The process of renting a manufactured home is the same as a conventional home. However, there are some other considerations while renting out pre manufactured homes. Since most manufactured homes are located in parks and mobile home communities, the rental to tenants needs the prior approval of the park management authorities. Described below are some of the key advantages and disadvantages of renting pre manufactured homes.
Advantages of Renting
An unoccupied manufactured home is prone to numerous issues and requires periodic maintenance. This is particularly the case with the winter season as the home is subjected to even more stress from the outside conditions. Several of the vital components of the home such as the skirting and sidewalls can become affected. This will result in the pipes that are located underneath to freeze and burst.
Renting out the house to a tenant will keep the home functioning. An occupied home will result in the repeated functioning of the plumbing system and the heating and cooling system, which makes sure that they are not prone to any issues related to non-usage.
Renting out a manufactured home is an excellent way to generate an extra income for the homeowners. This extra income is especially suitable for homeowners that have vacated or relocated from the home. Most of the manufactured homes are placed on leased lands such as trailer parks, and due to this, it is the responsibility of the homeowner to pay the lot rent even though they are not occupying the home. The homeowner can relieve the extra amount that is spent as lot payments by renting the manufactured home to tenants.
Disadvantages of Renting
Park regulations apply to the tenants that live in rented manufactured home and they must follow these rules and those of nearby parks as well. The tenants must properly maintain the exteriors of the home and ground according to the direction of the park authorities. Failure to follow these regulations can result in the tenants getting an eviction notice. This can cause the homeowner to keep the home unoccupied until a trustworthy tenant is found. The park management may also require the owner to shift the home if the lot rent is not paid for a period of more than 60 days.
Renting a manufactured home to a tenant can cause numerous problems as it can depreciate in value over time. Besides, there are risks of property damage when renting out to tenants, which can cause a decrease in the manufactured home prices and its overall worth. Moreover, such damages can cost the homeowner more money for repairs considering the depreciating value of the property.