Here's the scenerio: Right now I rent with a small dog. The city I live in has no rent control and I just received a $500 rental increase. This makes my rent more than 60% of my monthly salary. I have a good job, it pays well and I am in the 2nd tax bracket (Canadian). Although I make good money, I cant buy a condo of any kind as they are well over $250 000 to start.
If I find another rental, I am subject to more rental increases, money down the drain and its difficult to find a place that accepts dogs. (my dog comes with me no matter what)
If I buy a mobile home that is attached to a site in a park, my mortgage and land rental combined would equal roughly the same as getting a new rental apartment. I am paying a mortgage, therefore the home is mine. I will never get a massive rental increase and my dog can live with me.
The downsides are: I can easily get a roomy with a rental but not a mobile. Mobiles parks are sketchy, and expensive to heat and what about resale?
2007-09-09 04:14:51 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
This is a toughie...and ultimately, only you can decide what works best for you. But I can at least tell you my situation and you can take from it what you will.....I was divorced 12 years ago, w/two small children ages 6 and 3. I could not afford a house, did not want to rent (money down the drain), so I bought a mobile home already set up in a park. I am still living in this mobile...my kids are 18 and 15 now! I pay less than $200 mortgage on the mobie...now the lot rent has increased some over the years, but not to the point that I consider "out of hand". Advantages of mobile home living: you own the home; if you buy one that is fairly new and has been well-kept, they are not hard to keep up...I'm still single and have managed to do so. I recommend getting one with vinyl siding and shingled roof. Like a house, that shingled roof should last you 15-20 years. By the way, I used to sell mobile homes and the newer ones are well built and well insulated, have good windows and doors. I don't find my mobile hard to heat (or cool, I have central air). My home is all electric and I pay a budget every month to the electric company.
Like any home, you will want to insure it. Not all parks are sketchy. The park I am in has its "characters", but luckily I don't live near any of them. I have a nice culdesac lot and know my surrounding neighbors well. Just like any home, shop around, check out the neighborhood and its residents.
As for resale value, it depends on location and condition. If the mobie is in a good park and has been kept up nice, it shouldn't be too difficult to sell. Young families and retirees are good canidates for you.
In my park, there is no sub-letting allowed...ie: I can't buy a house and rent out my mobile. But I don't believe there's anything stopping me from acquiring a roomate if I wanted one. If you were to find a mobile with 2 bedrms and 2 baths, why not? My mobile is a 14x76, has 3 bedrms and 2 baths. Remember, I am living with 2 teens, but we're not on top of each other.
There are some disadvantages: when I think of all the lot rent I've paid over the years I cringe...I could've purchased a small house, maybe. That may be something you'll want to take into consideration...But at the time, I did what I could afford to do. And honestly, I haven't regretted my decision, as I've been happy here. My home will be paid for in a few years. That's nice to know, if I decide to sell it afterward.
Good luck to you...hope I've given you some insight and things to consider.
2007-09-09 05:06:16 · answer #1 · answered by howzie 2 · 1⤊ 1⤋
I'd buy the mobile for now.. There are some very, very nice parks (at least where I live). You wouldn't buy in a slum park anyway right? You can live in it and have the equity you're building working for you towards the purchase of a foundation home. Renting adds up to zero over the same period of time. Even if it depreciates a little, some equity is better than none at all. It will be much easier to get financing if you already have a mortgage. When you do decide to upsize, you can rent out the mobile as a mortgage helper. Later you can sell the mobile or keep it as a retirement option. If your housing market is that tight the mobile will probably hold it's value for some time and they are easy to sell in the seniors or "new home buyers" markets as well for those who are downsizing. Always better to own than rent....good luck
2007-09-09 04:24:11 · answer #2 · answered by YOU GOTTA MOVE TO IMPROVE! 6 · 1⤊ 0⤋
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2016-07-19 06:59:31 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Before you buy, really check out the park. It is difficult and expensive to relocate a mobile home. Make sure the park has well maintained facilities and reasonable rules.
Having your home on someone else's property will always be a problem. Could you buy a piece of land and put a mobile home on it? Then you own the land and the home.
2007-09-09 04:55:08 · answer #4 · answered by bdancer222 7 · 1⤊ 0⤋
Buy a mobile home at least you will own it renting is just throwing money away on something you will never own
2007-09-09 04:28:34 · answer #5 · answered by Adam B 3 · 1⤊ 1⤋
Neither one sounds palatable to me. Mobile homes depreciate, not appreciate. Most that live in those parks don't really take care of their property, it's just not a place I would put my dog to live. On the other hand, you do have a point in the rent increases. So as it see it you have a couple of other options; #1 look for a single family house to rent with lease. #2 How about working with a Realtor to find a place that is in foreclosure, but in good condition or only needs minor repairs and buy that?
2007-09-09 04:24:07 · answer #6 · answered by Anonymous · 0⤊ 4⤋
Mobile homes go down in value. they do not appreciate, the rents for the parks go up. Re-selling them is hard. Why not buy a home?
2007-09-09 05:47:29 · answer #7 · answered by Beatrice C 6 · 0⤊ 5⤋
if you decide on a manufactured house, do not buy in a park, buy one with it's own land, this way the house will appetite in value along with the land.
2007-09-09 05:19:30 · answer #8 · answered by lynda d 2 · 0⤊ 2⤋
You raise some good points in your question.
2016-08-24 15:11:22 · answer #9 · answered by Anonymous · 0⤊ 0⤋