Today I went to the “tralor park” nearby where I live. I right divided rent. $700 the month. I am ill of throwing my income down the toilet as well as in to the little elses bank account. So, i know what each the single is starting to contend “trailor parks have been for white trash…” ” trailor parks have been nasty as well as dirty…” though this the single truley isn’t. The dual homes which I am debating in between demeanour similar to houses. (one is similar to the lovable nation cottage) Anyway. I am wondering if any the single has any experiance vital in the moble home. What should I demeanour for, what should I expect. I would adore to buy the residence (real estate) though they have been all to expensive. I can buy the moble home in income as well as it would be mine. So, not perplexing to be rude. though i do not need to listen to to put income down upon the residence etc…
Thanks for any recommendation or assistance we can give.
Thanks for all the advice. though i consider i am some-more confused right divided afterwards I was! I used to be the realtor, so i know all the in’s as well as out’s with genuine estate as well as morgage companies. I know I would usually be renting the land which the residence is on, though i would own the house. The male which i talked to currently told me which the direction 10 years ago was which they depreciated, though right divided they aren’t (as prolonged as they have been kept up) he pronounced they appreciate. I do not wish to chuck my income away, as well as the usually approach to do which is by shopping the genuine house. But i can’t get the loan for one. I do not work during the fast job, as well as can’t uncover them the fast income history. I’m only confused:(
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{ 7 comments… read them below or add one }
buy / rent
pay cash/ finance
it’s what fit your needs…….
would you own the plot of land or rent it – if you just buy the mobile home you’ve only bought a depreciating asset, not real estate
sometimes trailer park owners are ‘clever’ about how they describe stuff to you, check out the facts of the purchase agreement to see what you really are getting
You’re right, not all trailer parks equal white trash, and sure, not all trailer parks are dirty, filthy, nasty places to live. However all trailer/mobile homes depreciate in value (it is a constant, and will never change). Most trailer parks only allow you the option to lease a lot to place a trailer on it. This is the same as renting. You are loosing value in the trailer like you would in any car (except the classic cars, but no one that I know would ever look at a 25+ year old trailer and call it a “classic”), and you are only leasing the land, not owning it, so you are not getting value out of the land either, the trailer park owner is. If you were to go out and buy a sizable lot where you could temporarily place a mobile/trailer home on it, you would be doing OK, because at least you have the land. I would suggest that if you desire ownership, and the benefits which follow, at a lower price range, a condo would be much better investment, you may not achieve the same kind of appreciation you would on a single family residence/land ownership, but at least you are achieving some sort of appreciation and pride of ownership, and not just renting.
That is just something to let your brain chew on.
The issues with owning manufactured homes on rented spaces are that they don’t appreciate much (if any) and they are difficult to sell because financing is both very limited and high interest rate by comparison with actual real estate. Not to mention space rent.
As housing market continues to slump, if you don’t plan to delay your plan, please interview several and pick a good realtor or agent.
Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now).
Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.
Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn’t add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won’t appreciate.
Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check!
Good luck!
http://biz.yahoo.com/brn/060909/19463.html
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514
Yes, I owned one yrs ago. My first home in fact. The roof leaked and could never be repaired to not. I bought it new. The materials for construction are cheaper, and they attract tornadoes- just watch the news and everytime there is a tornado there is also a trailer park destroyed, somebody is injured, killed or missing. If you insist be sure to have it tied down, put on permanent foundation and skirted if necessary.
You did not want to hear this, but I feel you should.
A sticks and bricks home is a better investment, and if you have sufficient funds to pay cash for a mobile you can put a great deposit on a real home with managable payments. This home also appreciates in value, house trailers do not.
A house trailer also requires lot rental payments. That pushes the total cost upward to a real house cost. Better to have a real home. There are affordable homes in your area. Be patient and seek out a top agent, not the most popular but a good steady producer and they will do a good job for you. You’ll be amased at what is available that you can afford. If you have not owned a home in a long time you may also qualify for special treatment or interest rates. Sellers can also pay the closing and prepaid expenses. Again a great agent can address all that with you.
It sounds like to me you are doing your homework before you buy your mobile home. Very good plan.
Check with the local police dept regarding the trailer park/surrounding community. Burglary, car theft, assault, etc.. all these rates should be examined, especially if you will be living by yourself.
I personally like the part when you say, paying “cash” and it will be yours. There is something to be said for no monthly house payment. Would it be possible for you to start saving that payment each month?
Compare models of mobile homes by more than just their appearance. The exteriors are much more appealing, but a pretty front door won’t keep you warm if it doesn’t fit right.
Read your sales contract very carefully. What are the procedures if your home develops problems within 1 yr, 2 yrs, etc…? Think of this as a Buyer Beware situation so research carefully your model, know the law regarding consumer protection, and protect yourself afterwards.
Good luck….