I am trying to figure out what would be better option wise and price wise between a mobile home, purchasing a home and having a home built. I am looking for a round about price for these. I just want a single family 3-4 bed 1-3 bath. Also, it would be cool to have a basement, so 2-3 stories. And a yard. I am a first time home buyer, so all of this is really new to me. I am looking to find something within 2008. Thanks
2007-12-17 05:23:17 · 4 answers · asked by totalfun1562 1 in Business & Finance ➔ Renting & Real Estate
I Like existing homes because they are more predictable; you can choose a neighborhood that has matured and not in danger decline. New construction will depend on where you build it and how the area will change and mature. Mobile or manufactured often depreciate rapidly leaving you in the hole if you should need to sell. Check with a mortgage specialist for first time home buyer programs in your area. I may be a little biased but I believe you should find a good real estate agent to help you. They can guide you through specific issues related to your area. In my local market sellers are often willing to pay closing costs which could save a buyer thousands, but most new to the area buyers wouldn't know that.
2007-12-17 06:03:48 · answer #1 · answered by Anonymous · 0⤊ 0⤋
HEATHER, you are wrong. You don't need and shouldn't have to save up 20%. What is most important is that you can afford the monthly payment.
Your total monthly payment shouldn't be more then 25% of your gross income. Even if you put 20% down and you purchase more house then you can afford, you will be in trouble.
Mobile homes lose value. Building a home isn't cheap unless you do most/all the work.
I would purchase a resale in a GOOD area. LOCATION, LOCATION, LOCATION is the most important. A small home in a great location will increase in value more then a large home in a bad area.
2007-12-17 14:22:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Check out home prices where you want to live on realtor.com. Save up a 20% downpayment.
If you are set on multiple stories and a basement, obviously the manufactured home probably isn't the route to take. Building has its advantages, but there are a lot of headaches involved with that, you don't know who your neighbors will be, and your payment will go up quite a bit once property taxes catch up.
2007-12-17 13:31:16 · answer #3 · answered by HEATHER 6 · 0⤊ 0⤋
the manufactured home is cheaper. But, harder to finance
i am a mortgage banker in TN & KY
2007-12-17 13:27:59 · answer #4 · answered by golferwhoworks 7 · 0⤊ 0⤋