Buying a double wide home can be an exciting and rewarding experience. But before you make an offer, it’s important to know about the additional costs that come with this type of purchase.
Here are some things to keep in mind when buying your next double wide home.
Buying Land For Your Home
When purchasing a mobile home, you must consider where you will park it. It might be a mobile home park or a piece of land that you own or intend to buy.
Land values vary considerably from state to state.
If we break it down, we have to consider two primary mobile home expenses: the cost of the structure (which can vary considerably), and the expense of renting or purchasing the land on which it is built.
It may be more expensive to acquire property than to rent it in certain states.
You’ll Need To Pay HOA Fees
Another cost you need to keep in mind is the cost of HOA fees.
If your double wide home is part of a community, you’ll be responsible for paying monthly or yearly HOA fees.
These fees can add up quickly, so be sure to factor them into your budget.
Double Wide Home Costs More Than Buying a Single-Wide
The first thing to keep in mind is that buying a double wide home costs more than buying a single-wide home.
This is because the cost of the land is spread out over two homes instead of one.
So, if you’re on a budget, be prepared to spend a little bit more when buying a double wide.
You’ll Need To Pay For Installation
The second cost you need to keep in mind is the cost of installation.
This generally costs between $5,000 and $10,000, depending on the size of your home and the type of installation you choose.
Some manufacturers include delivery from the factory to the site if the site is within a specific distance of miles, which in most cases is 100 miles.
The customer is also responsible for any extra mileage beyond 100 miles. Extra equipment and manpower are required to reach the installation site and place
If you’re not comfortable installing the home yourself, you may need to hire a professional.
You’ll Need To Pay For Utilities
Another cost you need to be aware of is the cost of utilities.
Should you need electricity or phone connections, speak with the appropriate utility authorities about them.
If your manufactured home is on a remote property, the connection fees may be substantial. Each utility can provide an estimate of the costs.
This can add up quickly, so be sure to factor it into your budget.
You’ll Need To Pay Property Taxes
Another cost you need to keep in mind is the cost of property taxes.
States and municipal governments set a tax formula and rate, which are determined by the states and municipalities within the state.
Some states tax manufactured homes at the same rate as site-built houses or stick-built homes, for example.
Some states like Florida have a tax that is similar to the license tax for a car. Local governments may add a tax, but even this tax is very low.
Other states have significantly higher tax rates on manufactured homes.
This can add a significant amount to your overall costs, so be sure to factor it into your budget.
When buying a double wide home, it’s important to be aware of the additional costs that come with it.
By knowing about these costs, you can be sure to have the necessary funds saved up and avoid any surprises down the road.
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