Why Mobile/Manufactured

[Kay Green]

Excuse the spelling error should have been higher. (LOL) Wouldn't want anyone to think because we live in a manufactured home we are dumb.

[Brian Keaveney]

Thanks for the laugh Kay. You red my mind.
Brian

[MJ]

Has any of you that set up a manufacutred housing unit on your own land looked seriously in the resale value of your lot and home, and how long you would have to hold on to the property.

One of the reason you all state you are buying a mobile home is because it is "new" and the design and colors are to "your" specifications. When you go to sell the property, these items no longer hold true to the buyer.

Has any of you looked to compare if the value of the lands appreciation coensides with the depreciation of the house? Do not base your comments on what a dealer has told you. Delears tend to lie about this informaton.

[Bruce]

Sounds like you all need to take a break and enjoy the web. Go to www.missouritrailertrash.com for a good laugh and a reason why there is such predjudice against mobile homes.

[Bruce]

There is also www.drbukk.com for more fun and laughs.

[Kay Green]

M.J. In answer to your question, yes we did research the question of resale should we decide to sell our home. If a manufactured home is set up on a permanent foundation, also with out buildings like a garage etc. They are like any other home it depends on the care that is given to them. Also what area they are in and what the homes around them are like. When ours was appraised there were several other manufactured homes used for the appraisal and they all had been sold. I know personally the resale that was made on two of them because we had looked at them when they were for sale. I went to our local PVA office and found out what price they had paid when the homes were bought. In both cases the sellers made a substantial profit on their homes. We took a lot of time deciding before we bought ours and we did do a lot of research.

[Sandy]

Kay, I am speaking of Torrance, here in So. Cal. And MJ to answer your question. No, I have not really looked into the resale value. We have lived in an apt. here for 3 years and have thrown away about $36,000 in rent. We need a tax deduction and we wanted to move. Three bedroom apts. around here go for about $1,200-$1,300 a month. Houses sell for about $285,000 for a 2 bedroom, 1 bath or a 3 bedroom, 2 bath for about $350,000. With a $30,000 down payment on a stick built house, our mortgage would be around $1,800 to $2,300 a month. Totally out of the question for us. I would rather buy a MH and have it the way I want it inside and pay the same amout that I would on rent. We bought our MH with the intent to live in it for a good 5-8 years. Any money we lose on the sale of it later is probably not as much as would lose if we kept renting and losing in paying taxes each year.

[Brenda]

Just want to add a few relevant points to this debate. While it may be real nice to get out of town and own a few beautiful acres, there are other factors that you did not mention to consider. Gas these days is very expensive and to find a place like you described usually requires driving quite a few miles outside of town from where you work and shop. Not only must you pay for a lot of extra gas, but how about all the mileage and extra wear and tear you are putting on your vehicle and tires? Not to mention, how about all the extra wear and tear you are putting on yourself...it takes your time and energy to do all that driving and you must miss sleep by having to get up earlier and you have less time to spend at home in the evenings with your family. Then, there is the time and expense of upkeep for all of those acres in order to keep them looking beautiful. Also, I have been in the mortgage lending business for 11 years and I know it to be a fact, regardless of someone's A+ credit or great income and job history, interest on a loan for a manufactured home is a lot more percentage wise than it is for a stick built house. That really increases your payment so between all of these factors, the amount of home you can afford to buy is not necessarily that much of a spread in cost when you add it up and look at the total cost of living on the bottom line and isn't that really what it is all about when you are on a budget as most of us must be. My husband and I are, also, both Realtors and we sell both types of homes. I felt I really should make the case that sometimes it is about as broad and it is long; however, if a man. home on the setting you described is what makes you happy, that's great!

[DD]

Some folks here are fogetting that there's a difference between having a mobile home on private land, and having one in a park. My house is in a very decent park (one of the best in the area), but I've seen parks where they're packed in like sardines, and you can bet the neighbors probably DO know your business.

I bought my mobile home as an alternative to moving into a townhouse cooperative, because a friend of mine suggested that I would have greater equity. I do not own the land that the home is on...only the home itself, even though I am fortunate to be on a sizeable corner lot. Still, I have to realize that, while their land appreciates in value, my home depreciates in value with every year. I will never see a property tax break on the land, because I don't own land, although I am responsible for maintaining the lot I rent.

In addition, mobile home loans traditionally have higher interest rates than conventional mortgages, because of the depreciation of the property financed. Don't get me wrong...I'm not toatlly soured on mobile home ownership...if I were, I couldn't sell mine in good conscience. I know some in my park who have been in their mobile homes for 20 years, and couldn't be happier, but I think that's the key. If you're going to purchase a mobile home, you should do so for the right reasons. As I'm finding out, it is not an investment you can easily rid yourself of in a timely manner and at a sizeable profit (in fact, I'm facing the very real possibility of taking a loss on mine). 25 homes are for sale in my park right now, most of them (I'm guessing) have been occupied for less than five years. If you want a place to live for a number of years, or you're looking for an extra vacation home, then I say go for it. If not, go conventional! A mobile home is more of a property to buy because you want to live in it, not because you want an investment.