So, you have inherited a mobile home, while this may sound exciting, the reality can be a lot less pleasurable. The truth, however, is that you have inherited expenses along with the mobile home. Well-intentioned loved ones all too often leave their manufactured home in their will to beneficiaries that are already struggling to afford their monthly bills. Often, these mobile homes are in a severe state of distress and require a great deal of upfront cash for rehabilitation to turn into a desirable property.
Perhaps you already have your dream home and have no interest in residing in the mobile home yourself but feel a sentimental attachment. While it is understandable, the value of sentimentality won’t pay for the reality of carrying the cost of an inherited trailer. This harsh reality often leads to the ultimate decision to sell the property. Whatever you decide to do, don’t delay in caring for the mobile home. An excellent place to begin managing your inheritance is locating the contact and payment details on existing expenses.
We’ve gathered a list of typical monthly payments to help you with a starting point. Read on to learn about all of the costs of holding onto an inherited mobile home in Hemet.
Taxes
Property taxes will still be due on the property when you hold onto an inherited manufactured home in Hemet. These tax payments may or may not be a part of your monthly mortgage payment. Even if the mortgage is free and clear, annual property taxes will always be due. They will likely rise significantly because tax collectors will reassess the rate at the current market value. Make sure that the taxes are up to date and have been paid. All too often I see mobile homes that haven’t paid taxes for 4-5 years!
Insurance
Depending on the amount remaining on any mortgage, you may be responsible for home insurance and property insurance while holding onto an inherited mobile home in Hemet.
Assumption of Space Rent
Often, you can assume the current space rent of the mobile home park if you hold onto an inherited mobile home in Hemet. The wording of the original contract may be the determining factor in your ability to assume the space rent and sell the mobile home. If there still happens to be debt on the property, you will need to pay that off prior to selling the mobile home or find someone willing to pay off the expense for you.
Utilities
All mobile home park managers or owners will require you to pay the utility bills under the name of the deceased, if you’ll be residing in or selling an inherited mobile home in Hemet, you will want to keep the payments timely. Otherwise, they would become a lien on the manufactured home and taken out of the profits when sold. In a worst case scenario, a mobile home park may take over the property and you lose the right to sell the mobile home.
Maintenance
Should you be considering maintaining ownership of the property, it would be advisable to have a professional inspection done to understand what you are getting into fully. Depending on the length of time that the mobile home has been vacant and the state of repair the property is in, holding onto an inherited mobile home in Hemet could become extremely expensive to maintain. Monthly expenses for repairs on older properties can easily equal or exceed the current value of the home.
Year of Mobile Home
When looking to actually sell the mobile home, you need to be very realistic about the price and look at the current market. Unless you have money to spare, you do not want to sit on this mobile home for months. That is why I always recommend selling it fast for cash when you have an inherited mobile home in Hemet.
Unless you have a plan for the property, holding onto an inherited mobile home in Hemet is costing you money. Mobile Home Dreamin will pay you a great price and close when you are ready. If you don’t feel that you can handle the emotions of going through the possessions of your loved one to clean out the property, you can leave everything in place or take what you like, Mobile Home Dreamin will handle the rest for you. Call Mobile Home Dreamin at (951) 783-2611 or send us a message today!