Question on buying a used home

[Andrew]

Hi all,

I have to admit I am really new to this. I am looking at buying a Mobil home from a friend with the land. It is an older model with a lot of work done to it, including a new roof, and floors. It is a double wide by the Everglades in Broward county. It is in south florida, where the housing cost has gone nuts lately. I am on a budget, and the normal homes are just getting further and further out of my price range.

My questions are:
Are there any tax breaks for mobil homes, I believe there are with regular homes?

Being that the home is with the land, will there be a chance for making any equity off of it? Will it be worth anything in the future if I chose to sell and move?

Any recommendations on what to look for in insurance?

Are there any advantages to a mobil home or things to watch out for, especially before buying it? Or any other advice anyone has on this...

I am not sure this is the route I want to take, it is the cheapest form to own right now, but will it have resale like regular homes, townhome and condos or does it just go down?

Thanks for any help...

Andrew

[rmurray]

1) taxes...the Florida Homestead exemption is available for any kind of home you own and live in..manufactured or otherwise..

2)..appreciation...yes, yes, yes..resale is a function of location..if the location of this property gains in buyers interest..the value will rise with time...just like any other home...

3)..Insurance in your area is much higher than for most of the rest of us...Make sure you shop all possible companies that do business in your area...Prices will very a lot in your area..

4)..Like any used home...most of us would need a qualified home inspector to inspect the home and make a report on any hidden problems....If you are worried you should do the same..

5)..Again the resale is totally dependent on the location...Of course..condition effects resale as well as with any other type of home...the market will react the same for this or any home in this location..