Question: Attaching a mobile home to owned property - any advantages/disadvantages? I know someone who owns a double or triple-wide mobile home and the property it's sitting on.  She also purchased an adjacent lot.  I'm not familiar with all the terminology involved, but I'm trying to find out if there are any advantages/disadvantages to making a property "permanent" on the land.\n\nThis process involves setting a foundation of some sort and having it reevaluated (by an appraiser I assume.)  From there you go to the city and have it reclassified as a home vs. mobile home.\n\nThe one advantage I can think of is banks would be willing to lend home equity at better rates, treating it as a home vs. a mobile home.  Many banks won't give out home equity loans to mobile home owners, even if paid off.  Are there other advantages?\n\nThe disadvantage.  Higher taxes?  Would property taxes change somehow with this reclassification?  Would it help or hurt in any way (i.e. taxes) for her to combine the property and both lots into one large lot?

Answer: The process you are describing is called 'title elimination' or something similar.  In my state, mobile and manufactured homes are licensed just like trailers and cars, by the vehicle licensing department.  By eliminating the title, you are tying the ownership with the land which give lenders a much better lien.  Many lenders won't lend on mobile homes if the title has not been eliminated.  It can also be retitled later if needed.\n\nIt shouldn't have any affect on the value, but may help in obtaining better financing since the market has completely collapsed for mobile home lending.
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