If you ask any property owner what their biggest expenses are, it’s likely maintenance will top the list. There are constantly repairs that are necessary inside of homes and apartments and when tenants move out…it’s a whole other story. The repairs, cleaning and painting that need to take place will require hefty chunk of change.
The high cost of maintenance is one reason why investors might consider investing in a mobile home park instead of a more conventional property.
When investors own a mobile home park, they typically own the land itself, not the units. This means that the tenants are responsible for any repairs that take place within the unit. This cuts back on expenses considerably.
When tenants are ready to move, it can be quite expensive for property owners. They will need to paint the unit, clean it thoroughly and fix any damaged fixtures to make it attractive and ‘move-in ready’ for prospective tenants.
When you own a mobile home park and someone decides to move out, they take their mobile unit with them. Therefore, the owner is saved from the expense of repairing the property to get it in renting condition.
Does the Property Owner of a Mobile Park Home Have Any Maintenance Expenses?
Just because a property owner of a mobile home park does not have to repair and renovate the interior of the homes, that doesn’t mean they don’t have any maintenance expenses. Property owners will still have to maintain the park itself.
Most mobile homes have gardens and paths where the tenants can stroll. Mobile park owners have to make sure all greenery is cared for and that all areas are safe for tenants to walk. Not caring for the property properly will make it unattractive so that tenants might not want to live there. It can also make it unsafe and if anyone gets injured on the property, investors can be facing major lawsuits.
In addition to the grounds of a mobile home park, many have amenities like swimming pools, gym rooms, common areas and more. It is the property owner’s responsibility to maintain these as well. Of course, he or she can forego on these extras to save money, but these added amenities will make the property more attractive to renters and it also allows investors to charge higher rental fees.
If you are considering investing in property, the low maintenance makes a mobile home park an attractive choice. The low cost living also makes it a popular option for tenants ensuring it won’t be too difficult to keep your units occupied. It also is relatively inexpensive due to low competition among these types of properties.
With all the advantages a mobile home park has to offer, will you be taking the plunge?
If you’d like to talk more about selling your mobile home park or are interested in buying a mobile home park, look no further and get in touch with us today – You can Call us – Phone: 844-238-0218, or Contact Us via the website.