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The biggest problems is that you may not be able to insure it. You might not even be able to get renters insurance for just the contents. If you can't insure it and a hurricane, fire or tornado comes, depending on where you live, you will lost everything. A lot of people take that chance especially on rented lots, so it's best not to spend a lot of money on the home.
I agree with this. My brother paid $22K for a used double-wide mobile home on an acre of land a few years back. It's in a rural area of a southern state. At the time, he didn't have a very high paying job, but he isn't a spender either. It was an economically feasible way for him to have something when he couldn't afford much else. It has given him a lot of freedom. After a number of years rent free, he will have more savings than if he had been renting all of those years. He has a good job now, but is still single. If his life circumstances were to change, he could afford the changes better than many people.
that's the way to do it. $22K is like paying $611 a month rent for 3 year and then live rent free with just taxes and other expenses.
Maybe it depends on where you live? In some places in the midwest buying a house isn't an investment either.
We all pay for someplace to live, and there aren't any guarentees. If you live in an area where mobile homes aren't so uncommon that would get some money back if you changed your mind, shrug.
My thoughts were more to - will a mobile home really last from 20 to 70? 50 years for a mobile home is a lot. I don't think you've thought that one through.
If someone plans on staying in the mobile home they bought at 20 yrs of age and stay there throughout their lifetime,are they still considered bad investments?
Yes, it is a bad invesment. If you own the land it kind of mitigate it, but:
1}we owned a {now 32 year old} mobile home,my spouse bought it 20 years ago and I came along 15 years ago. We owned the home, but rent the lot.
2} do you wonder why we are buying a home-the cost of lot rent is the same as or higher than the cost of taxes on a home we are in negotiations on buying. In our case the mortgage AND the taxes are only $200 more than the lot rent!
3} it is now becoming a money pit. We have ALL The maintenance costs of owning a home, but NOne of the benefits...We have replaced the: furnace, the water heater, the stove, the washer the dryer; had the roof re-sealed and the heat tape replaced {on the water supply pipe} ALL done just within the last 5 years. The roof will need re-sealing and the heat tape replaced every 5 years. a shingled roof will help but are usually only 15 year shingles.
4] a storm damaged the porch panels, and the skirting needs redoing, the trailer needs to be re-leveled...
5] every winter we cannot lock the door as the trailer shifts as the ground freezes, heaves and shifts. On a pad would help,but you are talking a 32 year old trailer....does not have a pad under it. pouring one is not so simple after installation.
6} it is considered a vehicle, and as such loses value as it ages, we will be lucky to get $4k out of it. If that.
7} the flooring {carpets} need redoing. The floor in the bath has been replaced as as it shifts in winter the toilet seal leaks....
8} to replace it here would take about $50k, why not buy a house {here ours if we get agreed pricing will be about $70k} WHy not buy a house?
9} there is NO basement for storage, few closets...the shed only holds so much.
10} over ground, it is DAMP often, a dehumidifier pulls at least a bucket of water of the air every day.
11] to the tune of $3200 the entire plumbing had to be replaced about 10 years ago. Plastic piping in a trailer doesn't last. PEX/copper should.
12} we cannot do things like: add an addition or such without the park having its nose in it and isn't allowed....we CAN get town approval for a house addition,
Need I say more?
Today's trailers are built better, but not so much as to grow in value as our house should, so it is still a dwindling costly investment.
A HOME will cost, too, but it's not throwing your money away. it should grow in value
now if you live in an area that has $300k or $400k++ housing, maybe a $50K trailer is OK, but I wouldn't buy another one to dump money into again.
now if you live in an area that has $300k or $400k++ housing, maybe a $50K trailer is OK, but I wouldn't buy another one to dump money into again.
The problem with many areas where homes cost 300K or more is that the mobile home park owners want to sell out to developers who will build condos and apartments on them (which truly is a better use of the land in markets where housing is in short supply and expensive). This is happening a lot here in Silicon Valley where I live. The mobile home park residents can fight off the developers for a while, but they typically won't be able to do so forever.
A mobile home is not an investment. It's the purchase of personal property. If you own the land, now that's real property and could be considered an investment. Buying a mobile home in most states is just like buying a vehicle. It is not real property. And, no mobile home is going to last 50 to 60 years, either.
If one maintains it properly it WILL last that long if not longer, just like a house lasts IF maintained properly.
A mobile home is not an investment. It's the purchase of personal property. If you own the land, now that's real property and could be considered an investment. Buying a mobile home in most states is just like buying a vehicle. It is not real property. And, no mobile home is going to last 50 to 60 years, either.
You have to maintain any home. My current house is only a couple of years old. We've already had a couple of minor issues with paint and broken sprinklers, too tightly hung garage door, broken toilet seal, etc. Most issues were dealt with under warranty. That's over and we are on our own now. If you keep up with it, you have a decent place to live.
The house you own should never be considered an investment. That's doubly true for a mobile home.
If you have to rent the land the mobile home sits on, it's the worst of both worlds. You end up with all the expense and hassles of home ownership and yet you still pay rent and can be thrown out if your mobile home park is sold.
I've had several friends and family buy mobile homes and pay lot rent. It's a terrible investment. Sure, trailers these days are a lot nicer than they used to be. But after 5-10 years, you end up with a money-pit that needs constant repair. Still paying rent on a lot with all the negatives of an HOA and none of the positives. They depreciate in value so much that you can't sell them. And having lived in a trailer park (renting), I can tell you that there's a VERY good chance that you'll have some less than desirable neighbors. I know three people who paid on a new trailer in a lot for YEARS... and eventually just walked away from it. I know one more who's getting close to that.
A new trailer on a lot? Don't do it. Period.
A used trailer on your own land? Maybe. If you care nothing about social status. If you're handy and willing to do your own major repairs. If you never intend to sell the place or move elsewhere. Under those circumstances, it might be an ok choice.
If one maintains it properly it WILL last that long if not longer, just like a house lasts IF maintained properly.
Thats what I'm thinking. Sure the original roof and siding could wear out quicker than stick built, but if better materials are used as things wear out, a trailer could last a lifetime. If you're going cheapest on everything and rigging stuff up - you might have an unloveable structure in 30 years...but that goes for a house too.
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