What are the benefits and downfalls of buying a modular home?
Modular Home Questions August 15th, 2009We could not afford a mortgage any higher than 0,000. The home I am looking at is ,000. Home is in a park and has a 0 lot rent per month. It was built in 1998. We haven’t looked at it closely, but for the purpose of getting opinions, we’ll say it is in good condition. Could you please give your personal experiences or opinions on purchasing a modular home in a park?
August 15th, 2009 at 12:58 pm
If it is all you can afford, and you don’t have any hope of being able to afford a house in the near future, then go for it.
Based on my experience of having owned a couple of Trailer Houses:
The down side is you don’t own the lot. If the owners decide to close down or sell to a developer, you will have to move your home or loose it. Plan on a rent increase each year.
The other down side is resale value. As you have found, Trailer Houses don’t have the resale value of site built houses.
The final down side is everything is flimsy. Plan on lots of repairs and when you make the repair, upgrade with conventional house grade materials.
August 15th, 2009 at 12:58 pm
Don’t it will be a pile in 10 years. Buy a small starter home or a fixer upper, it will be worth more not less in 5 years. I know chicks like ‘new’ but stay away from the tin can
August 15th, 2009 at 12:58 pm
Stay out of a park. You are still paying rent and will be at the mercy of the park owner. Find something that you will own entirely