I just got married we plan to buy a mobile home what are the advantages and disadvantages?
Manufactured Homes July 22nd, 2009I just got married we are planning to buy a mobile home since it’s very hard to buy a home now in this days we live in the bay area of california what are the good and bad things about buying a mobile home we are a first time buyer? What about pets are pets allowed in a mobile home park. Any advise thanks in advance
July 22nd, 2009 at 10:40 am
Mobile homes offer a lot of pros and cons. For price they can not be beat. They are also cheaper to maintain then a traditional home. However, unless you put them on your own land they will lose value every year that you own it, unlike a traditional home. As for pets, that is up to each park, some here in Pa. allow only small pets, nothing over 35 lbs, others no dogs at all, and others do not care but charge an additional fee for each pet. If you can buy a small piece of land to put the trailer on, have a full basement attached to it. The price is usually very cheap, under $20,000. but will double your living space and a lot of states will then re-title it as a rancher, no longer a trailer and the value of it will start to go up. There is a lot of very nice ones out there, good luck.
July 22nd, 2009 at 10:40 am
We purchased a mobile home about 6 yrs ago new and lived in it for 3 years. We went cheap. The mobile home new, on the lot, was $30k.
3 beds, 2 bath.
1. Don’t scimp on the flooring. I replaced the carpet and vinyl after 2 yrs.
2. The roof has to be asphalt shingle. Especially if you get snow. They put no gutters on the metal roof and the runoff channel is pathetic.
3. Phone outlets and cable. There were none. I had to put them in.
Good luck. I will never buy another trailer.
Oh yeah, after 3 yrs we sold it for $26k in Topeka Kansas.
July 22nd, 2009 at 10:40 am
I had a friend who bought a mobile home as their first home. They got a really high interest rate even with good credit, because the lending company does not consider a mobile home a stable home with a foundation, therefore making it a high risk loan.
P.S. don’t forget you may also have to pay rental fees at a mobile home park.
good luck
July 22nd, 2009 at 10:40 am
Advantage- Low move in cost/affordability
Disadvantage- trailer park stereotype
Advantage- Low maintenance
Disadvantage- fast depreciation.
Advantage- No yard maintenance
Disadvantage- No yard for a pet. Most parks allow small dogs and cat.
Disadvantage- Close proximity to neighbored.
Disadvantage- Limited parking for your cars
Disadvantage- Friends have to park in "VISITOR" parking area. How close are you to it?
Disadvantage- Stereotype. No matter how nice it is it is still a "trailer park"!!
Advantage- Loan interest is tax deductible
Disadvantage- High interest rates
July 22nd, 2009 at 10:40 am
Hi, I had a mobile home once, kept it for one week, then sold it and lost money. It was quite a bad experience for me. It was what we call a roulotte, or a caravan, here in Europe, I suppose it must be the same thing. I couldn’t have a good bath and I hate to bath in public bathrooms in the camping parks, I don’t knw who was there before me, maybe someone with diseases. Then I couldn’t have sex, because everybody around in the other caravans would hear, then I couldn’t prepare a decent breakfast in that minusculous kitchen, and to end up there were spiders everywhere. Use your money in a five stars hotel holyday, and go live with your parents or your in laws if they are nice. bye!
July 22nd, 2009 at 10:40 am
unless you buy your own lot to put it on (and then you need to get al the electrical and plumbing connections–a real hassle) you will likely be renting the lot on which it sits from a trailer park. in some cases the lot rent is higher than your mortagage on the trailer. it could be 500 dollars a month or more just for the lot rental, and thats money down the drain.
also the appreciation on trailer value is either very low or nil. you may end up being lucky just to get what you paid for it.
you will never make money in real estate if its mobile homes.
as an investment, they are not good
but as an affordable alternative to buying a regular house it may be the only way some people can afford to go. At least it will be your own home that you own and can do whatever you like to it.
just beware of those lot rental prices.
also keep in mind that the bank may not give you a good interest rate on a mobile home mortgage.
one advantage is that most if not all of the outdoor maintenance will be handled by the trailer park authority
as far as pets are concerned, each park has its own regulations, some are pet friendly and some arent. some allow only small pets.
as an investment in your future as newlyweds, i would encourage you to strive to buy a regular house. i know the down payment and mortgage approval is tough, but even in just a few years you will already have earned 10-25% increase in value.