lookinf at older home advice needed
Posted: Sun Dec 17, 2023 7:53 am
hello,
I am new to the group and hope this post is in the appropriate place,
I am a senior (early 60s) and on a limited budget and want to live out the next 20 years (or however long I have) without worry of having huge bills. I managed to do ok and save enough so that IF I am careful, I should not have financial worries.
I currently live in a manufactured home on leased land & I am getting tired of the lot rent increases. Although as of now the rent is not too bad, but it goes up and up yearly,
I am considering moving into a co-op OR getting a new manufactured home on my own land. I want my mortgage or co-op payments with insurance to be under $400 a month, I have the resources to do that only IF I buy a older home with land in a co-op or find a piece of land cheap in a good area.
I found a well cared for 1983 home that has new windows, floors, appliances ,windows, a newer AC and the siding outside was redone so it resembles a newer model home. It has great curb appeal and looks new & modern.
I could get the home with the co-op for $140,000. Maybe a bit less as we try to present an offer. I can afford it BUT the fear is the age of the home, I would get it completely inspected. I know the plumbing if not already upgraded should be upgraded, the electrical needs to be checked & the vapor barrier under the home as well.
I wonder how much the home's insulation has degraded. It has an 11-year-old roof that I would replace because I am not comfortable with the shingle roof being able to last much longer.
I would want this to be the last move I would make IF Live in this home for 20 more years it will be 60 years old & I have no idea if a mobile home built in the 80s can last that long? Buying a new one and getting land would be a struggle financially because these new ones are over $150,000 then add your land & fees it becomes challenging.
I look forward to having a home that would allow me to live and pay well under $400 a month. It would relieve so much stress BUT is buying a home like this a nightmare? With my pension and social security I can save every month and live comfortable doing this, OR am I missing something?
Before I make the offer & pay for the home inspection, I was hopeful I can get some advice. Oh, last but not least, INSURANCE. I don't want to not be able to get insurance and then lose my home due to fire, hurricane or wind.
At this time I was quoted just over 2 grand a year for coverage that would give me $100,000 in total coverage that includes contents & the home its self. BUT what if that changes as the home gets even older, a hurricane comes AGAIN and I get dropped.
I want to make a sound decision I wish I could afford a new home BUT being over 300,000 it is out of reach and even with the down payments I would be stretching my money VERY THIN,
housing is ridiculously expensive.
I am new to the group and hope this post is in the appropriate place,
I am a senior (early 60s) and on a limited budget and want to live out the next 20 years (or however long I have) without worry of having huge bills. I managed to do ok and save enough so that IF I am careful, I should not have financial worries.
I currently live in a manufactured home on leased land & I am getting tired of the lot rent increases. Although as of now the rent is not too bad, but it goes up and up yearly,
I am considering moving into a co-op OR getting a new manufactured home on my own land. I want my mortgage or co-op payments with insurance to be under $400 a month, I have the resources to do that only IF I buy a older home with land in a co-op or find a piece of land cheap in a good area.
I found a well cared for 1983 home that has new windows, floors, appliances ,windows, a newer AC and the siding outside was redone so it resembles a newer model home. It has great curb appeal and looks new & modern.
I could get the home with the co-op for $140,000. Maybe a bit less as we try to present an offer. I can afford it BUT the fear is the age of the home, I would get it completely inspected. I know the plumbing if not already upgraded should be upgraded, the electrical needs to be checked & the vapor barrier under the home as well.
I wonder how much the home's insulation has degraded. It has an 11-year-old roof that I would replace because I am not comfortable with the shingle roof being able to last much longer.
I would want this to be the last move I would make IF Live in this home for 20 more years it will be 60 years old & I have no idea if a mobile home built in the 80s can last that long? Buying a new one and getting land would be a struggle financially because these new ones are over $150,000 then add your land & fees it becomes challenging.
I look forward to having a home that would allow me to live and pay well under $400 a month. It would relieve so much stress BUT is buying a home like this a nightmare? With my pension and social security I can save every month and live comfortable doing this, OR am I missing something?
Before I make the offer & pay for the home inspection, I was hopeful I can get some advice. Oh, last but not least, INSURANCE. I don't want to not be able to get insurance and then lose my home due to fire, hurricane or wind.
At this time I was quoted just over 2 grand a year for coverage that would give me $100,000 in total coverage that includes contents & the home its self. BUT what if that changes as the home gets even older, a hurricane comes AGAIN and I get dropped.
I want to make a sound decision I wish I could afford a new home BUT being over 300,000 it is out of reach and even with the down payments I would be stretching my money VERY THIN,
housing is ridiculously expensive.