First off, most the info I find says that manufactured homes are bad investments and they depreciate over time.
However, I don't know about my area specifically. Me and my significant other make a combined income of almost $120K a year where we live and unfortunately that's baerly enough to afford purchasing a one bedroom condo where we live. But we would still like to get out of renting and being at the mercy of a landlord to raise our rent whenever he feels like it.
So, i've been looking at manufactured homes in our area and they're considerably cheaper. I can get a 3-4bd manufactured for the price of that same one bd. condo. I figure a mortgage on a manufactured would give us a nice place to live while allowing us to build some type of equity in it without throwing money away on rent. Then if we can build enough equity and continue saving other money we can sell the home and upgrade into a nicer condo at some point.
Any thoughts on this? Thanks.
2007-05-23
11:47:23
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5 answers
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asked by
Anonymous
in
Business & Finance
➔ Renting & Real Estate
Some more details of what i'm looking at.
1BD condos start at $300K, good ones are $400K
2BD condos start at $500K, good ones are $650K
Houses start at about $750K.
2007-05-23
12:16:55 ·
update #1