Exploring Your Options: Finding the Right Land for Your Mobile Home

Are you about to begin your search for land for your mobile home?

Buying the right piece of land on which to build your home is one of the best decisions you can make! However, before you begin looking for vacant land, you should consider a few factors to ensure that your decision aligns with your needs, financial situation, and housing goals. 

Today, we’ll go over the most important factors to consider when trying to find the right land for your mobile home.

Land Size & Location

The size of the land is critical because it must be large enough to accommodate the size of the mobile home you choose. A good rule of thumb is to select a plot of land that is at least a quarter of an acre in size. 

A vacant lot in a residential neighborhood or a manufactured home community may be the best option if you’re looking for a piece of land for regular living. However, if you want to farm, have livestock, and have plenty of outdoor space, you should consider purchasing a larger piece of land in a rural area. In this case, you may need to bring utilities to your property. This will result in additional costs and may cause home installation and setup to be delayed.

Land Suitability

Is the land you are looking at suitable for your mobile home? Does the land have what it takes to allow you to live comfortably with the utilities you need? Let’s go over some considerations you should make:

Utilities

Determine whether or not utilities are available on the property. If not, determine the expense of connecting so you know what you are in for, and if you are still going to be able to stay within your budget! Utilities can stack up pretty quickly.

 Ensure that you have access to a fresh supply of water, either via well water or a tapped water meter. 

Access

A driveway will be built for installing mobile homes in mobile home parks, but if your land does not have a driveway, you will need to hire a contractor to create an appropriate access point.

Zoning & Permits

Are there any zoning restrictions that would hinder you from putting a mobile home on the land? If you plan on having any livestock, it is important to find out as well if the specific animals you want can be on the property.

Don’t forget to check with your local authorities to ensure that you can lay foundations on the land!

Financing Your Mobile Home’s Land

If you plan to buy land with the help of a loan, you have two financing options. 

Two Separate Loans

To begin, you could obtain two separate loans: one for the manufactured home and one for the land you intend to purchase. However, this option has some drawbacks that you should consider. 

Aside from paying closing costs on both loans, the second loan may have a higher interest rate. This is because the debt-to-income (DTI) ratio used by lenders to assess a potential borrower’s creditworthiness is based on total debt. Because a new loan raises your DTI ratio, the lender may view you as a riskier borrower and charge you a higher interest rate.

One Loan for Mobile Home & Land

A manufactured home loan with land is another financing option that allows you to finance the purchase of both the home and the land with the same loan. A manufactured home loan with land may be more affordable than two separate loans because the lender may offer you a lower interest rate when you take out a package loan and you will only have to pay closing costs once.

You’re So Close!

If the land you are looking at meets all of your needs and requirements, then congratulations, you are just that much closer to experiencing the freedom of mobile homeownership! 

Of course, if you have any more questions and are seeking more advice on the matter of finding the right land for your mobile home, our team is happy to help. 

Speak with a member at Braustin Homes today!