Portable buildings are becoming increasingly popular, especially those that are fabricated for the purpose of being a portable home. A portable home is often seen as a bad investment, this is down to portable homes depreciating quickly. However this misconception isn’t entirely true.
Temporary buildings such as a home that is situated in a purposed built park are known to depreciate in value, however a portable home that is fabricated on privately owned land typically go up in value, especially if land is in high demand. Temporary buildings for sale in areas that are desirable will often receive a quick sale
A desirable area is often a location that is nearby to lakes or streams, or even close to vacation or retirement placements. Usually locations like these are areas that once may have seemed a long drive from the office, but it seems that more and more individuals are willing to commute with thanks to more job opportunities in suburbs and city outskirts plus bigger and better highways – with this in mind most areas see property values of portable offices, portable storage buildings and of course portable homes increase dramatically.
With so many portable buildings for sale such as portable homes, those which are double in length to the typical portable home usually stay at the original purchase value, with some even appreciating in value.
Benefits of owning a portable home
Portable homes are unarguably far cheaper to purchase, and are typically around 1,100 square feet for a single wide home, which means living space is almost similar to that of a small two bedroom home or large apartment. A double wide portable home is approximately 1,700 square feet in size, thus making it as large as most US homes.
There is an abundance of different methods you can choose from when it comes to setting up a mortgage for your portable home. The least expensive option is to transport the new home to a mobile or portable home park, however you will be expected to pay rent for the land. If you are able to keep the mortgage costs low and build equity faster, you will be able to pay the mortgage loan off earlier.
Another recommended option is to use the savings from purchasing a portable home to purchase and invest it into desirable land. This is known to be an excellent investment strategy, especially if you are in a location where the value of property is expected to continue increasing due to the desirability of the location and other economic factors. Keep in mind insurance and property taxes cost far less for a portable home than a traditional brick and mortar home.
What do I need to consider when purchasing a portable home?
Portable homes are far cheaper than a traditional brick and mortar built home to maintain. For example, fixing the roof of a portable home costs less than fixing a traditional roof that is shingled. Your heating bills will also be considerably lower due to the smaller living space, less heat is needed to heat a smaller space.
What potential does my portable home have?
Many individuals who choose to purchase a portable home to serve as a recreational property also have the option to move into it later as a primary living place if they ever desired or needed too. A portable home can easily have a brick and mortar addition or extension attached to it; this can typically be seen in locations that serve as vacation areas.