Young man holding wallet next to a woman holding a coffee cup while both are upset while looking at a computer screen showing their mobile home budget
May 25, 2023

Mobile Home Budgeting: How to Stay Within Your Means

It’s crucial to stay within your means when purchasing a new mobile home.

It is all too common for new and zealous buyers to exhaust all of their funds (unknowingly) in the process of purchasing their new home. It’s one thing to know if you can afford the price of a mobile home and its monthly payments, but sometimes even the smaller extra expenses that incur later on are the ones to be concerned about. Then comes the uncomfortable moment of having to ask relatives to borrow money as you get into debt that you didn’t prepare for. 

Don’t worry, we’re here to help you avoid making this mistake! 

Today we’re going to share with you some ways to budget for your new mobile home, with the ultimate goal to stay within your means. 

Ready? Let’s begin!

Know the Ins and Outs of the Price Quoted

Does the retailer’s quote include delivery and installation? If the answer is “no,” you should request a specific price that includes your home’s delivery and installation on your properly prepared home site. If the answer is unclear, we recommend that you seek out a retailer (such as Braustin Homes) who will transparently quote you a price that includes standard delivery and installation! 

It is also critical to understand whether specific features on a model home you are thinking about are considered “upgrades” or standard. It is common for a retailer to quote a base price for a home with only standard features. So, make sure you get specific information from the salesperson you’re working with about which features come standard from the factory and which are custom upgrades. The salesperson should give you specific pricing information based on the features and upgrades you’ve selected.

Understand Mobile Home Financing

Mobile homes may be more difficult to finance than traditional houses, and you may face higher interest rates or mortgage fees. Many manufactured home purchases do not include the land on which they are built. As a result, banks are less likely to lend against the asset. 

Many buyers opt for chattel loans, which are designed for mobile homes and non-stationary properties. But in return, they have higher interest rates. On the other hand, a government-backed loan such as a VA or FHA loan will come with a lower interest rate. 

The type of loan you choose ultimately depends on your circumstances and financial situation.

Be Mindful of Costs With Site Preparation

The location of your manufactured home will have a significant impact on your budget. This will require your due diligence in determining the costs associated with your placement site. Before committing to the purchase of a mobile home on private land, you should be aware of the costs associated with site preparation. In certain cases, site preparation can significantly drive up the cost of placing a mobile home on your property. Sometimes to the point where you can no longer afford it.

Contacting a contractor for an estimate of site preparation will be an important part of your mobile home budgeting. Your retailer should be able to connect you with a preferred contact that they frequently work with. You will also need to obtain price quotes for any site accessories that you may want such as a porch or deck, carport, and storage shed.

Don’t Forget the Cost to Move

When it comes to moving into your mobile home, there may be some unexpected costs that you didn’t think to include in your budget. Depending on your circumstances, you may require a storage unit for an extended period. To bridge the gap between living arrangements, you may need to rent a space. Make a list of the expenses and needs you will have during moving, and when you first move into your new home.  

If you are moving on your own, determine the cost of boxes, packing materials, and truck rental. And if you plan to hire a moving company, plan ahead by getting an estimate on what it could cost you. 

Think of the Smaller Expenses You May Face with Your New Mobile Home

The smaller expenses are the ones that will add up quickly and won’t be so “small” anymore! The expenses you face will ultimately depend on your current living arrangement. Make a list of the items you will need to get by in your new home daily. Consider the new responsibilities you will face if you live in an apartment or rent a space owned by a landlord. 

Your new home may require the following items (but are not limited to):

  • lawn equipment
  • washer and dryer 
  • new furniture (indoor & outdoor)
  • large area rugs & hall runners
  • a tool kit for repairs

Planning a Budget is the Key to Stay Within Your Means

During the process of purchasing a mobile home, there are various factors to consider to ensure you stay within your means. A new mobile home is not worth moving into if you will face hardships in return.

We’ve all probably heard the expression “house poor” or “house broke.” No one wants to fall under that category!

As a final point, we want to stress the importance of being careful about who you work with during this process. Through our upfront pricing and transparent communication, we anticipate providing homebuyers with the information they need to become confident homeowners. Our goal is to make homeownership attainable for anyone by providing affordable mobile homes. We look forward to your call!

Speak with a member at Braustin Homes today!

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