5 Reasons You Should Retire Like Barbara Corcoran and Live in a Mobile Home
Real estate mogul and financial expert Barbara Corcoran surprised many people when she revealed in a TikTok video posted by Caleb Simpson that she lived in a mobile home.
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“It’s called a double-wide,” Corcoran said about the two-and-a-half-bedroom, two-bathroom trailer that has a view of the Pacific. “Here’s my Taj Mahal.”
In addition to the $800,000 she paid for it, she also invested $150,000 more for renovations. The “Shark Tank” star said she likes the “compact space,” as opposed to having a $20 million estate in the same area.
“It’s living small. I always feel like it’s almost living large,” Corcoran told the New York Post. “I mean, I feel like I use every inch of the space. Well, everything I need is right there.”
Corcoran is not alone in her inclination to live in a mobile home. As “In The Know” reported, many young TikTokers are normalizing living in them, showcasing their upgrades in video posts. So, what are the benefits to living in a mobile home?
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Affordability
Inflation, soaring rates and high prices have left many American homebuyers on the sidelines. For instance, the median sale price of a home in the U.S. stands at $358,967, according to Zillow.
In comparison, the median price for a double-wide mobile home is $120,000 to $160,000; and $200,000 to $300,000, for a triple-wide home, according to Home Guide.
Plus, if you want to live somewhere expensive, this might be the way to go, as noted by Apartment Therapy.
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Senior Living
For retirees living on fixed incomes who want to downsize, this option might also be a great fit. Since they’re so affordable, they are cropping up all over as independent living communities for seniors.
“Since the communities are designed with seniors in mind, they include a variety of safety features already built in, such as walk-in showers, flat thresholds and hand railings,” Apartments reported.
In addition, the communities are often gated, and some have onsite security.
Luxurious Living Space
In addition to better affordability, another advantage of living in mobile homes is that they are easily upgradable. With swanky front porches, luxury bathrooms and high-end kitchens, they can easily become dream homes.
Amenities
Some mobile home communities also boast amenities such as a swimming pool, tennis courts, basketball court and playgrounds, which can keep seniors — and their grandkids — moving.
Financing and Land Requirements
Not all things about mobile home living are a delight. It’s important to note that living in a mobile home also requires renting the land you place it on.
According to “In The Know,” “Land rentals can vary, but nationwide, they average around $400 a month, which may or may not include utilities, such as water, electricity and trash pickup.”
Because mobile homes are considered personal property, they do not qualify for a traditional mortgage. What’s available also depends on the style of the home itself.
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This article originally appeared on GOBankingRates.com: 5 Reasons You Should Retire Like Barbara Corcoran and Live in a Mobile Home
