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I think its a chicken/egg thing - do they depreciate because so many default? Or do so many default because they depreciate??
Either way - I know at the time I bought (years ago) regular rates were running around 6% and my MH rate was almost 11%. And I was considered to have the BEST rate. *shudder*
Thanks for the insight, everyone! I did reach out and was contacted by a representative from the community.
The "lot rent" on this particular home is $477/month. They are very loose when it comes to landscaping, but HOA approval is required for planting large trees. There would be no property taxes. Factoring in that lot rent of nearly $500/month it's almost better after all to just bite the bullet and buy a home that includes the land upon which the home would be sited.
If you can be approved on a Single Family Home - I think its probably a safer way to go.
MH communities can be good in specific circumstancs (over 55 communities, other very restrictive atmospheres where the values stay stable)
Otherwise - it really is a gamble - and with rent that high (our rent was high too) - even though you're not paying Property Tax - its hard to justify the decision.
Good Luck house shopping!! Mayber a fixer upper will allow you to find something in your price range?
Assuming most of the lot rent is property taxes, you're not really "saving" $477 a month by buying a house with land.
This is true however, there aren't many places in the country(maybe NJ) where property taxes on $86k house are anywhere near 500 dollars a month. Property taxes are going to closer to $86-$160 a month.
Thanks for the insight, everyone! I did reach out and was contacted by a representative from the community.
The "lot rent" on this particular home is $477/month. They are very loose when it comes to landscaping, but HOA approval is required for planting large trees. There would be no property taxes. Factoring in that lot rent of nearly $500/month it's almost better after all to just bite the bullet and buy a home that includes the land upon which the home would be sited.
No property taxes? Wow! We had to pay property taxes on the MH we had, even though it was on a rental lot. Did the community tell you that or did you get that info from the county tax office? Buying that thing was probably the worst financial mistake we ever made for a variety of reasons. Good luck with your decision and I truly hope it works out for you!
I have a question about Mobile Home Communities. I've asked it on another forum, but no one has answered. My question is. I have bought a Manufactured Home in a 55+ community in Florida. I gave the park my application a week ago, and I have not heard from them since. They had told me it would be 3 to 4 days and I would be called. I called them, but I only get voice mail for 3 days now. I called the Real Estate Agent, and her response was. I'm the only one that has ever asked her why approval takes so long. I don't believe her, and have lived in 2 other parks in my life. It never took this long, and I was never asked to provide the amount of financial info I have had to provide this park. Two months of Bank Statements. Proof of Social Security, and Pension Income. I Paid $50 for the application fee, and all of that I understand. I just felt 2 months of statements is abit much. Most of all I have never been asked to wait like this, when my closing on the home is less than 3 weeks from now. It is very uncomfortable for me doing business like this, and I am feeling irritated at these people. Mainly because they can't pick up the phone, and let me know where they are in their processing. Or just something that lets me know this is a friendly environment to move into. I'm at the point I think this is probably an unfriendly inefficient park to live in. Something one may not see when visiting. I'm also finding the Real Estate Agent doesn't do much, after she receives all the deposits for the home.
If anyone has had this type of experience could you please let me know. At my age 65 I can't afford to make mistakes, and something feels wrong with this current experience.
I might add this home is a cash purchase, I will not have a mortgage on it. So that has made this experience seem all the more strange to me. So it's not as if the park has to worry about a foreclosure on it. The big plus for me is the lot rent is very reasonable.
Credit, backgrounds check, reference check and financial overview can take 1-2 weeks, especially if they have many applications to look through.
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