own or lease?

[annette]

Is it better to own or lease your property? My husband and I are too confused. Every time we think we know what is best, one of our family members comes up with another argument. We are looking at a place with a modular home where you lease the property. Sounded like a good idea. Any thoughts on this? Also what is the norm for maintenance fees. This place included taxes, community fees and water and was about $500 a month. Too much?

[rmurray]

In most cases...owning the propert is by far a better investment..Often selling a home in the furture can be very hard and dcostly...Interest rates for the home finance are much higher and harder to get in a rental community...Thisd only makes it harder to sell in the future...$500/mo is not unusual in nice parks..ask what the rent was 5 years ago..to get an idea of future costs..rent will rise over time..$500 per month will buy about $100,000 in land and improvements...Before moving into a community...talk to some of the residents and get their feeling about the park..Good luck...

[Mac]

Almost always, OWN. Buildings depreciate...land appreciates. If you don't own the land, you'll likely find yourself owing more than you can sell for, for quite some time.

[milo]

Looking for land to own to move mobile home on or build in nice area. Westley chapel to Tampa Florida to move my home or maybe have one built.
Can anyone share there experiences and tell me which way may be the way to go

[pat]

It is better to own. One is just throwing their money away to lease a lot or land
The land price will go up whereby your mobile home will most likely not go up

[Sharon]

Owning sounds like it might be better-but in our area(Wisconsin)--we have many homeowners on lake property that cannot afford to live there---so buying a home already set in a manufactured housing community can save up to $50,000 up front-you do not have to pay for a high-cost lot, excavation, roads, well, septic, electric, gas,etc. The community owner pays for all of that. Also, our residents pay only personal property tax on their home. The community owner pays the real estate taxes on the land and improvements. So-owning real estate can be very expensive when you consider the cost of land, improvements and taxes--plus upkeep or repairs. You can live in a lease community for over 10 years before you even pay the amount it costs to put in the improvements. (this is true in our area--our lot rent is at $190 a month) One other area you must consider is security---if you purchase real estate "in the sticks-miles away from town", you will pay more for transportation--be further away from hospitals, stores,etc. and not have built in 'insurance-closeby neighbors' to watch your place when you are not there----there is much to think about before you make a decision!!!