Is It A Bad Idea To Buy A Mobile Home?
I саn't afford tο bυу a home whеrе I want tο live. I thіnk I mау hаνе a chance tο рυrсhаѕе a mobile home іn a park thаt іѕ іn a central location whеrе іt wіƖƖ bе okay tο ɡеt tο work аnԁ school. I worry аbουt nοt being аbƖе tο sell іt whеn I want tο mονе οn. Anу advice?
A mobile home is not a great investment, but it may be a perfect solution for you at this time in your life. You will own the home, but will still be renting the land it sits on. You want to be sure that the park is well run, and that there are no real problems there.
A good source for information about the park’s reputation for trouble is the police officer(s) who patrol that area, and the local fire / EMS department.
How long do you anticipate living there. If you are going to be there over a couple of years, you most likely will come out ahead by buying the home.
Look at the cost of the land rent, and the payments you will be making on the home. Compare that to what you are paying in rent now. Adjust the figures to take into account any differences in utilities that are included in your rent and the lot rent.
Understand that the mobile home may lose value, but in a good park, it will lose a whole lot less.
well, it’s not soo bad, BUT you have to make sure the park is in GREAT shape and well taken care of, and presentable! that’s the only way you’ll get a decent ammount of money when you sell it.
there are some mobile home parks which are really expensive, kind of luxury homes.
Dag nabbit, t’aint no shame in byin a tralor lessun you gotta suck up to a female supervisor to do it. Tarnation.
Like any investment, you may want to research the re-sell value first. This may also serve the purpose of understanding what’s a reasonable price to pay for a new mobile home -or- better yet find a great deal on a recently owned model.
In any case, just be prepared to pay higher rates for financing due to the common understanding that banks percieve mobile homes as a more risky piece of collateral than say an automobile or home.
Well i personally think no don’t cuz its not very safe. I mean tornados? Try an apartment 2 start out with then work and move up 2 a house.
mobile homes can be very nice,,i say go for it unless you live in or near tornadoe alley,,then i think not……
It is definitely something to think about. Trailers *are* hard to resell. The newer ones are built better, but they are still trailers. If it is a nice mobile in a nice area where you want to be, then I’m sure it is an option.
No one can tell you what to do, but are you *sure* you can’t afford a foundation house? Maybe if you expand your looking area it will bring more options?
How old is this mobile you’d like to get? If it’s anywhere close to 12 or 15 years old, ask the owners if they kept it up. Mobiles are great when they’re new, but have a depreciation value just like cars. If you (or they) kept it up the right way, there should be no problem selling it. I live in one, and this park sells any pretty fast if they’re in good condition. If not, they get trashed.
Become a landlord afterwards!
i say it is a bad idea to buy a mobile home… they devalue so quickly…and depending on where you live the heat might not be very well in the winter… however if you live where you get a lot of hurricanes or tornados, it might be a good idea
If you are not worried about selling it and the fact that it will deprecate in value every year, no buy it. It can be an inexpensive housing option. If you can afford it and any upkeep/repairs that may come along then you may want to do this.
It’s getting harder to finance Modular Homes, The value of Modular homes decrease in value unlike a stick built home which goes up in value. If you were to resale the Modular Home, the buyer will have a difficult time finding a loan. I suggest you look into foreclosures first and other options such as purchasing a Condo, You can use the money you have for a down payment. Ask for a loan for First Time Home Buyers, you might get a loan requiring no down payment.
THIS IS ALL YOU NEED TO KNOW. NO NO NO they suck for getting a loan on they suck for getting any equity and they suck for selling. Your way better off buying a condo even if you have to do a intrest only loan at first it will be better. Here is something. You buy a mobil home for $150,000 you sell it in two years for $170,000 maybe. You buy a condo for $230,000 you sell it for $310,000 homes do the best condos 2nd and mobil homes are in last. for checking out how much house you can buy go to http://www.ocrate.com he can do loans in all states also if you really want a mobile home he can do that as well. one more thing to buy a mobil home %25 down a condo or home No Money down if you want. Use that money to pay your mortgage.
moble homes are expensive too. but that is not a bad idea as long as you think the area is good, and you will be able to sell it, there is always someone looking for a new home or a starter home.
One thing to keep in mind is that it is very expensive to move a mobile home. So when you get ready to sell it, you will have to find a potential buyer who is willing to either live in a mobile home park or pay a lot to move it. Also, if it is a single-wide mobile home, remember that it will only depreciate in value over time and you won’t get much in the end.
Several things you must consider, how well have the exsisting mobile homes in the park sold in the past? What is the histirical return on investment in your area? It may be better to buy new versus used? Look into all of your financing options? First time buyer programs? Find out all you can about the area in which you’d like to purchase, once you’ve satisfied all your individual criteria you will have ample information to make an informed buying decision