For years my husband and myself want to have a vacation home by the ocean, whether it be in North Carolina or South Carolina.
My co-worker has a trailer, mobile home, in a resort, camping groud, in SC. Some of these are permanent on a site which you pay a lease on, but buy the actual structure.
I got a list of the trailers that are for sale, and they seem so cheap! Sleeps 8, for $49K??? Some of these are real nice too!
But what is the resale value of these properties? Are they easy to get rid of them when you want to sell?
I would assume that insurance is high, along with flood insurance.
Any feedback will be greatly appreciated. Oh, any suggestions on other areas would be great too! Looking not to spend a whole lot. Even a fixer upper would be fine.
2007-05-15 08:42:04 · 4 answers · asked by Mom of 2 great boys 7 in Business & Finance ➔ Renting & Real Estate
It is VERY hard to get a loan for a mobile home. Unless you have perfect credit and a huge down payment, most banks won't even touch it. The reason for this is the resale value on them is practically nil. I'm not too familiar with the "resort" type properties, but for typical mobile homes, when you're purchasing a used property, you're virtually paying for just the land, and since you wouldn't own the land in this case, I'm not so sure that 49k is such a good deal. Much cheaper than a house, but I think you'd probably have a hard time selling it. As I said I'm not an expert, but I would look into how long some the trailers that are for sale have been on the market to give you an idea of how long it takes to sell them.
2007-05-15 08:54:11 · answer #1 · answered by tm 3 · 0⤊ 0⤋
I live on the coast of SC (Beaufort) and I can't imagine anywhere in our area where you would get a price like that on the water period. In our area there are now many areas where trailers cannot be brought in, because of the possibilty of hurricanes. Resale value on a trailer is very low unless it is on a foundation. Whatever you do, dont' buy sight unseen.
2007-05-15 08:51:35 · answer #2 · answered by caseofyou2003 3 · 0⤊ 0⤋
Resale will have to be on a cash basis. The vast majority of lenders wont finance on moblie homes - I dont know any who do. And, fyi, they typically dont have the greatest resale value.
2007-05-15 08:53:17 · answer #3 · answered by Daddy-o 5 · 0⤊ 0⤋
Trailer park = tornados and hurricanes....not a good idea.
No resale value.
2007-05-15 08:51:31 · answer #4 · answered by ♥Twinkle♥Toes 5 · 0⤊ 0⤋