We will be buying a mobile home in iowa, cedar rapids vicinity in the summer of next year. Once we sell the house we currently own, pay off our van and pay the realtor we will be left with 27-42,000 depending on what our home goes for(based on comps selling prices) we expect it to be in the upper range as the lower priced ones all needed alot of work. With this we can buy a really nice one or we can buy say a 15,000 16x80 with 3 beds and replace carpeting, and still have plenty to put in savings that we could live on partially while we go to college and not work as many hours per week, we have three small children and are worried we will miss alot if we work and go to school to the extent we would otherwise need to, lot rent is 270 a month and includes water currently just our taxes and insurance and water run 260 a month and our interest is 350 or so, thus we would save alot but would we be better off with the newer double wide fancy one in 5 years for resale?
2007-10-10 12:50:14 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Since MHs depreciate, you are much better off with the $15,000 one, as most of the depreciation is out of it. Don't spend a bunch of money on special flooring, window treatments, decks and such, you'll never get the money back out of it.
Don't purchase the fancy DW. You'll get soaked when you try to resell.
Good luck in school!
2007-10-10 13:58:30 · answer #1 · answered by godged 7 · 0⤊ 0⤋
No, trailers are like cars they depreciate in value. They are a terrible move if you are thinking that you will make money on it. With 3 small children someone should work. That is not fair to them to have to suffer financially. Maybe one of you could go to school and one work, or go to school online, that is what I am doing, jobs look at a degree from an online school as a legitimate degree. Student loans do not accrue interest until you are done with school. I would really think about this before you moved from a house to a trailer. I don't know how things are where you are, but around here trailers are really looked down upon, not that this is right, but you don't want your kids to be teased at school etc
2007-10-10 20:04:37 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Mobile homes are always a tough sell. In your situation it might not really matter. You can expect to not see very much appreciation with either one. But I expect this is more of a money saving than a money making venture. The newer home will be more energy efficient and also less likely to need maintenance. 5 year of lot rent are going to run you $15,000.
2007-10-10 20:39:54 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Neither mobile homes nor double wide types appreciate in value to any extent. They mostly depreciate. If you only plan to stay in the area for five years, I'd seriously consider renting living accommodations.
2007-10-10 20:44:05 · answer #4 · answered by acermill 7 · 1⤊ 0⤋