Buying mobile good idea??

[lilflv]

Hello all, I am looking to buy my first home, and am a low income buyer. I know buying a MH is definately better then renting, and my only other option is a co-op. I have found a BEAUTIFUL home in a small quiet neighborhood. The guy that lived there before was a wood worker and put in all these built in cherry oak cabinets in the living room & a custom built kitchen w/ granite counter tops!! Not to mention many other add-ons. The appliances are newer. It has an addition, so now it is L shaped. It is a 1980 and appears to have been well maintained.

Anyway, I have been gathering opinions, and while most think it is a good idea, some tell me other wise. First they say the home won't appreciate and it is like a car. I really don't understand this statement as I don't put mileage on the house. I don't see why as long as I maintain & update the house it won't have as much value in 5-10 years from now. I figure I am buying when the market is down & when everything else goes up, this will too. I understand it doesn't appreciate as much as real estate because I don't own land.

Secondly, as it is on leased land, what happens if the land is sold?? It is rent controlled, so no one (even if it's sold) can raise the rent more than 5-10% a year, so that's not a worry. I've been told that if they decide to redevelope they have to buy the tennants out, but at how much?? Do we have to agree on a price?? I don't know how this works. I live in NJ if it helps.

Also-will I receive tax credits?

Thanks for any input! If anyone has any other pros/cons please let me know!! I need all the info I can get in making the correct decision!

[rmurray]

All of us here will tell you that you are on the right track.

You do have the right idea about resale...Resale is a function of location and condition, just like any other house, a rent controled community would be a plus..That home you are looking at probably did not dell for more than $10,000 new...My guess is even in this buyers market, it is more now..

Your questions about the purchase becauae of redevelopement have to be answered locally...Every state has different rule if any at all..Recently a developer wanted a park in Florida soooooo bad he offered and paid $1,300,000 per house. Most were as old or older than the one you are looking at..but I have read about parks in CA that have done nothing more than give folks a 90 eviction notice and no money..

You might want to talk to the NJ Manufactured Home Association about NJ rules and regulations...

web site here;

http://www.njmha.org/

You should look to see if your comunity is a member...

I assume you have shopped and compared in the area..Just remember we always sugest you have a home inspection done by a professional home inspector as you would any 18 year old home....For a small investment you will be reassured the home is as good as you think it is..or you will get a report of all the home needs to be liveable....

Other reading yoiu might find helpful:

http://www.consumersunion.org/other/home/manu.htm
http://www.consumersunion.org/mh/

Go for it and Good Luck..