Buying a mobile home is a great way to get access to certain amenities without paying high-end prices that traditional single-family homes require. Specifically in Malibu, this is a great way to live moments from some of the most prestigious beaches in California at a much lower cost. But before you make a decision to buy, there are a few things to consider. Here are 5 tips for buying a Malibu mobile home!

1. Space Rent

When buying a mobile home, you are paying for the structure itself, amenities, and location. However, in many cases, you do not own the land; it is leased from the entity that owns the park. This is the case in both of Malibu’s mobile home parks, Point Dume Club and Paradise Cove. Owners pay a monthly fee called space rent which can range as low as $500 a month up to $4,000 a month. The space rent is determined by how many times the mobile home has sold, each time being raised by a percentage. So, a mobile home that has been sold 15 times will have a higher space rent than a home that has sold twice.

2. Financing

Most traditional home lenders will not finance mobile/manufactured homes so it is important to find the right lender for you. Ask your real estate agent for suggestions, we can help!

When you think about financing a mobile home, it’s easy to think about it like financing a car. The older the home, likely, the higher the minimum down payment and a shorter loan term. And the opposite with newer homes (minimum down payments as low as 5% and terms up to 25 years).

Interest rates are typically higher than traditional homes since lenders see them as higher risk. They can also be affected by your credit score and length of your loan (as low as 3.95% up to 11+%).

3. Inspections

Since mobile homes are structured differently than traditional homes, it is very important to make sure you get proper inspections. Water and wiring issues can be a mobile home’s worst nightmare as they are the hardest to repair. Below is a basic list of things to check:

• Water: make sure every water source (sinks, tubs, dishwashers, etc) as well as windows, doors, and walls are thoroughly checked for any water leakage. Bathroom floors are the most commonly damaged and replaced part of mobile homes.
• Wiring: if the home is older than 1976, it should have been re-wired. Aluminum wiring was primarily used during this time which were fire hazards. Check the breaker box as well as all wall switches and plug outlets to ensure everything is working correctly.
• Leveling: shifting soil or settling can cause uneven leveling and is a very common problem with mobile homes. Make sure this is checked by a professional.

Use the mobile home inspection checklist below when inspecting the home:

4. Rules and Regulations

When buying a mobile home, you get access to the many amenities that the mobile home park offers which will have various rules and regulations. These rules may vary from pet rules, how much you can change the appearance of the home, who is responsible for maintenance, how utilities are paid, maximum occupancy in each home, etc. Make sure you get a copy of the rulebook from the seller!

5. Real Estate Agent

It’s important to choose a real estate agent who is knowledgable about buying and selling mobile homes, the transaction process, and have relationships with reputable lenders. We can help!

Malibu Mobile Home Parks

If you’re looking to buy a mobile home in Malibu, there are two of California’s very best! Both offer easy beach access, peaceful streets, and some spaces with incredible ocean and coastline views.

Point Dume Club

The Point Dume Club is a prestigious mobile home park located just south of the popular Zuma Beach on Point Dume. It is suited for people of all ages and offers simple living just a moments walk or golf cart ride down to Westward beach. Amenities associated with the club include a 24-hour gated community, pool, sauna, tennis court, and clubhouse.

The Point Dume Village is conveniently located within walking distance with an array of local food, groceries, and shopping. Sunlife Organics, Le Cafe De La Plage, Pavilions, Starbucks, the famous Lily’s Cafe, and more are located in the Village.

Paradise Cove

“Paradise without the air ticket.” Though it started out as a humble RV park in the 1950s and 60s, Paradise Cove has really grown into a beautiful place to live or vacation. It is one of the slightly more affordable options in the Malibu area, though it’s certainly not cheap, some of the mobile homes in the area are valued at over 3 million dollars.

With direct access to Malibu’s best private beach, it is the perfect fit both for full-time simple living or a quintessential SoCal getaway. Residents here enjoy the Paradise Cove restaurant, a small pier, and golf-carting around the neighborhood.

If you’re interested in buying a mobile home, contact our team!

Call 310.230.5771 or email russellandtony@compass.com