Buy or rent land?

[Bill Horvath]

My parents moved into a new home and are selling their very nice/large mobile home. They asked my wife and I if we'd like to buy it. I would like to, but not having purchased a home before, I have no idea what I'm looking at in terms of land cost. Is it better to rent or buy land? For either, are there any websites you can recommend for me to get a better idea of what options are available to me? The home is in Orange County California, and I'll most likely move it to San Diego California.

[Roy T. Bonney]

It is always better to buy the land, however, that is not always an option for many folks. The way real estate costs are in California, if you can swing the purchase it will be a great investment.

[admin]

For most folks owning has become the most popular choice BUT There can be some very strong upsides to leasing a lot. Much of the answer for you depends on the life styke your seeking. Take a look at the article Private Property or a Land-Lease Community? by Chrissy Jackson

[Mac]

Buy the land if at all possible - prices may come down quite a bit in the next year, and it's usually the land that appreciates (OC is unusual). Figure $10-15K to move the home and reset it, too. Get good references from the mover/setup people. If you rent land (in a park, for example), two things may happen: 1) it may take quite a while to resell, should you need or want to, and 2) the park could be closed, forcing you to move.