Basics of Property Management: Screening Potential Tenants
Thinking Of Buying A Mobile Home? Know The Following 4 Things
Jesse Obrien
Want to own a home, but feel like a traditional house is a bit out of your price range? If so, you may be considering a mobile home as an alternative. Here are some things to know about buying a mobile home from a company such as Brookside Mobile Estates before you make the decision to purchase one.
Lower Upfront Cost
The biggest advantage of buying a mobile home will be the cost. These homes come premanufactured, and you pick the plot of land where you want the home to be placed. The mobile home is cheaper because it is lacking a lot of the features that a traditional home has. You do not have a basement with foundation walls, and the square footage is typically smaller with them not having a second floor. It can be great for people that want to own a home on a budget.
Renting The Land
Many mobile home parks are places where you only rent the land that your mobile home is located. This will be an ongoing cost in addition to the monthly payments you are making to pay off your mobile home. Many mobile home parks come with additional amenities that can make the cost of renting worthwhile. For example, there may be a pool, regular trash and recycling pickup, a community center, and shared outdoor spaces that you can take advantage of.
Difficulty To Move Later
While a mobile home has the word mobile in the name, know that these homes are not that practical to move later on. Once the home settles on the land, it can be difficult to move the mobile home without causing significant damage to the home's structure. When you consider the cost to move the home and the cost of repairs, you may be better off selling the home and buying another mobile home if you want to move in the future. You could even rent the mobile home for additional income if you move to a new location.
Quality Construction
You may have misconceptions about the quality of mobile homes due to how they have been portrayed in movies and television over the years. Newly constructed mobile homes are going to be made with high quality materials and resemble an actual home on the inside. The only difference is that they are made at a different location and moved to the land that you have selected. This gives you the flexibility to love where you want with the type of home you desire.
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For the last several years, I've used a property management firm to help with my rental properties. One of the tasks that they handle for me is screening applicants who would like to move into one of my vacant units. Their expertise has helped me lower my tenant turnover and find people who want to stay with me for years. Part of the process is a tenant screening credit check. Before any further contact takes place, my manager orders credit reports from at least two agencies. That is enough to tell us if an applicant is a good financial risk. Assuming the references work out, I meet the candidate and make the final decision. If you own rental properties, let me tell you more about the benefits of having a property manager. I'm betting you'll find this type of arrangement will work for you too.