Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Not just utility bills, but also repairs. I just don't get the appeal of all the disadvantages of home ownership with none of the advantages, assuming you're renting the lot. Now, if you own the lot, that's a different story.
WE are buying a house now. The house mortgage payment {taxes included} will be only $200 more than the lot rent we have now. How could we pass that up?The only "advantage" is that the MH is paid for BUT: The mortgage payment won't go up {taxes will but not the actual mortgage},and that $200 diff is the mortgage payment that we will pay in an INVESTMENT , NOT a valueless item the MH is.
We will be lucky we think to get about $4-5K for the MH we have, to sell reasonably. It is in good shape, if you read my previous post We have maintained it always. WHY not build equity in a house instead?
Why not let maintenance costs MEAN something of value {house} instead of dumping money into a useless object??
The reason we own the MH is kind of the same thought as the OP...a "home" that is ours and not a rental. But I think in retrospect that all we did was waste money.
Strange thing, I own a stickbuilt duplex in Fl i was going to retire to, but now will be change locales, so will eventually sell it. i had no problem with it. It has lost some value but is regaining it, and will bu the time I sell, MHs there area bout as worthless as here. I can wiat out selling it as we won't retire for another 15 years. When I have to spend some money on maintenance {MUCH MUCH less than we spend on the MH} i feel it is WORTH IT! Here, NO.
So, I would/will be opting for a house from now on.
just me, perhaps the OP still feels different!
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's a bad investment. Especially if you have to rent a lot. If you buy land and the cost of owning or renting is higher than it might be a good way to pay less for housing.
Yes it's a bad investment. Especially if you have to rent a lot. If you buy land and the cost of owning or renting is higher than it might be a good way to pay less for housing.
Ding! Ding! Ding! Ladies and gentlemen, we have a winner! so954 is the 50th person in this thread to mention lot rent. Sorry mysticaltyger. Better luck next time.
I think this is very location dependent. They are getting rid of mobile home parks in my area. The folks who live in them often have no other viable place to go.
My city is getting rid of a Mobile home park here and the tenants have no place to move their mobile homes to.. And most of the tenants are low income..
WE are buying a house now. The house mortgage payment {taxes included} will be only $200 more than the lot rent we have now. How could we pass that up?The only "advantage" is that the MH is paid for BUT: The mortgage payment won't go up {taxes will but not the actual mortgage},and that $200 diff is the mortgage payment that we will pay in an INVESTMENT , NOT a valueless item the MH is.
We will be lucky we think to get about $4-5K for the MH we have, to sell reasonably. It is in good shape, if you read my previous post We have maintained it always. WHY not build equity in a house instead?
Why not let maintenance costs MEAN something of value {house} instead of dumping money into a useless object??
The reason we own the MH is kind of the same thought as the OP...a "home" that is ours and not a rental. But I think in retrospect that all we did was waste money.
Strange thing, I own a stickbuilt duplex in Fl i was going to retire to, but now will be change locales, so will eventually sell it. i had no problem with it. It has lost some value but is regaining it, and will bu the time I sell, MHs there area bout as worthless as here. I can wiat out selling it as we won't retire for another 15 years. When I have to spend some money on maintenance {MUCH MUCH less than we spend on the MH} i feel it is WORTH IT! Here, NO.
So, I would/will be opting for a house from now on.
just me, perhaps the OP still feels different!
I'm not sure but you may have read my post incorrectly. I think we basically agree. Owning a mobile home on a rented lot is all the disadvantags of home ownership (maintenance, etc.) and none of the advantages (no appreciation, etc.). I think either renting an apartment or owning real property are better options. Yes, I'm sure there are a few exceptions, but not that many.
My city is getting rid of a Mobile home park here and the tenants have no place to move their mobile homes to.. And most of the tenants are low income..
Yep. Same thing is going on where I live in Silicon Valley. The tenants are successfully fighting off the developers--for now--but I don't think they'll be able to do so forever.
As you said, they tend to be lower income (and also older in my area).
Even if you say now you don't plan to move you don't know what the future holds. Also, mobile homes in my opinion really aren't much cheaper than traditional housing, I'm shocked by how expensive mobile home lots are in my area and it's not even nice, I'd much prefer to spend an extra couple hundred be in a real house or apartment and live in a better area. I do have an interest in small living and am looking at tiny homes, basically a fancier mobile home but plan on buying my own land. If you plan on renting a lot it's not an investment as you own nothing but a depreciating asset.
Our town forbids living in a mobile home on your own lot because they do not bring in enough tax revenue. This also happened to us when we owned a mobile home in Connecticut some 30+ years ago. We owned seven acres of land and wanted to live in the MH we owned while we were building a fixed home. The said "No Way. We have been fooled before and your trailer will not generate enough tax revenue."
Unfortunately Mobile Homes are the only alternate to renting for lower income (<50th percentile) families. Not everyone can purchase a $360 grand house on one acre in suburbia. Not even the people living here.
IMHO - If you can buy a lot and have a water supply and sewage disposal a person should be able to live in any kind of shelter they want no matter what it is. What it does to the neighbor's property speculation is not the frugal owners problem.
"Our town forbids living in a mobile home on your own lot because they do not bring in enough tax revenue."
I suspect a lot of the angst is because New Hampshire doesn't have a sales tax and depends much more on property tax. I had a neighbor in FL that had moved down from NH and his stories of the small town politics and restrictions on property were revealing.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
