Single-family home vs mobile or manufactured home?
by admin on Thursday, July 8th, 2010 | 3 Comments
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7thWave asked:
I am looking to buy a single family home in northern californa. My funds are limited so I want to make the best choice. Would it be better to spend less than 100,000 on a nice mobile in a park or spend at least 230,000 on a fixer upper or buy a lot and build a low cost manufacured home ? I’m single and want to make the most of my investment. I live in California, so prices are higher here. Thanks!
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I am looking to buy a single family home in northern californa. My funds are limited so I want to make the best choice. Would it be better to spend less than 100,000 on a nice mobile in a park or spend at least 230,000 on a fixer upper or buy a lot and build a low cost manufacured home ? I’m single and want to make the most of my investment. I live in California, so prices are higher here. Thanks!
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This is just my opinion, but I would not buy a mobile in a park. Go with the fixer upper, or buy a lot and build a mfg home. The newer mfg homes are nice — some are as nice as a site built home and as well built.
When you buy in a park, you are subject to the park’s rules, including rising lot fees. You also run the risk of the park closing and forcing you out. I live in Florida, and park closures have become commonplace as real estate values have risen.
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The fixer is your better choice, but you should be able to find something for less then 230 unless you are talking about the bay area or LA.
It is pretty hard to get a permit for a trailer in CA. Do not assume you can put one on a lot, the chances are you can not. They are usually only allowed in very rural areas.
I am editing in an addition…..
In CA you are protected against park closures and all parks can only raise rent 10% a year to prevent a constructive eviction. However, getting a loan for a mobile is tough and buyers also have to be approved by the park as they are also renters.
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DO NOT BUY A MANUFACTURED HOME, FYI manufactured homes lose value, they will not earn equity ever and if you buy a mobile home in a park you are dumping your money into something that when you go to sell 5 or 6 years down the road you will lose money or maybe if your lucky break even. If you buy land do not move a manufactured home on the land due to the same reason as above, the land will gain equity while the manufactured home will lose value. Your best bet to earn equity, and yes it will cost more is to buy a fixer that isn’t so bad that you can’t live in it while you fix it up. Even after you paint the fixer you will have equity in it, every home improvement that you make to the fixer will gain you more equity. In my personal experience you would be silly to do anything other than buy a fixer and earn equity.
Happy house hunting and I hope that I was some help to you.