With the growing popularity of the Northern Colorado area, the median home price is nearly $275,000. That means a lot of competition for properties at or below that amount! Many would be buyers have been priced out of the market as a result. So, the choice is to move to a cheaper state, continue to rent, or consider buying a mobile home and rent a lot space.
Yes, there are many negative points of view about 'trailer parks.' But, they can be a viable option as a starter home or a downsizing home at retirement. Loveland has family and senior-only parks that, for the most part, are well managed and maintained.
Let's look at some Pros to mobile home park living:
- Detached dwelling so no sharing walls with neighbors!
- Set aside parking for you and your guests or a carport/garage, in some cases
- Snow removal usually an inclusion with lot rent
- In some cases you'll be building equity even though you don't own any land
- You know that your neighbors have been through a backround/credit check by the park management
- Many family parks have a pool and/or clubhouse and family/children activities promoting community
Now some Cons:
- Mobile/manufactured homes are sold via a Bill of Sale, not a deed, so they are considered a vehicle. As a result, the value is not guaranteed to increase over time
- You do have to be approved by park management. Some criminal and credit history can result in a denial
- If you don't have all cash you'll have to get a Chattel loan which most banks/credit unions don't offer. The interest rate is usually higher than a mortgage.
- When you go to sell it could take several months so it pays to plan ahead
For a list of Loveland mobile homes currently available, please message me. If you're interested in applying for a Chattel loan you can apply online with 21st Mortgage or Triad Financial Services.