“You can’t do it here. It wouldn’t make sense.”
whenever the topic of entry-level homes being built in Central Ohio – and Delaware, Ohio, in particular – the response has been the same. you can’t do that here.
But, Why Not?
And that’s when the brave try to explain while the majority simply replies ’cause. It won’t work.
we can send a man to the moon, make celebrities out of pawn brokers, and build a driverless car. but, we can’t build an entry-level home that allows first-time home buyers to buy a home in respect to their income and not be forced to rent.
So, when Blog Action Day 2014 topic of inequality was announced, we at Ohio Home Team felt it very close to our heart and beliefs to take on the challenges of the inequality in housing but focus on a single aspect of the housing population — mobile homes.
What’s Wrong With Mobile Home Sales in Delaware, Ohio?
In the good-old days buying a mobile home wasn’t much different than that buying a home. However, when the Savings & Loan collapse was in large-part blamed on being too heavily invested in these mobile forms of transportation.
The Broken System
The system itself has become stigmatized towards the plight of the poor and impoverished in a way that has even crept into the financial and legal process.
- Lack of Required Residential Property Disclosures. If you buy virtually any single-family to four-family real estate in the state of Ohio, you are required to have a residential property disclosure provided and signed for by the buyer. There are a few exceptions but one that isn’t even on the form is for a mobile home.
- Limited Options for Purchase Finance. Did you know that if you are buying a single-wide or a double-wide not on a permanent foundation there is only one option for financing the property. And they will require at least 25% down and about a 700 credit score to even get considered.
So let me get this right. It is harder to buy a home or a car than it is to buy a mobile home?
The problem with that is simple — at least to me — in that the people buying mobile homes in Central Ohio are doing it because its the only option they have.
But Aren’t Mobile Homes Considered Cars?
Ahh, my favorite part of this argument … Well they are titled as a car so we should treat it as a car…
Seriously? You go and buy a new sofa. Which vehicle are you going to use to take it home, your Camaro or F-150?
Duh, Toby that’s pretty stupid.
Yeah, but they are titled the same. So based on your assumption they should both be able to do the exact same thing. Of course they don’t but in the mind of the state they all look exactly the same. Single and double-wide homes are not moved as often or in the same manner as travel trailers. So we should be able to take this situation and make a change.
How Do We Fix the Inequality in Mobile Home Housing?
Well it’s a challenge. I am suggesting a two-prong approach – one that can be done by the private sector and the other would require an act of the Ohio legislature to make this happen.
- Create More Opportunities for Mobile Home Financing. This is a private initiative that works through the program to develop competition in the mobile home market. 15% interest rates and irrational credit score requirements is not good, but the way to solve it is by having an alternative for Ohio’s mobile home population.
- Require the Residential Property Disclosure on All Mobile Home Sales. This will require the population to put stress on its elected officials to make a change. A former client purchased a mobile home where the previous owners had very obviously just painted over several water and fungal-growth issues in the home. But because there was no formal documentation process on the property the buyer has no recourse.
I don’t want – nor do I believe – every person to own a home. However, the mobile home sector is a good way for some people to make the move from renting to owning especially in Delaware County where the average home sells for $225,000.
Something can change. And we – as a people – can do it through programs like Blog Action Day.