Canada has one of the most diverse populations in the world with more than 250,000 people migrating into its borders each year. The government has a yearly plan for the number of persons to be allowed into the country and most of these are skilled workers or students who may not have much money while they establish themselves. As a result of this, housing and the ability to afford it are important concerns for those who enter the country with the intention to stay.
With the Ontario province seeing the majority of the immigrants per year (approximately 42 percent), this presents a unique opportunity to enterprising landowners to create low income housing for immigrants using manufactured houses. This could provide a competitive alternative to renting regular houses or leasing land in a mobile home park.
Faster profits than built-on-site buildings
The minimum cost to build a house in Ontario is estimated to be between $80 and $200 per square foot depending on the size and type of construction. This is a base cost without the additional consideration of such things as labor, permits or even landscaping. Using a manufactured house can reduce your costs by as much as and the construction time by about 25 to 30 percent. This translates to faster turnaround time for getting rental income as well as profits which can be as high as 20 to 100 percent of your investment annually.
Other advantages to using manufactured homes is that there is less likelihood of loss of material from theft or damage at the construction site and there is no possibility of your project being delayed by the weather as the majority of the assembly is done in a factory setting.
Similar but not the same
Providing your own manufactured mobile homes would be different than operating a mobile park for persons who own their own mobile homes but may not have any land to accommodate it. Catering to immigrants means that they would not be in a financial position to afford a manufactured home of their own. They would certainly not yet be eligible for such considerations as a mortgage or home financing as they are still new in the country and would not yet have developed any some of credit rating.
Even though you would be expected to finance at least 80 percent of the maintenance of the houses and the land, the investment on this is still considered to be quite solid as the more income associated with the land and the homes there, the more market value these assets develop. To learn more, contact a company like Roca Modular Homes with any questions you have.