Rent or own??

Question

would you rather rent a 900sq ft home or own a 400sq ft trailer?? The rent on the house is $550 the cost of the trailer is $6,000 payments of $375 a month for a year with lot rent of $295 a total of $670 but in a year you own something

Answer 1

rent a house. better, own a house. thing about a trailer, that lot rate is able to go up and up and up as high as the owners of the lot want--and you could end up paying a lot for the lot, even tho you own the trailer. buy the land and put the trailer, that's another option.

Answer 2

Can you live in a 400 square foot trailer? Before committing, I'd see if you can rent one for a week and see if you go stir crazy - BTW, you might own something, but at the end of the year if you want to move, you're not going to be able to sell that trailer easily - and you're stuck with $295 rent forever on the lot.

Answer 3

Hello,
First of all define how much money you can spend a month realistically toward your housing! Then look to rent a house bigger than 900sq ft. Pay on time with checks from you checking account and in one year time you will be able to qualify for a loan to purchase a house. Depending on what state you are in you can probably do a lease purchase of a home. A lease purchase is a rental agreement for a certain period of time and allows you to purchase the home at the end of the set period of time. For example you are renting a home for about 900-1000 per month(about 1200 sq ft) between 50-100 is taken out per month to apply toward your purchase/closing costs. A year later with on time payments you will qualify for a loan to purchase the house from that particular seller! Definately rent a house instead of the trailer it is to small and if a major hurricane/tornado,or anything force of nature will destroy that trailer period. I hope that I helpful.

Answer 4

I'd rather buy a home, and would look into buying the 900 sq.ft. house, or even a smaller one, but definitely buy a house.

1. Houses tend to appreciate, even in slowish markets.

2. Payment of interest is tax deductible. An interest only loan is better option if you sell or refinance within 7 years (3/27 arm; 5/25 arm; 7/23 arm).

3. If you sell after 2nd year of living in it, you keep all the profit; is not taxable (you get to keep all of it and none for Uncle Sam).

4. A mortgage paid on time strengthens your Credit History.

Need more info? contact me [e-mail]

Answer 5

Weigh your objectives here. Will you be happy with a 400 sf trailer? Is either abode just a stepping stone to owning a condo, townhome or detached sfd? Trailers generally don't appreciate in value unless they are situated on a resort type lot. You're renting a lot and you will have to insure the trailer and pay taxes on it. My guess is that you'll spend $750 / mo. plus maint. and repairs. My call is to rent the 900 sf home and save $$ for a small stick-built home or condo. JB

Answer 6

rent a house. Who wants to live in a trailer? 400 sq ft is going to get cramped

Answer 7

depends on your needs and your time horizon. In the short-term, renting might make more sense, however in the long-run, it might not.