It is not a matter of age-------- You cannot buy a good, new mobile home for two for $21K. And don't forget the monthly "lot rental" or whatever they call it in your area. Add another $100//700 per month! Rental homes do NOT increases in value, they decrease as they wear out: you do NOT own the land: you pay a fee for any changes or movement. Lately, $21K will barely make a decent down payment on a home with its closing costs.
In the most recent data from the Census Bureau's Manufactured Housing Survey (MHS), the average sales price nationwide for a new manufactured home in February 2020 was $55,600 for a single-wide and $107,500 for a double-wide. The prices paid varied significantly by region, with averages a little lower in the South and a few thousand higher in the West. Regionally, the lowest average price was $54,000 for a new single-wide in the Northeast and $92,800 for a new double-wide in the Midwest. ref cost helper. com.
There are places in the midwest (Iowa, Nebraska, Kansas) that will give you a plot of land with the understanding that you will build a house on it within XX number of months. You can get a "manufactured home" built on that plot. That or a small cottage home that needs a little TLC would be preferable to buying a depreciating asset rather than investing in appreciating property! Good luck.
Not a fan… relatives lived in them but do they go up in value… I don’t think so… and hookup and land frees. See if you can find a condo or small home maybe one to fix up and build value… best area you can afford.
Might be good loan programs out there for you and mom. Also make dang sure you got money as backup in case job changes.
People forget how tough it is getting started in life… it’s damn expensive for young people and if parents didn’t pass in resources takes time to climb up to middle class. Wish you luck!
I say go for it! It would be a nice cozy place for your Mom to spend her senior years. If she gets a social security check each month, that could cover the property rental fee each month. I don't know where you live now, but you could find some beautiful land in South East Tennessee. It's beautiful there, and cheaper. Knoxville TN are is a very nice place to live. Good luck with your adventure. I wish you were my son and offered to take me in. That's very gracious of you!
Depends. Do you have your own land to put it on? Otherwise they can keep raising your rent in a trailer park much as they can raise apartment rents. That is the only way it pays to buy one over renting. Plus you have to pay for upkeep and taxes on it.
I've never lived in one, but I DID drive a school bus route that passed through one. They tend to be VERY densely packed, and I imagine parking is a pain (I know for a fact that driving a bus through one sucks, big time), but if you can handle that, and not having much if anything of a yard, they can be VERY cheap; some of those people were paying less in rent for the whole unit than I was just to rent one room.
They have a bad reputation, but I don't see what they've done to earn it, aside from being small and tightly packed. Do your research into what the details are, and what else is available in your area; if it fits your lifestyle, go for it.
Some mobile homes are pretty nice inside. However, they will not be as good an investment as a house. You still have to rent the land you put it on and when you sell it you may not recoup all your money. 'However you can deduct mortgage interest on your taxes.
Before buying a mobile home, have you ever thought about buying a house instead? That $21,000 you have saved up could be used as a down payment on a house. If you find a realtor, they can help you find a house that you can afford along with a bank giving you a loan for a house. First time buyers get good deals. Try that out. If there’s nothing you can find, then a mobile house. But don’t rush buying anything yet, do some research & get some information first before buying anything
I would say it's not a bad idea, depends on the lot or land you put it on. Just know you will probably never get the resale value out of it... but it could be cheaper than paying rent for 10 years to someone else. The depreciate faster and will not last as long as a house... but depending on the rental market it can be a cost saving thing... but in 20 years you will probably need to replace it, or rent it and get another one for yourself to live in.
BIG CATION on this! First most have space rental fees that may also have HOA fees and other fees. Some cities require you to register it like a car. All have poor insulation and require high maintenance. You may have taxes if you own it. You may have high insurance. IF it all pans out and saves you money or improves your life then DO IT!
Trailers CAN be cost effective, but you need to look at all the factors. Pad rent and other fees, park rules, contracts, etc are all things to consider. 21 grand is a good down payment for most areas of the US, provided you have good credit and work history most places will do 5-10% down
i been debating about doing this myself but the problem is as everyone else already said is the land fees will cost you each month. then you got utilities and phone to consider and transportation. and if you try to use that 21k to buy a piece of land it will be in a poor location or out in the desert somewhere. 21k isn't nearly enough. a good and decent mobile home will run you about 100k easy and if you buy the land to avoid any land renting it will cost 20k and up easy then you'll have to deal with surveying the land for pipes to be installed and electric hookups and water septic/sewer heating gas or oil. the only way around this is to buy a piece of land get either a mobile home or an rv and a generator to get electricity and propane tanks but even then stuff like that will cost you more then 21k if you go through with this you'll need a mobile home mortgage
You might as well, at this point, with housing prices being 30 times as much. Mobile homes have their advantages (you can move pretty much anywhere) and disadvantages (expensive to keep warm and cool) but it’s still better than buying a $600,000 house on a postage stamp and easier to replace is there’s a serious problem.
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Anonymous
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I think mobile homes get a bad rap. Their is a social stigma that goes along with owning one. I think it's mainly because they're not considered long term investments like regular home (which is silly if you ask me since the avg. Person owns a home today for about 7 years). Also I've never owned one myself but I'm told they're much harder to sell than a non manufactured home.
I think it would be a good idea. I have one and my lot rent in a nice neighborhood, is just over $400 a month. I couldn't rent a room for that much. Here I have my own place of 950 ft I have a little yard, And all I have to pay for are utilities etc.
By the way, I pay no taxes or association fees or any other fees other than my lot rent, which again is just over $400 per month. And it's in a nice manufactured home neighborhood. We have trees and roads and a park and a beach.
Don't set it up in a tornado, hurricane, or flood prone section of the country. Otherwise, I think it's a great idea if you also want to buy land and live on that land.
No because I’m thinking on getting one someday. I’m single and can’t land a single girlfriend because the women in my town are very shallow. Houses are mostly rising families and retirements.
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