Is it better to own a mobile home or Apartment?
Manufactured Homes May 3rd, 2010I’m ready to move out of my parents house, and I got money saved but I’m not sure if I want to buy a mobile home or rent an apartment. What are the pros and cons of both? I’m a single mom and I’m thinking the little lot with the mobile home at least my kid can play outside, on the other hand dont houses need more maintenance? Thanks.
I never really thought about Condos…. am I responsible for maintenance on a condo or no?
May 3rd, 2010 at 8:17 pm
Ignore the crazy spammed lady.
Mobile homes are rarely a good idea. It’s like buying a car. As soon as you get it, it starts to lose value. They can be hard to finance and are difficult to sell because you’re dealing with something that will not appreciate in value. I would assume that as difficult as mortgages have become to acquire, that it’s harder than before to even get a loan for such a place.
You either have to buy land for it or rent a spot in a trailer park. You would be 100% responsible for maintenance on something you own. Water heater goes out – your expense, AC not working – your expense, etc.
With an apt, those maintenance expenses are on someone else. I’ve never seen an apartment that had zero green space outside, and you can look for one close to a park.
If I were you, I’d get with a lender and find out if I could even get a loan, and if so, for what amount. Have them check you for both a manufactured and a standard home. If you can get a loan, consider what that amount will get you and then weigh your options. You might just find that renting IS your only option unless you have a decent down payment and stellar credit.
May 3rd, 2010 at 8:17 pm
I personally would go for an apartment, they seem to be safer (well depending on the area of course). The biggest con of an apartment is of course you have neighbors who may or may not be loud/obnoxious. But that’s true for a mobile home too. Find a nice apartment that has outdoor playgrounds for children.
May 3rd, 2010 at 8:17 pm
I would recommend renting an apartment unless you are handy with around the house type stuff. For example if your toilet backs up, or if the air conditioning leaks. Most apartment complexes have a playground for children. Or rent a house. Check out craigslist they have tons of stuff listed for all cities Just look around until you find something right for you.
May 3rd, 2010 at 8:17 pm
I know people who own mobile homes and they are quite comfortable in them. The newer ones are quite nice and roomy. If the mobile is sitting on your own land, you have to pay property tax. If you purchase a mobile which is yours but it is sitting in a mobile park where the land belongs to the owners, you might have rules as well but they are not as strict as in an apartment/condo homeowners association. Besides, the yearly taxes for the mobile itself are much less, since it is not considered real estate.
May 3rd, 2010 at 8:17 pm
I’m a mom to and I love having the back yard for the kids to play in and then some day if you want to get a pet you can
And some many kids fall from apartment s now adays it’s sad
you would also get more room and your oum landray room with a mobile home
May 3rd, 2010 at 8:17 pm
Let’s not limit ourselves before we done all our homework. Have you talk with lenders to see what you might qualify to purchase? If not, do that first. It’s possible you could afford a townhouse or condo and their saleability is better than a mobile home. As for an apartment, if you can afford to purchase, there are tax benefits to owning versus renting. Renting is just not wise unless you absolutely have to. Renting a mobile home would be ok. Selling a mobile home is not easy and I wouldn’t advise owning one.