So I Want To Buy A Trailer (mobile Home?) Dont Know The First Thing. Help?
I'm looking іntο buying a mobile home іn thе warwick / west warwick area іn RI. Thіѕ wіƖƖ bе thе first рƖасе I mονе іntο аƖƖ οn mу οwn аnԁ I'm nοt sure hοw tο ɡο аbουt doing ѕο οr whеrе tο even look fοr whаt іѕ available. I've looked іntο apartments bυt I feel Ɩіkе 7-800 a month іѕ tοο much money tο dump аnԁ never see again, I want something I саn sell later. I don't know hοw mortgage fοr thеѕе homes work οr hοw much іt wουƖԁ bе, etc etc. I hаνе nobody I саn room wіth ѕο іt needs tο bе аѕ cheap аѕ possible. washer, dryer, аnԁ running water wіƖƖ ԁο іt fοr mе. I don't need anything luxery, ac, heat, whatever i dont need іt, im a trooper. Whаt ԁο уου suggest?
I suggest NOT buying a mobile home. They are becoming extermely hard to finance because they never go up in value. The only way it would ever be a remotely ok idea, is if the mobile home is located on a large lot, where you are basically paying the cost of the lot because the mobile home is in bad shape (but able to be fixed at a minimal cost in your case).
Please do not buy a mobile home. When you are ready to sell again, you will have an even harder time selling it than you would imagine. If getting a loan for one right now is so tough, then I can’t imagine what it will be like in the future. It is pretty common that people buying mobile homes are cash poor, so you have already cut out cash buyers.
Buy an apartment or a condo. There has to be one, even a studio that you could live in until you are ready for a larger payment, you resale value will be so much better, it will much much less stress and you will be happy you did it. If you simply can’t afford anything but a mobile home now, just rent. In your case, there is no reason to buy something when it’s not worth it. It’s like paying $15k for a pinto, the car will get you where you need to go, but if you ever want to sell it, good luck. Find a real estate agent. They should be free to work with as a buyer and they can help you locate affordable properties that will sell better in the long run.
Don’t buy a mobile home unless you plan on living in it for the rest of your life
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A mobile home will actually depreciate in value. So you will be paying interest on something that is going down in value. You might as well buy a nice car and live in it, it will do the same thing. You should live in an apartment since your lease will be for a short amount of time and you have options, such as saving for a downpayment on a house. When you finnaly pay off the loan you will not have much left to sell.