In our previous blog “An Affordable Alternative” we discussed several financial advantages to owning a mobile or manufactured home. The primary focus there was affordability of the building itself. As the year draws to a close it is time to take a closer the financial advantages including tax advantages available to San Diego County residents who own mobile homes.
Renters Tax Credit
Homeowners, within certain income limitations, who rent a space in a mobile home park may qualify for a California State Tax credit. More information can be found on The State of California’s Franchise Tax Board’s Website.
Homeowners & Renters Assistance
Certain Mobile Home owners over the age of 62, who are blind or disabled may qualify for additional annual assistance through The State of California’s Franchise Tax Board. Due to budget caps and state deficits this program is not always available.
Care Utility Assistance
Residents of master-meter mobile home parks may qualify annually for a 20% discount on their electric or gas bills through the California Alternate Rates for Energy Program (CARE).
Mobile Home Rehabilitation
Loans or grants are available to certain mobile home owners through the Department of Housing and Community Development’s CalHome program to make specific repairs to their homes. Although not all jurisdictions participate, the funds are handled by local government housing and non-profit agencies. Information about Mobile Home Rehab funding availability check with your city or county housing department, authority listed in the government pages of your phone directory.
There are certainly other tax benefits to owning your home, to take full advantage of these benefits you will be itemizing your deductions and we recommend finding help with your taxes should there be any question about what you can and cannot deduct! That being said here is a cursory look at some expenses you may be able to deduct from your taxes:
*First Time buyers credit
Whats NOT deductible? Insurance, PMI is not a write off if you didn’t have the full 20% down at the time you purchased your mobile home. HOA and Community Dues, additional principle payments, depreciation of your home, closing costs and costs of local assessments are all off the table too.
There are several other financial advantages beyond tax and community credits when you purchase a mobile home.
Lower Property Maintenance Costs
Mobile home owners generally have smaller yards with little to no property to maintain. With smaller yards come smaller maintenance costs. Many HOA’s even cover some, if not all yard maintenance costs.
Lower Insurance Premiums
The cost of renters insurance in an apartment is higher than most premiums for homeowners insurance for those who own mobile homes. Mobile home parks generally have a significantly lower turnover rate than apartment buildings, making them safer. Additionally they are separate dwellings, making them less prone to fire and water damage should something happen to a neighbor’s home.
Interested in knowing more about the financial advantages of owning your own mobile home in San Diego California? Contact one of our friendly Mobile Home Connection Agents today!