Are you thinking about living in a trailer park to save money? If so, you probably have a lot of questions, and the first is, does it help save money in the long run?
The quick answer to this is yes. Compared to traditional homeownership or even apartment renting, living in a trailer park will help you save more money over time.
With that said, we will now get into the benefits and advantages of living in a trailer park, exactly how it reduces monthly living expenses, and important considerations to keep in mind.
The Pros & Cons of Living in a Trailer Park
According to the U.S. Census, as much as 6% of the US population lives in trailer parks, around 20 million people. So, living in trailer parks is certainly not abnormal. We will now get into the pros and cons of living in a mobile home park.
The best part about living in a trailer park is the low cost and its overall affordability. If you are struggling financially or unable to purchase your own home, you will still likely be able to afford to live in a trailer park.
There are many different parks with different fees, so it is easy to find within your budget. The mobile homes themselves are also cheaper than traditional houses, and one great benefit is that you won’t need to pay property tax!
Now, living in a trailer park is reserved for the poor and anyone interested in saving money. For example, if you’re now starting in life, living in a trailer park can help you save enough money for your new home’s down-payment.
Next, you won’t need to maintain the land around your mobile home yourself, as this is usually covered in your land rental fees. So, you don’t need to mow the lawn yourself, cut down pesky plants and trees, etc.
With that said, you will still have the freedom to upgrade your mobile home whenever you want. You can re-paint it, remodel, etc.
When you live in a trailer park, you get to enjoy a sense of homeownership without the cost and hassle of traditional homeownership.
Better Sense of Community
Most trailer parks have a great sense of community, and your neighbors will likely be amicable. There are usually many social activities that you can take part in and feel as though you belong.
There are even trailer parks which are age-restricted. For example, there are some parks where the residents can only be 55+ years old.
This is like a retirement community where everyone is around the same age, and there is lots of peace and quiet that is not found in mixed-age communities.
Pets Are Allowed
If you have ever rented before, you know it can be not easy to find an apartment that allows pets. However, pets are generally welcomed in most trailer park communities.
Another huge benefit of living in a trailer park is that you can quickly move from one trailer park to the next, whenever you want. This gives you greater location flexibility, unlike traditional homeownership.
When you move into a trailer park, there will likely be many community perks that you’ll have access to. This includes gyms, pools, etc.
There are a couple of disadvantages of living in a trailer park, and we’ll now cover the major ones.
Unfortunately, there are negative stereotypes attached to people living in trailer parks.
However, it is best to pay them no mind. After all, if you live comfortably and save money, it doesn’t matter what other people think.
Now, this depends heavily on the type of mobile home you have. If it is old, then transporting it can be quite challenging, and you may potentially need to pay more to move it than the value of the home.
A mobile home can appreciate over time, especially if you own the house’s land. However, due to the ground being in a trailer park, the amount of appreciation would be limited.
On the other hand, if you don’t own the land, your mobile home will depreciate over time. So, you won’t be able to sell it for more than you paid for it.
How Do You Save Money by Living in a Trailer Park?
The cost of purchasing a mobile home and living in a trailer park will most likely be much lower than renting an apartment. Also, you will own a mobile home.
However, you won’t own the apartment. So, even though you likely won’t be able to sell your mobile home for more than you purchased it, you will still be able to recoup some money.
A mobile home is an asset, and most mobile homes are well built to last many years.
Now, living in a trailer park compared to purchasing a traditional home is also a lot cheaper. Typical homeownership involves many expenses such as homeowners insurance, property tax, mortgage payments, maintenance and repair costs over the years, etc.
By purchasing a mobile home and living in a trailer park, you will avoid most of these expenses. Of course, you will still need to maintain and repair your mobile home.
However, the cost of maintaining a mobile home would be much lower than the price of maintaining a traditional home.
Next, if you need to take a mortgage to pay for the mobile home, the monthly payment will remain the same until you’ve finished paying it off. However, when you rent an apartment or house, this rent will likely increase over time.
So, trailer or mobile homes are a lot cheaper in the long run.
If your reason for living in a trailer park is to save money so that you can buy your own home or fund other areas of your life, you can even rent out rooms in your mobile home for extra cash.
So, owning your own mobile home and living in a trailer park will help you save money and enable you to earn more money to put towards your personal goals.
One of the most important things you need to do when you’ve decided to live in a trailer park is to determine what trailer park you want to live in carefully. Ensure that you choose a suitable and safe park with all of the amenities you require.
Also, it would be best if you did your research on the various fees so that you select one that not only checks all your boxes but is also financially suitable.
After you’ve decided on a particular park, be sure to read all of the park’s rules thoroughly. Most parks have specific times that they allow unloading and unpacking as well as other restrictions.
You also need to ensure that your utilities get connected asap once your mobile home is in place. After all, you don’t want to wait days or weeks for electricity, water, internet, cable, etc.
To wrap things up, we have just looked at the benefits and disadvantages of living in a trailer park and how it can save you money.
With that said, saving money is not just about choosing where you live but also your lifestyle. If financial success is your aim, make sure that your other actions and spending habits align with that goal.