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Many of you guys are describing mobile homes made in the 1970s as if nothing has changed at all, and that's not true. Modern manufactured homes can be very high quality in terms of construction and features.
And manufactured home does not mean it's in a park. Manufactured homes can be in a park, or on 40 acres. And often are. As is true for any home... Location is everything.
These are important distinctions to make.
not in the Boston metro area to the bolded. I think there is one trailer park in the area.
I think that's the biggest factor, OP. You aren't going to be able to live where you and the rest of the family want to live.
Plus while I'm not sure exactly where the house you are buying is located, at that price point in the Boston area, it's probably a bit of a fixer, so some sweat equity and money for supplies should net you a nice amount of equity in a not very long period of time. You can't really say the same for a mobile home - if it's older and needs work, it's pretty much never going to gain much value. And if it's newer, then chances are it's not 50K.
The stigma with a mobile home is your neighbors or choice of location.
Many people buy 1 or more acres of wooded land and park a mobile home in the middle. They then construct a large wooden porch all around the mobile home and magically the stigma disappears.
Mobile homes are not the same quality as a regular home. My husband and I have had an opportunity to look at some, older to newer, and it's very obvious even the really fancy ones are still mobile homes. They lack the substance and solidness of a traditional house. And their costs have risen enough that it's foolish to put that kind of money into the newer, fancier versions. Just spend a little bit more and buy your basic starter home.
Now modular homes can pretty darn amazing but those are not the same as mobile homes. They're also not cheap. We did quite a bit of research into the different options but in the end we decided to stick with traditional homes.
It really depends. My husband bought an older 79' in his youth, and stuck on a gorgeous 5-acre parcel with stunning views. He upgraded the siding, roof and windows and it has served us well, after I covered that awful dark 70's paneling with texture. We added a huge covered deck to look out over the valley and the red cliffs and snowy mountains. We planned to stay there forever; then had an opportunity to move to the beach. Had no heating or cooling problems with a wood stove and swamp cooler.
Our neighbors are wealthy with million-dollar mansions, some of them. It HAS been impossible to sell, however--definite stigma of mobile homes. No one will loan on it, some realtors have said to haul it off the property to sell it (that's insane), but then again, nothing is selling there, including the stick-builts.
I don't think the home itself has any intrinsic value. I would view it as a vacation get-away or to live in while building. Unless you are a minimalist like we were, enjoying no mortgage and perfectly comfortable. Having no mortgage gave us a lifestyle on minimum income, that was the envy of peers.
They don't have basements, mathjack. LOL. Our hitch is under the magnificent deck!
So in the process of looking at homes in over expensive Tax A Chusetts I saw some mobile homes I loved. Fiance and FIL, not so much.
So instead of buying a home for 50k ( which is like 5/8 my annual salary, we are buying a home that's dated for 296k. 4x my annual salary. I'm backing it either way because the crazy things we do for love lol.
So what's the stigma with them?
What's the difference between 900- 1000 sq ft mobile and 1525 sq ft 2 floor home?
Am I too simple minded?
Keep in mind I bought a 2017 Mitsubishi Mirage because it was 8k cheaper than a Honda or Toyota and came with a better warranty and better fuel economy.
Thanks!
Be VERY careful of what I bolded in red...
Mostly, you have to figure that after 10 years your mobile home isn't going to be worth anything. But if buying house with similar square footage is 6 times the amount of the mobile home, you may very well be better off buying the mobile home.
Think long and hard before you sign your life away on that $300,000 home!
The stigma with a mobile home is your neighbors or choice of location.
Many people buy 1 or more acres of wooded land and park a mobile home in the middle. They then construct a large wooden porch all around the mobile home and magically the stigma disappears.
The stigma doesn't disappear. People will say look at the trailer with the big porch.
Also consider: "That's just my salary. I didn't include my fiance or her dad". What will happen in the event those added income streams disappear ? What can you afford then ?
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