Did you know that the median selling price of a single-family home in Quebec was $277,000 in April 2014? Barely 10 years later, that average value has doubled, reaching $538,000. With this surge in the real estate market, it’s no surprise that more and more first-time buyers are turning to mobile homes. Stay with us as we look at the pros and cons you need to know before buying a mobile home!

Some Advantages of a Mobile Home
One of the most attractive benefits is undoubtedly the fact that buying a mobile home is less expensive than purchasing a single-family house, a townhouse, or even a condo. For comparison, the median price of a mobile home in November 2023 was $183,500 according to DuProprio. In contrast, the median price for a single-family home was $416,500 at the same time, and $360,000 for a condo.

Even when considering the down payment, welcome tax, inspection fees, and municipal and school taxes, buying a mobile home remains an excellent way for a young household to access property ownership.

Since a mobile home offers less living space than a traditional house, it goes without saying that maintenance costs are significantly lower. Without a basement, with only one bathroom, just one or two bedrooms, and a smaller footprint, maintenance of windows, gutters, and other building components is faster and less costly.

Moreover, energy expenses are proportionate to the smaller living space. A smaller area means lower heating and cooling costs. In other words, choosing a newer model mobile home—if it suits your needs, of course—is both an economical and ecological choice!

Another noteworthy aspect is the sense of security often found in mobile home parks. Since lots are smaller than those in single-family residential neighborhoods, neighbors tend to know each other, and the presence of strangers is more easily noticed.

Some Disadvantages of a Mobile Home
Although the small size of mobile homes is an advantage for maintenance and energy needs, it can sometimes result in a lack of storage or living space—for small families, for example.

Another potentially negative point is that the land on which the mobile home sits is often rented. This means you become the owner of the home, but not of the lot itself. Typically, mobile homes are purchased in a park, and the land belongs to the housing project developer. The rental fees are generally around $250, but not everyone is willing to pay that amount. It’s best to inquire early in the mobile home buying process.

Another downside is that you should expect to pay a higher mortgage interest rate compared to other types of properties. This is due to the limited competition among lenders. In fact, only two banks offer mortgages for mobile homes.

Unfortunately, this lack of competition results in less attractive rates for potential mobile home buyers…

But regardless of the type of property you want to buy, our inspectors are here to help you make an informed decision about what could become your next home.