Apartment or Trailer?

Question

Opinions please? I love my apartment. I'm paying $700/month. For that amount, I could purchase a trailer with a mortgage and own it in a little over 4 years. What would you do?

Answer 1

http://www.mytrailerpark.com/

So i would stay in the apparment.

Answer 2

I've lived in both and each has it's pros and cons. Apartments you aren't responsible for maintenence or yard work or anything really beyond the actual bills. But, you're blowing your money up the chimney, because you never build equity. Trailers are inexpensive if you refrain from getting that triple wide on 20 acres, and you build up equity, but unlike a site built home, they rarely appreciate in value because they're put together so cheaply. After 4 years, unless you take VERY good care of it, it's gonna be showing a lot of wear and tear. You can have all the upgrades, and have it put on a concrete block foundation, but by the time you do all that, you might as well buy a house for the same price. They're also difficult to insure and get tax breaks on as they're not really considered a permanent home.

A lot of people I've known, however, have purchased the trailer on a bit of land, with the intention of eventually building a home on the property. Obviously that won't work if you're looking at a trailer park or trailer division.

I left my $800 a month apartment 8 years ago and bought a ranch with a run down 1920s Craftsman style home on it for $350 a month payments, paid it off in 6 years. Might look into an older home in need of remodeling, sometimes you can get a really awesome deal, and that sort of home will appreciate with the remodling and time.

Answer 3

Is it like a new modular home that you could put on a permanent foundation? If so, then I would go with that. At least then you won't have to worry about someone else burning your home down. Also, paying rent is like putting your money through a shredder, especially that amount! I don't kow where you live, but my sister has a three bedroom, 7 room house she rents and only pays $450/month. Granted, she moved in almost eight years ago, but still..$700 for an apt seems pretty ridiculous. Plus, you could pay off the trailor in four years.. save up your money and buy a house, and rent the trailor..there's your house payment (or at least part)

Answer 4

Something to think about--your spending $700 a month and own NOTHING. If you purchase a trailer (key work- PURCHASE) then you are doing two things. Building your credit, and OWNING. Something you may want to consider if you purchase a trailer is putting a foundation under it-it then becomes REAL PROPERTY just like a house. So, this is certainly something for you to think about.

Answer 5

Depends on the area. Trailers are not happy places to stay in if there are a lot of hurricanes or tornados. Why not try a condo or townhouse. You can buy a condo and live there for a few years and later rent it out. That can get you started with investment property.

Answer 6

Trailer would be the way to go :O) It's like having a house and trailers these days are really nice inside. Plus you don't have to share walls with noisy neighbors. Double wides are very nice !!!

Answer 7

Apartment wasting money cant get nothing back a trailer live in it finish paying it you own it and you can sell it and try to get yourself a house

Answer 8

Apartment!

Answer 9

A trailer in the northeast (New England, New York, Pennsylvania, New Jersey) has never been a very good investment. It might be different in other areas.

Answer 10

apaartment. trailers offer no tax breaks and are a pain to get rid of. Save for a house.

Answer 11

continue to rent until you can afford a home, you will pay nearly as much for a trailer that will depreciate in value tremendously over time.