Trailer homes--or mobile homes--are prefabricated houses that are constructed in factories instead of on site. They have no foundation and are able to be moved from one location to another.
Significance
Mobile homes can be helpful and cheaper alternatives to traditional homes because of the fact land is not included in the price.
Types
Mobile homes typically come in one of three sizes: single-wide, which is 18 feet or less wide; double-wide, which is 20 feet or more wide; and the less common triple-wide. All mobile homes are generally 90 feet or less in length.
Initial Value
Depending on size and amenities, new mobile homes can range from $37,000 for a standard single-wide to $75,000 or more for a double-wide as of August 2009. Mobile home developments or parks will generally charge from $100 to $800 or more per month in rent.
Depreciation
Used mobile homes depreciate in value at a rate of about $5,000 for every five years depending on condition and amenities. Insurance and financing for mobile homes are structured more like an automobile instead of a fixed-site home. Mobile homes rarely if ever appreciate in value in the way a fixed-site home does.
Benefits
Mobile homes can often provide the comfort and luxury of a fixed-site home at a small fraction of the price, providing a long-term value if the owner is able to pay off the cost of the home.
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