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Answers (6)
- sunnyview
- Contributions:25127
The problem that I see with mobile homes is that they can be hard to finance and insure as time goes on and typically they do not appreciate in value like other housing types do.
Another issue is the slot rent that you must pay on the land if it is not owned by you. That can go up over time and I do not think that you can deduct it on your taxes. Moving a mobile or manufactured house is expensive so you are often at the mercy of the land owner when rents go up.
I would focus on saving money and when you are ready looking at the low end of the condo market instead. Condos are resaleable, tend to at least hold value over time and they appeal to a larger pool of buyers when you go to sell. You also may be able to rent out rooms to cover part of your payment if you association allows it.
Another issue is the slot rent that you must pay on the land if it is not owned by you. That can go up over time and I do not think that you can deduct it on your taxes. Moving a mobile or manufactured house is expensive so you are often at the mercy of the land owner when rents go up.
I would focus on saving money and when you are ready looking at the low end of the condo market instead. Condos are resaleable, tend to at least hold value over time and they appeal to a larger pool of buyers when you go to sell. You also may be able to rent out rooms to cover part of your payment if you association allows it.
- Derek Rotzinger, "Derek Rotzinger"
- Contributions:31
PROS
-Affordable
-More variety of floor plans
-Majority are built to be more energy efficient
-Manufacturers will often times help you finance a new one
-If buying new, they take far less time to complete
CONS
-You may need to buy the land separate from the property
-Appreciation in value is not equal to that of a single family home
Overall they are certainly an affordable option but there is nothing like owning your own single family home. Let me know if you have any more questions or need help finding one!
Derek
-Affordable
-More variety of floor plans
-Majority are built to be more energy efficient
-Manufacturers will often times help you finance a new one
-If buying new, they take far less time to complete
CONS
-You may need to buy the land separate from the property
-Appreciation in value is not equal to that of a single family home
Overall they are certainly an affordable option but there is nothing like owning your own single family home. Let me know if you have any more questions or need help finding one!
Derek
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Jorge Garcia- This gentlemen is in SD county. He is an excellent source to contact about M/H. http://www.trulia.com/profile/onthelevelcontractors/
Best- Rudi
Best- Rudi
- Marvin Collier, "MarvinCollierJr"
- Contributions:74
Manufactured homes are a great value compared to the lower end real estate market. The sometimes downside is you will pay space rent but some include even electricity but there is some limited to these services in the Homepark. Generally the rule is if you do not own the land the home is on and pay space rent the home is sold as personal property much similar to your vehicle or if you own the land then home can be considered part of the real estate depending on the type of foundation. Whether if the home is considered real estate or personal; property has an effect as to what type of financing, etc... . The last manufactured home I sold was a deal compared to the even now current price of a condo in San Diego, CO. Ca. Condos require condo association fees for common area maintenance also and some (many) of these condo associations have high fees and in my opinion little return for those fees.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3914
Many times you are going to find that a manufactured home does not hold its value, the land does however that land value could be affected by what is near it, for example other manufactured homes. If you are financing it, make sure to talk to a lender before you purchase to find out if you can get financing,many lenders won't finance if its not on a permanent foundation, etc. Before you purchase, also make sure it is built to handle the San Diego/California climate. Call an insurance broker too, to make sure you can get it insured, they will have a lot of great information about manufactured/mobile homes for you. Best of luck to you.
- Sinead McAllister, "Oceanside Specialist"
- Contributions:142
Hi Jorge,
There are pros and cons to manufactured and mobile homes (which are two entirely different products). One of the pros is definitely price. The potential cons are whether or not you own the land, the durability and quality of construction, and the potential resale value. Feel free to contact me directly if you have additional questions.
Thanks!
Sinead McAllister
There are pros and cons to manufactured and mobile homes (which are two entirely different products). One of the pros is definitely price. The potential cons are whether or not you own the land, the durability and quality of construction, and the potential resale value. Feel free to contact me directly if you have additional questions.
Thanks!
Sinead McAllister
Agent in San Diego to discuss financial, pros, and cons on buying a mobile/manufactured home.
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