Is a Manufactured Home in Palm Springs right for you?
Mobile and Manufactured homes have become one of the more affordable options for desert living.
With interest rates hovering around 7% these days, some buyers are considering paying cash for a lower priced home and saving themselves from paying a higher mortgage. The average price of a home in Palm Springs is well over $800,000. Loans typically require 20% down, so approximately $160,000. By contrast, it's easy to find a manufactured home for under $300,000, making it possible for many to pay either cash for their home or to have a small mortgage.
The desert has a number of awesome manufactured home communities. Often, they get a bad rap, but I suggest you check them out- you may be pleasantly surprised! Talk to residents in the parks and most will tell you how much they love living in their communities.
DON'T MOBILE HOMES DECREASE IN VALUE?
Don’t believe mobile homes don’t increase in value- a manufactured home's value is based on Location Location Location, like any other traditional home. In some cases, manufactured homes have gone up more in value than stick-built homes in certain communities in the Palm Springs area.
Many manufactured homes are located in parks, where you rent the land that the home sits on. This is referred to as Space Rent. The cost of space rent can vary- depending on if you own the land your home sits on, or if you’re leasing the land. Space rents can range from approximately $600,00 to $1,500 in the desert, depending on the community. There are a few communities in the desert where you own the land that your manufactured home sits on- in those parks, typically you'll have an HOA fee instead of a Space Rent fee.
Check out some available listings here: