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New mommy to baby Alexia! | If you had a choice whether to buy a mobile home or rent? which would you choose? |
people tell me that mobile homes are devaluated once you buy it, i know. I am currently in college and graduate next year, my husband is the only one working right now so we wouldnt afford a big house. In the other hand, i dont want to be renting for 3 more years because im losing money for nothing. so that's why i choose to buy a mobile home and then sell it later even though it will have less value. i wouldnt have nothing if renting so that's better. what do you think??? would you buy one or rent???
Additional Details
oh yea and i bought a land. so i can sell the house with the land later. |
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Landlord
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If you are buying the land too then this will likely be a wash for you, so it is OK.
If you are talking about a trailer in a park, then no, I would rather rent. You have to rent the park space anyway, and those things are hard to give away, let alone sell. |
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Marysue
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Let’s say you buy a trailer for $40,000 right now, and when you want to move in three years, it’s worth $10,000. If you want to sell it and you have a mortgage, you’ll have to come up with the difference between your remaining mortgage balance & the $10,000 sale, and that’s assuming a buyer can even get financing for your trailer. Many lenders shy away from them for the shear fact that they know these things don’t appreciate in value.
Or you can rent for 3 years. No, you won’t be building equity, but you also won’t have to come up with 10s of thousands of dollars in a few years to get away from your trailer. |
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Doctor Deth
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you can just sell the mobile home later and keep the land - the utility hookups would already be there, saving you money if you wanted to build on that land |
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anaise
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Just as you thought: mobile homes can have its advantages and definitely its disadvantages. But so can apartments.
Mobile homes do devaluate; plus its hard to get decent homeowners insurance because of this problem. Mobile homes are not as sturdy as an apartment building when severe weather hits such as heavy winds. I know, I lived in one as a kid. Plus, what do you do with it once you finally find a house? Or do you live in it forever? Mobile homes are not meant to be moved more than 3 times; they wear and tear fast.
An apartment: Once your lease is up, you can leave. You don't have to pay taxes, or insurance. You don't have to upkeep the space. No lawn work, no trash bill, no need to have a home depot credit card.
But, there are problems like noisy neighbors, or parking at the other end of the lot and having to walk a distance with grocery bags... in the rain. |
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H mom of 3
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Well, what I would do is hold on to the land, and rent for another year or two until you are able to actually build on the land. If you were to put a mobile home on that land, you would not get your money back that you put into it. So either hold onto the land and rent for awhile until you are able to build on your property. Or what you might think about doing is putting some rinky old mobile on the land, living in that while in school, and when you get out of school continuing to live in the mobile while you have a home built on your land. Then once the home is built on your land, you can donate the mobile or trash it, or sell it for what you can get out of it, but at that point, you have equity from the new home being built on your land, the land itself, and you won't be out anything but the cost of that rinky mobile home that got you to where you would be at that point. Then, if you wanted to you could sell that home, if you didn't want to live there any more and not lose any money. If you would not want to do that though, i would suggest renting for a few more years. |
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shamieya
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Depends on where you live, but if you can afford to buy a mobile home, you could probably afford to buy a small townhouse. I would get with a realtor that's looking to make some money and will work to find you a good deal on a property.
In my opinion, renting may be better if the rent is cheap and will allow you to save money, plus where are you renting? Is the rental a shorter commute? will the rental provide a better quality of life? If not, go with the mobile home, but search for one that's on some land that could appreciate in value. And I'm not sure which type, but either manufactured homes or modular homes do have potential to appreciate in value. |
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missbeans
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Stacy is right about the points she makes. The other thing you need to consider is that with owning YOU are responsible for any maintainace and repair work that needs done, and it is hard to insure a trailer against fire and flood damage, as they are usually completely destroyed in this sort of disaster. In the long run, you are still better off renting in this situation. |
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tjones7896@prodigy.net
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Rent because after you graduate, you won't want to live in a mobile home and they do lose value.
Try to look in the new paper for owned financed or bond for deed homes if you're looking for a good deal on a home. There are a lot of people out there that are trying to sell.
Real estate prices might not settle for a couple of years, so renting isn't so bad. If you buy anything right now, it might lose value.
My advice is; continue to rent.
GOOD LUCK!!! |
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nojam75
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Buying a mobile home is only worth it if you own the land the mobile sits on (either directly or through an HOA). If you don't own the land, then you're still a renter who happens to have a house on wheels that is probably not worth moving.
Also, three years is a relatively short time in homeownership time span. You may be stuck either selling at a loss or remaining in mobile home if you want to buy a real home after three years or relocate for a job. |
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chante
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You also have the benefit of not sharing a wall with neighbors, that is also a bonus. It's true about the value, they say it's more like owning a vehicle than a home. The benefit of home ownership is in the land not the house. |
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silverladyfoxx
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If you have the land, I would say buy the house...even though it will depreciate in value. Here are my reasons why:
1) You won't be sharing walls with neighbors.
2) Even though mobile homes depreciate at a greater percentage, foundation homes also depreciate.
3) Right now is a perfect time for buying a house--at least in most places.
4) You could always sell the house later, and keep the land to build on--or you could sell them together.
5) You will build equity if you have a mortgage.
Another thing to think about is the market for buying and selling a mobile home in your area. Some places that I have lived, mobile homes are not real popular, but I currently live in a place in which mobile homes are just as accepted as foundation homes. |
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Ross
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If you buy it and the land it would be something to think about, you could build on the land later. Even if it is in a park were you are paying rent on the space you can still write the interest on the loan off. Your mobile will still retain some value after 3 years.
Stacy does make a good point about it depreciating faster than you can pay it off, that is something to think about.
EDIT If it is on a permanent foundation with no wheels than it will be considered real property BUT it is still a mobile home on a metal frame with a vin# and built to HUD standards. It will still loose value. |
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stergre1975
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I would definitely rent. Buying a mobile home and trying to sell it is very difficult because of the decrease in value.
When it comes to mobile homes, the structures actually have vehicle titles and VIN numbers, the same as automobiles and campers. They are usually built in one or two pieces, with most finishing and mechanical work done at the factory, and are hauled to the site as trailers on their own frame. |
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Shay
 |
I would surely rent especially since you would not stay in the mobile home for the next 30 years. Before my husband & I purchased our home, we lived in an apartment for 3 years and we have no regrets. During those 3 years, we were able to get our credit straight & pay off other bills before we went to the bank to apply for a mortgage. We could have gotten a mobile home before the 3 years but after talking to a good friend (who is a realtor) who schooled us on the disadvantages of purchasing a mobile home, we decided that a mobile home wasn't for us. If you have your own land, consider building a home there instead of putting a mobile home. Trust me, I so understand what you are going through because I really wanted to get out of the apartment we were living in. But I am glad that we did not jump too fast and make a decision we would later regret. Below is some information that I received from a realtor in reference to buying a mobile home.
____________________________
Legal Status.
Mobile homes are generally considered "personal property." That means that, because they can be easily relocated, they are not "tied" to the land they are on, and, therefore, do not enhance the value of the property. This can cause financing difficulties when a manufactured home is sold on its own property.
Value.
Because they are not real property, and because they tend to break down fairly quickly, mobile homes usually do not increase in value the way other homes do. Indeed, after a few years, they tend to begin dropping in value, especially if they are not meticulously cared for, and if other improvements (such as a garage, landscaping, etc.) are not made to the property. It's not uncommon to see a mobile home's value drop well below the balance on the mortgage, which makes selling the home difficult. Local appraisers to whom I've spoken judge manufactured homes much differently than other homes. Many banks won't finance mobile homes after they've reached a certain age (often 20 years).
Many misleading claims are being made in the marketing of mobile homes. They are not as well built as conventional homes, they do not carry long-term value, and they are difficult to sell. This makes them bad investments. |
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