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I found the facts off a website that explains why it is better to own property, even a manufactored or mobile home vs. renting. I am not allowed to post a link, but you can search it on google. Owning a mobile home costs a third of what renting an apartment costs! There are many other reasons as I have reserched. If you do the reserch, you will find all those reasons too. Feel free to share your own opinions. I was never a fan of renting.
The hurricane worry is over. The newer mobile homes are built to withstand up to 175mph gusts of wind! They are also tied down with steel cables to prevent flying away!
If you live in an area where land is cheap, you can buy a lot and slap a mobile home onto the lot. There are mobile parks where a lot can be rented, but its better to own your own land but land is very expensive in desirable locations like California, south Florida, north New Jersey and other metro cities.
Often its possible to live in a small city next to a metro city or live in the woods or farmland(zoned a-1) just outside the city for very cheap land and mobile home.
In Ocala for example, you can get an acre of land 10 minutes outside the city with electric power lines, well and septic tank along with a single wide mobile included all for only $50k! This is much, much cheaper than renting an apartment!
Last edited by Need_affordable_home; 09-15-2006 at 01:35 AM..
Reason: update
I agree. The depreciation value on mobile homes is HUGE. You may save while you own vs renting but when it comes to resell. Forget it. Unless the land you live in is HIGHLY desirable then the mobile home is worthless. With the mobile homes comes a host of other problems that don't help. Since they are "mobile" they are not as valued as a permanent structure as they do and will sustain more damage w/ high winds/straight line winds/tornados/hurricanes, etc. The upkeep for a mobile home is less to a point but they detoriate faster. Too many people buy them looking for "cheap" and with a "cheap" mindset because they were not out much money they tend to not keep them up. Yes there are some nice areas in some parts of the country w/ that "high end" or "upsale" mobile home park but those are rare and far between. Just the example you gave about finding some land that is out of city limits w/ no zoning is the mindset of those that get mobile homes that do not keep them up. They soon turn into trash and a hazard. Bring down the value of the land. If the land in that area should turn desirable at some time the value will be lowered because of the mobile. It will have to be hauled of. There is nothing to salvage from a mobile like there would be in a "stick built" home that was modest yet kept up. You would be better off finding your land and getting a travel trailer to live in while you built a home to live in. Then you could use your travel trailer for vacation or sell it. A used travel trailer has a better market for resell than an older mobile home.
I'm not sure I agree. The depreciation value on the mobile home is too rapid.
I do wonder about modular homes- are those any different? They look like houses on the outside......do they depreciate slower?
Modulars can be just as good, if not better than a stick built home. The difference will be the installation. If you get factory trained installers the home will be solid. Assuming of course that you have purchased a quality home.
There is an absolutely awesome huge modular here in Aiken that was in the $3 million range when it was put up. I have also seen some absolute crap.
I found the facts off a website that explains why it is better to own property, even a manufactored or mobile home vs. renting. I am not allowed to post a link, but you can search it on google. Owning a mobile home costs a third of what renting an apartment costs! There are many other reasons as I have reserched. If you do the reserch, you will find all those reasons too. Feel free to share your own opinions. I was never a fan of renting.
The hurricane worry is over. The newer mobile homes are built to withstand up to 175mph gusts of wind! They are also tied down with steel cables to prevent flying away!
If you live in an area where land is cheap, you can buy a lot and slap a mobile home onto the lot. There are mobile parks where a lot can be rented, but its better to own your own land but land is very expensive in desirable locations like California, south Florida, north New Jersey and other metro cities.
Often its possible to live in a small city next to a metro city or live in the woods or farmland(zoned a-1) just outside the city for very cheap land and mobile home.
In Ocala for example, you can get an acre of land 10 minutes outside the city with electric power lines, well and septic tank along with a single wide mobile included all for only $50k! This is much, much cheaper than renting an apartment!
Ya know, I'm starting to wonder if you're a mobile home salesman. 175 mph wind gusts?? Hardly any houses can withstand that, heck impact glass only good up to around 150 mph. Code for houses in most of FL is 145 mph winds max. Any mobile home you see in MLS for $50K including land would likely disentegrate in a fart, let alone a cat 5 hurricane.
Owning is better than renting, if your investment appreciates over time. Believe it or not, there are places where mobile homes appreciate in value, but they are FEW and far between.
By that same logic though, I've often wondered: Why don't we rent cars? The second you drive that car off the lot, it has depreciated in value. Unless you have a classic automobile, you'll never sell it for enough to make even a fraction of your money back. Even buying a car outright is not a good investment. Once you factor in the interest, it seems downright foolish.
So why in this country don't we buy our homes and rent our cars?
Owning is better than renting, if your investment appreciates over time. Believe it or not, there are places where mobile homes appreciate in value, but they are FEW and far between.
By that same logic though, I've often wondered: Why don't we rent cars? The second you drive that car off the lot, it has depreciated in value. Unless you have a classic automobile, you'll never sell it for enough to make even a fraction of your money back. Even buying a car outright is not a good investment. Once you factor in the interest, it seems downright foolish.
So why in this country don't we buy our homes and rent our cars?
Something tells me that the Man is behind this.
Some folks DO rent their cars--that's what car leasing is.
Mobile homes almost never appreciate unless you own the land under them. Houses don't actually per se appreciate neither, the structure depreciates while the land under it appreciates. Locations may appreciate as well, but most mobile homes are in undesirable areas where the location does not. If you can get a mobile home with land or one that's on the beach (like Jim Rockford's on TV) then you might have a shot at appreciation.
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