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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!
In terms of depreciation, buying a mobile home is much like buying an automobile. Thus, if one is not counting on either appreciation or residual value, a mobile home is probably a good idea.' Yes, you can buy a mobile home for $50K, but in 5-years, it will likely only be worth $20-$25K; Comparatively, a SFH in almost any kind of a family neighborhood will be worth $60K+ in the same 5-years.
Location is issue #2 - Look around at areas zoned for mobile homes (versus fixed homes) and determine if you really want to live in those areas. Add the monthly lot rental, utilities and amenity costs to the cost of your mobile home -- for any "lot" or mobile home community where you might wish to reside (One cannot live in the mobile home on the sales lot).
In Florida (and other places subject to tornados and high winds and storms and cold weather), mobile homes do not fare well.
I loved living in my mobile home in NH.
Cheap simple, and with minor modifications energy efficient.
As for Mitsubishi, Nissan bought a controlling interest. Mitsubishi may be around in 10 years. Especially since they finally got over 100k units this year in USA.
They outsell Honda and Toyota in many 3 rd world countries.
There are more people like me waking up and realizing it's no fun to slave away just to pay some bankster or mega corporation all of our money.
After I was raped by the wall street crash and Bernie Madoff types in 2008, I've stockpiled my cash.
No 401k, small checking/ savings to flow money through.
The cars were the 1st thing I've bought on time.
The house will be the second.
Every one dogs on the south. Minus the healthcare, I much prefer there model of living. Cheap and efficient.
The East and West coasts have gotten way out of whack and I cannot wait for it to hit them in the mouth, like Detroit.
Mobile homes are a simple effective housing mode.
Mobile home or modular home? Makes a difference, many of the newer modular homes are quite nice and the insurance financing etc is similar to a stickbuilt, unlike the mobile homes of past decades.
First, it is VERY RARE that a mobile home will appreciate....EVER! Just as another poster stated, they depreciate like a vehicle! Bad weather can destroy them. In our immediate area mobil homes are only in not so good areas. With that said, I have seen some pretty nice one's so it's truly a preference.
Second, I would buy a Mitsubishi over ANY Toyota or Honda! I've had 2 Mitsubishi's and they are fantastic cars!
Third, most people finance a home for 2-3 times their annual salary. Typically it will appreciate 2-3% a year. Sometimes faster. You will usually have an actual yard and hopefully a better neighborhood/community. The home will be more sturdy in the case of bad weather as well!
Modular homes are completely different! My BIL has one and it looks like an actual stick built home! Very well made and sturdy, but cheaper that an actual stick built.
Unlike older mobiles, newer manufactured homes are very well built and will last your lifetime. They have solid walls and solid doors and the same luxury features you'd find in any updated home. They can be a good bargain in the right setting, particularly in rural areas, and can appreciate in areas where the neighborhood and land they are on is appreciating as well. Not so much in parks or small lot subdivisions. Go to some dealers and see them new in person.
Last edited by Diana Holbrook; 04-09-2017 at 08:31 PM..
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