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We have plenty of land and could at some point build a house, but I know that could be pricy. We have never owned a home before and are first time buyers. Advice?

7 Thoughts on Is it a bad move to buy a newer mobile home 2001? Or should we buy a house?
  1. Reply
    Arun M
    August 27, 2011 at 9:00 am

    buy a house.

  2. Reply
    August 27, 2011 at 9:40 am

    If you have land you could look into a modular home, which is more of a house and bigger than a trailer. Trailers dont have good re-sale, and modulars can be hard to sell as well. If you have stable finances build a house…thats your best bet.

  3. Reply
    August 27, 2011 at 10:07 am

    I don’t know where you live but I’ve never heard good things about mobile homes. If it’s in a park the rent can kill you and can go up whenever they feel like it, making the thing impossible to sell.

    If it’s not in a park it may not be too bad. One thing about a house is it retains it’s value and even grows in value. A mobile home generally doesn’t, in fact it goes the other way.

    Get pre-approved by a reputable mortgage company, don’t use the one’s on TV. Then you’ll know what you can afford, get a home inspection to avoid big and $ $ $ surprises. Go to the higher end of your comfort zone on your price, as that’s the house that will suit your needs the longest and usually go up in value the quickest.

    Don’t fall in love until after the deal is done or you can get into a bidding war and over pay. Remember the right deal will not kill you, so be patient. Good luck!

  4. Reply
    August 27, 2011 at 10:49 am

    I don’t recommend a mobile home, due to the fact that they lose worth very quickly and are not as stable as a home. If you buy a mobile home, and decide later that you want to sell it, you will not get nearly as much money as you paid for it. You could always rent it out later, but then someone would be living on your property and you would be responsible for maintenence. If you have a place to live at the present time, I personally would stay there until I had enough money to start building that new home. Good luck.

  5. Reply
    August 27, 2011 at 11:45 am

    I would highly reccomend investing in a house. Mobil/Manufactured/Modular homes are harder to finance. This could be a hangup for you, or anybody wishing to purchase it when you chose to resell. If you are putting it on a piece of land, and don’t plan on reselling, it’s a cheaper way to go, but otherwise it can be a poor financial decision.
    I just sold a manufactured home on a city lot with a full basement, and I had 3 offers fall through due to the buyers not being able to get funded.. and it’s only a few years old!

  6. Reply
    Judith O
    August 27, 2011 at 12:06 pm

    I’m thinking that no one who answered your question has ever owned a mobil home. I do, (a double wide. three bedrooms, two baths, living, dinning, eat in kitchen) in a very nice park down the shore. My lot rent is very reasonable, and the price and worth of my house has constantly GONE UP since I bought it 3 years ago. I bought it new for $ 75,000 and it’s now worth at the last estamate around $ 140,000. A mobil home and a MODULAR home are the very same thing! My friend bought a modular home, and the only differnce between her place and mine, is that she had it put on a foundation…. besides that they are exactly the same. Buy a good big, double wide mobil home, and put it on slab, and you can get one for a 1/10 of what a house costs, and it will increase in value each year you have it! As long as you maintain it, and improve on it as you go along

  7. Reply
    August 27, 2011 at 12:34 pm

    build a House …

    when you build theres only one thing that house is gonna do go up in value !!!

    unless you just trash the place … 🙂

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