I already know the bad thing is the value drops low very fast!! Any other good or bad things about them, go ahead and tell me!! I might want to buy one!!
2007-08-02 02:49:04 · 12 answers · asked by bljstylist 2 in Business & Finance ➔ Renting & Real Estate
During my life, I lived in mobile homes twice. The experience was not bad, but I would not want to live in one forever. Regardless of size, they are still limited in the amount of room available, particularly storage area.
Yes, the value does drop fast (like buying a car, it loses a lot of value the minute you take it off the lot), but if it enables you to be a home owner and lets you live in a better situation, I think it is worth doing.
If your choice is an apartment or a mobile home, I would choose the mobile home every time.
One thing that is both good and bad is that usually, unless you own your own land, you will have lots of neighbors nearby. If that is good or bad depends on both you and them. At times our neighbors were very nice and helpful, but at other times we wished for a little more privacy. Sort of like family, you may love them, but you don't want them around 24/7.
To see if you might enjoy it, maybe you could visit a friend or relative who lives in one for about a week. That would help a little.
I hope you make the right decision for yourself. Good luck.
2007-08-02 03:03:47 · answer #1 · answered by ghouly05 7 · 0⤊ 0⤋
Mobile homes are very hard to re-sell they sit on the market forever. In this market, if you can afford it I'd look at buying a home instead.
If you buy a mobile home in a park, here is the downside:
1) You will have to pay space rent in addition to the loan payment (if you financed the purchase).
2) Your utility bills tend to be higher (gas & electric).
3) You can hear your neighbors next door (not much privacy).
If you buy a mobile home on private land:
1) It's hard to refinance these properties because the appraiser has a hard time finding comparable properties.
2) They will sit on the market, you might not be able to sell it your stuck. The value continues to decline rapidly.
3) Lenders won't loan you money on anything built before 1970.
2007-08-02 03:44:12 · answer #2 · answered by Martini Babee 4 · 0⤊ 1⤋
God tends to aim tornadoes at them.
No, Seriously, in my area, the price is very misleading.
Since it almost never comes with land, you also have to purchase land, or rent a spot for it.
By the time you add in the cost of the land, and the cost of moving and setting it up, it is far too often cheaper to just buy a regular house.
I have seen mobile home lots go up in rent 10% per year. The owners were locked into a lease where they had to find a replacement renter to get out. They were stuck. Imagine paying $600 a month mortage on a mobile home and $800 a month rent on 1/10 acre for a mobile home spot.
2007-08-02 03:03:46 · answer #3 · answered by Feeling Mutual 7 · 0⤊ 1⤋
Hi,
You are right. The values of mobile homes drop considerably over a period of time. But, still it's not a bad in investment point of view as real estate is the hot area now. You can visit http://www.monetaryguru.com for some useful info on buying cheap mobile homes that come for foreclosures. Good luck!
2007-08-02 03:13:35 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Besides depreciating, it is not an investment in real property. The mobile home will have to be registered and licensed with the Dept of Motor Vehicles and have tags just like a vehicle.
There is no foundation for the mobile home to be attached to.
Insurance is high on something that can be taken away by mother nature.
The land it sits on is rental property not owned by you.
Buy a Condo instead!
2007-08-02 03:09:06 · answer #5 · answered by Anonymous · 0⤊ 1⤋
All of the answers I've read so far assume that all mobile homes are cheap and shoddily made. Not true. RULE ONE: Buy high quality and be prepared to pay for it. RULE TWO: Do not rent space; buy land. RULE THREE: Put the home on a foundation (yes, it can be done). The land appreciation will more than make up for any minor depreciation of a high quality home.
2007-08-02 03:41:43 · answer #6 · answered by CLD 3 · 0⤊ 1⤋
Much like buying a car. The value drops the moment you purchase it, and continues to drop thereafter. They're built to minimum quality standards, with inexpensive windows, cabinets, doors, and so on. They provide acceptable housing, but that's about it. As an investment, they downright suck.
2007-08-02 03:20:53 · answer #7 · answered by acermill 7 · 0⤊ 1⤋
Unless you or someone you know is very handy with home repairs do not buy a mobile home. You will have to tar the roof every year. it is very common for the roof to leak and Make sure the pipes are not leaking also very common. Make sure there is heat tape around the pipes. And that there is skirting all around the trailer to protect the pipes.
2007-08-02 03:01:16 · answer #8 · answered by shootingstars957 5 · 0⤊ 2⤋
i bought mine 7 1/2 years ago i now wish i had a house. you will lose money if you try to sell later.but if it's all you can get it works.. if you have kids or many people going to live there it wont hold up very well... my floors and roof have 20 year waranty 2000 fleetwood dbl wide over 2000 sq ft. the faucets are cheap other wise we havent had any real problems.
2007-08-02 03:21:02 · answer #9 · answered by catgina 2 · 0⤊ 1⤋
If they are in a park the rent can go up, the owner can decided to make a parking lot or something. If your mobile is old you may not find a place to move it.
2007-08-02 02:58:34 · answer #10 · answered by shipwreck 7 · 0⤊ 1⤋