Hello
What are some of the pros and Cons of purchasing a Manufactured Home.
Thanks
PROS and CONS
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Lance Nerland
Re: PROS and CONS
Pros
1. Cheaper monthly payments. I figured it out one day that if you took all the money you would have spent on a stick built home, and purchased a mobile home, the amount would be over 700,000 invested over 30 years.
2. More choice on where to live. If you buy a stick built home, it is very hard to move it to another location if that neighborhood goes down the toilet.
3. Not wasting as much money on interest. Even at 5%, a stick built home will cost you after 30 years almost 3 times the original amount, 2/3 of which are interest payments.
Cons
1. Lower Equity build-up. Most lenders think that mobile homes depreciate at a tremendous rate, sometimes that is true. However, I recently sold in my park a 1975 singlewide for 20,000 when it originally sold for 12,000. It all depends where you live.
2. Descrimination as " trailer trash ". See numer one above.
Hope this helps
1. Cheaper monthly payments. I figured it out one day that if you took all the money you would have spent on a stick built home, and purchased a mobile home, the amount would be over 700,000 invested over 30 years.
2. More choice on where to live. If you buy a stick built home, it is very hard to move it to another location if that neighborhood goes down the toilet.
3. Not wasting as much money on interest. Even at 5%, a stick built home will cost you after 30 years almost 3 times the original amount, 2/3 of which are interest payments.
Cons
1. Lower Equity build-up. Most lenders think that mobile homes depreciate at a tremendous rate, sometimes that is true. However, I recently sold in my park a 1975 singlewide for 20,000 when it originally sold for 12,000. It all depends where you live.
2. Descrimination as " trailer trash ". See numer one above.
Hope this helps
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