Why do mobile homes depreciate in value?

A person who owns both the land and the mobile home may see the value of the combined property increase over time, but that is likely the result of the underlying land increasing in value, not the mobile home. One reason mobile homes depreciate in value is because they are personal property, not real property.

Can a mobile home be converted to real property?

Even though mobile homes are not easily removed from land once placed, they are still considered personal property (although in many locations a person who owns both the mobile home and underlying land can convert the mobile home to real property by taking some affirmative steps).

Where can I find the owner of an abandoned mobile home?

You should be able to find the mobile homeowner through your DMV or county tax records. If you come across a bank-owned property with an abandoned mobile home on the land, be sure to check your Register of Deeds for the foreclosure documents and see if the mobile home is included.

Do you get the title to your mobile home when you buy it?

Frequently, people that purchase mobile homes that are located on a parcel of land believe that the deed for the property will include title to the mobile home. But, that’s not the case. Even in a typical home sale, a home seller will give the buyer two documents when it comes to closing.

What kind of property is a mobile home?

Mobile homes attached to private land will likely be considered one of two types: real property or personal property. Real Property: When the original owner of the mobile home moved the home onto the land, he or she legally joined/married the two pieces of property (mobile home and land) together as one legal description.

What happens when you move a mobile home to land?

Real Property: When the original owner of the mobile home moved the home onto the land, he or she legally joined/married the two pieces of property (mobile home and land) together as one legal description. In many states the Title (s) are then surrendered to the state. Yearly property taxes will change depending on your state.

Is it a good investment to buy a mobile home?

Mobile homes are unique investments. The answer to your question will depend on a number of factors, including: whether you will need to borrow money to purchase the mobile home, and if so, what finance options are available your long-term financial goals.