mobile home is an affordable option to venture into for a second home purchase.
Another big benefit of purchasing a second home is the TAX BENEFIT of deducting any mortgage interest paid. If you are able to obtain a mortgage on your vacation home this would be a huge benefit. On the flip side, obtaining financing for a mobile home may be more difficult than a typical single family home. In some situations, a mobile home could be considered personal property and fall into a different category for financing. But, if eligible for a mortgage it becomes a great tax deduction.
One of the last main benefits of purchasing a mobile home is the abundant opportunities for it to become a RENTAL. Choosing a great vacation destiny will ensure tenant consistency. Since a mobile home is usually less expensive, than the rental price can also be on the more affordable side. A lower price rental is another variable that creates dependable rental income as there will always be demand. Allowing your home to be utilized as a rental when you are not using it will create some additional income AND reap all the other benefits previously mentioned. It’s a winning situation if pulled off correctly.
When you are ready to make a new investment in real estate, be sure to consider the option of buying a mobile home. It’ll help you and your family create lifelong memories. They’re relatively cheap. There are some tax benefits related to the additional expense. AND you may just be able to generate some rental income during the times that you are not using the home! Be sure to check the eligibility of financing and do some careful research on where the best place is for you. Let your fingers do the walking by checking out our listings.