Mobile Home
The clear distinguishing characteristic of a mobile home is that it is, obviously, mobile. Mobile
homes are sometimes called manufactured homes. Buying a mobile home is similar to buying a car --
sales tax applies, and you receive a title of ownership. Typically a Realtor cannot list a mobile
home on the unless you also own the land the home is on. Mobile homes, unlike other forms of
housing, depreciate in value, as cars do. If you are using your mobile home on the road, it is, in
the eyes of the law, a car. But if you settle in a mobile home park, your mobile home turns into a
house. Land ownership is handled differently in different parks: In some you must buy the lot for
your home; in others you can lease instead of buy it; and in others you don't buy the land at all,
but instead purchase a share in a corporation, much like buying a co-op. Property taxes are handled
in various ways based on these distinctions. Like condo communities, co-op buildings and townhomes,
mobile home parks have rules that must be followed by the residents.