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I am thinking of buying a mobile home.

Posted by on Jul. 2, 2013 at 6:58 PM
  • 25 Replies

 I just sold my condo in a not so nice area and thinking of buying a mobile home in a nicer area. Anyone own one?

by on Jul. 2, 2013 at 6:58 PM
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Replies (1-10):
LifeCafe42
by Nora on Jul. 2, 2013 at 10:12 PM
When I was buying I was advised not to because they don't appreciate in value you will never be able to sell for more than you paid
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quickbooksworm
by Bronze Member on Jul. 2, 2013 at 10:17 PM
I'm thinking about buying one too. I can pay cash for one with what I was going to use as a downpayment on a townhouse then I can finish school with no rent obligation.
luvemboth
by Member on Jul. 2, 2013 at 10:29 PM
We almost bought one, but ended up not going through with it for a few reasons:

They only depreciate in value. When you go to sell it, even if you made improvements, you will most likely loose money.

A lot of home lenders don't lend for mobile homes, so it'll be harder to find one.

The interest rate is typically higher for a mobile home. When we were looking, our interest rate would've been .9% for a regular house, but 4.5% for a mobile home.

Home owners ins. is more.

I know they're really tempting because they're so much less expensive, and that is a huge plus side, but in the long run, you'll loose money. If it means getting your kids out of a bad area tho, perhaps it's worth it.
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woodstock525
by on Jul. 2, 2013 at 10:48 PM

I owned a mobile home once.  In my state (and in alot of other states), the mobile home is taxed as personal property which basically means that you pay taxes on it that is not able to be deducted on your income tax form.  Like others stated the interest rates are much higher on mobile home loans as well.  And, by the time I paid my home loan and my lot rent, between the two I could have actually owned and been paying for my own home.

I also discovered the hard way that not all mobile home parks are the greatest.  The park I really wanted wouldn't take me because my credit rating wasn't up to their standards.  The park I got inot wasn't bad, but having visited there recently (I got rid of the home almost 10 years ago) the place has gone downhill fast...as have many others I've seen.  Lots of empty lots and abandoned trailers.  With the low interest rates, alot of people can buy homes cheaper and do so. 

Then, you have all kinds of rules...on how you can do your yard, size and number of pets, number of vehicles, size and condition of shed, whether you can trim any trees/bushes on your lot, etc...  And, if you're in a storm prone area, you are at much higher risk from a tornado in a mobile home community.

The house I had, I have to admit that mobile homes do a relatively nice job of maximizing the use of space and providing for decent storage and elbow room.  But, I don't think I'd own another one except maybe as part of a nice retirement community in Florida.  They are very, very difficult to resell...and often stay on the market for months or years.  I had to file bankruptcy after my divorce...had I not included the home in my bankruptcy, I never would have been able to get out from underneath the home.

easinpc
by Gold Member on Jul. 3, 2013 at 11:17 AM

I don't but here's a bump for you!  I'm kinda leary of them just because I live in Iowa and we tend to have a lot of bad weather with strong winds and tornados and they are not known for being the safest during that type of weather.

easinpc
by Gold Member on Jul. 3, 2013 at 11:17 AM

 I've also been told this.


Quoting LifeCafe42:

When I was buying I was advised not to because they don't appreciate in value you will never be able to sell for more than you paid


 

easinpc
by Gold Member on Jul. 3, 2013 at 11:18 AM

One thing you may want to watch with that is if you have to pay rent lot or not.   


Quoting quickbooksworm:

I'm thinking about buying one too. I can pay cash for one with what I was going to use as a downpayment on a townhouse then I can finish school with no rent obligation.


 

steviechick
by on Jul. 3, 2013 at 1:52 PM

You are much better off not investing in a mobile.  You will eventually waste your money.

kimscorner
by on Jul. 3, 2013 at 2:40 PM
1 mom liked this

I live in a mobile home.  Yeah, it isn't worth much, but at least it's mine.  It's paid in full, I only pay lot rent and I live in a great town.  It's a 3 bedroom 2 bath and you can't get an apartment for what I pay in lot rent!

You can get home owners insurance but it doesn't cover much.  I prefer my mobile home to an apartment or condo because at least I have my own yard and my own driveway.  

The only downside to a mobile home is having to leave for some place safer in severe weather, but fortunatly in the 5 years I've lived here I've only had to do that 3 or 4 times total.

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quickbooksworm
by Bronze Member on Jul. 3, 2013 at 3:15 PM
There is lot rent but it is way less than my apartment rent. If I bought a townhouse it would be the same as HOA fees in the area I'm looking.


Quoting easinpc:

One thing you may want to watch with that is if you have to pay rent lot or not.   




Quoting quickbooksworm:

I'm thinking about buying one too. I can pay cash for one with what I was going to use as a downpayment on a townhouse then I can finish school with no rent obligation.



 


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