Senior Mobile Home: 4 Tips for Buyers

A senior mobile home can be an attractive alternative to an apartment or retirement condominium. You are able to achieve a reduction in living space, making the home chores more manageable. You are additionally able to be part of a community since most mobile homes are located in communities. Finally, many retired individuals will find mobile homes very affordable. You can realize this affordability if you consider the many factors involved when you move into a mobile home.

#1 Compare Costs

Compare costs of your mobile home to other options; do not simply consider these costs alone. Anytime you downsize from a home to a smaller living space, you will save money. The key is to save the most money possible so you can stretch your retirement dollars the furthest. It can help to make a checklist of all the costs associated with living in a mobile home, including the cost of lot rental and upkeep, against the costs of living in an assisted living community. Only by consideration all costs involved can you get a clear picture of the expense.

#2 Think about Insurance

There are many hidden costs to a mobile home you may be unaware of when you first start your analysis. One tip to remember is they are expensive to insure. They tend to be less secure than permanent residences, opening mobile homes up to more theft. Theft is particularly common if you live in a community with a number of other mobile homes; these close quarters can expose you to risks of petty crime. Natural disasters like floods, fires and tornadoes can cause more damage to mobile homes that are not connected to the ground than to other structures with foundations. Insurance companies will require separate lines if you are paying to cover a mobile home, and these costs cannot be ignored in your analysis.

#3 Consider Safety

The safety of your mobile home community can actually affect the cost associated with you living there. Your health insurance premiums may go down if you enter an assisted living community because there are nurses on hand. On the opposite side of the spectrum, your insurance premiums may go up if you live in a comparatively more hazardous location like a mobile home. You may also have a greater challenge getting to doctors and hospitals, which you will need access to as you age. Consider these safety factors as part of your expenses.

#4 Lease vs. Buy

If you do decide a mobile home is more cost effective than another retirement option, you can take the savings one step further by considering a lease instead of purchasing the mobile home. This is a particularly good idea if you do not plan to live in the residence long-term. If you believe you will be spending less than 5 years in your next home, a mobile home lease can be very cost effective. The money you earn from selling your permanent residence will more than cover the cost of the lease, and the leftover cash can be used for living expenses or saved for your next move.