First time buyer needs advice.

[Jake]

Hi all,

I am looking into buying a home and need some advice. These are the ideas that I have so far, please feel free to give advice or shoot down my ideas, I want to know as much as possible going into this. My first thought was to go to a MH dealer and get a land/home package, but after thinking about this it seems like by buying land first and getting it paid off first it would be easier to finance a nicer home and would keep the payments lower since I would already own the land. I have found some lots through the local real estate brokers and need to get an idea of the size that is needed for a average 3/2 single leaving room for some sort of a driveway and perhaps a future garage. Does anyone have any good "rules of thumb" to go by with something like this, or know of a good place to get dimensions on homes? Like I said any comments are welcome, I am just starting my research and these forums seem to contain alot of knowledge. Thanks in advance.

Jake

[JohnnyJ]

First thing I did was buy Randy's book. It really helps to learn the pros and cons
of the MH industry as far as a quality built home goes. I'm talking about the
construction that you don't see, not the eye candy that looks good on the surface.

Next, make a list of all the items you consider important in a MH, and compare
different manufacturer pricing. You will find some homes are more expensive
than others even though they have similar characteristics.

If something doesn't make sense, ask questions of this group. I've learned a ton
just reading some of the posts.

Above all, take your time. A client in a hurry to buy is a salesman's dream.
My wife and I have been looking and comparing since October of 2002. We
have thought several times that we had found a good deal, but nixed it after
discussing it here and getting opinions. This group is GREAT!!!!!

I finally think we have found the right home, but we are waiting to sell some
property to finance the startup costs. In the meantime, we keep looking,
but are fairly settled on what we want to purchase.

good luck

[rmurray]

you said..."..after thinking about this it seems like by buying land first and getting it paid off first it would be easier to finance a nicer home and would keep the payments lower since I would already own the land"
Ordinarily this would be prudent action....but it misses the fact that the largest expense of buying (interest cost) are the lowest in all history right now...If buying and paying off the property take very long...and rates rise (which is inevitable)..you might be shooting your self in the foot and the final payment might very well be higher...
An example...you have not mentioned where you are so I will give one in my market area...Land about $ 15,000...home about $60,000....current land home payment (principle and interest) with small down...about $ 450/mo..30 years fixed...
Sometime in the future...land now payed off..same home with inflation about 65000 and if rates rise only 2% (could easily be much more)...payment about $ 520 for 30 years...so waiting did not get bigger better home...actually would get less home or you would have to pay more..

There is NO better time to buy than now..

As far as size of land is concerned...any legal parcel will do..you should be looking at lots common for the area...1/4 acre is ok...up to.??? anything...Just remeber if you want the front door to face the road..you will have to have sufficient width to fit the home and the locally required set backs from the property line...

[Eric]

What is "Randy's" book?

[JohnnyJ]

For Randy's book, go here: http://mfdhousing.com/randy_eaton/