Mobile Home or Apartment?

**mom-from-missouri** · 03-01-2005, 05:36 PM

Re: Mobile Home or Apartment?

I would check all aspects of it first. Where will you park your mobile home? What would your lot rent be-or would you buy the land for it to sit on? What kind of taxes on the mobile home? In some states, mobile homes are real estate taxed, and in other states they come under property tax-in other areas, it depends on the size of the mobile home and if it is on a perm foundataion.
Look at your weather? If it were a mobile home and you live in an area of tornado's or extreme temperatures, it may cost you more. In an apartment, if you are sharing walls with neighbors, it may save you on heating and cooling. Look at your insurance rates as well. Ususally a mobile home (if you are referring to what I think you are) goes down in value every year.
Have you considered getting a small duplex? A friend of mine did that for her first starter home. She lived on one side, and rented the other side out. Each side had 2 bedrooms. So, she wisely also got a roommate. Between the roommate and the tenant on the other side, her monthly payment was paid for. Plus, since she lived there, she was handy to see problems. Another option might be to get a small home with a basement apartment (big here in missouri in the college towns) and rent the basement out.

**jacquelynrose** · 03-02-2005, 07:42 PM

Re: Mobile Home or Apartment?

I had been thinking about your post lately and I don't know if I could do a Duplex. It would be great to start to my Real Estate Investing but could I really afford to take a risk? I am thinking I could look into it.

I was thinking of saving the money for a Mobile Home and then just pay the lot rent unless it was possible to purchase with the Land.

Hmmmm......I know I have started saving and I am looking into part-time employment.

It is alot to digest and think about especially since I have NEVER lived on my own, even when I was on my own I was married!

But thank you for helping me thinking of more options that I didn't even realize.

Jacquelyn

**MrsChambers** · 03-03-2005, 06:19 AM

Re: Mobile Home or Apartment?

Me, I would go for the mobile... Apartment living kind of sucks. At least in a mobil you will have your own little piece of land or something.... you just get a patio if you are lucky with an apartment.

**barbd00** · 03-04-2005, 05:43 AM

Re: Mobile Home or Apartment?

As someone who lives in a mobile home let me tell you a little bit. If you aren't gonig to put your mh on a foundation on its own land, it will depriciate just like a car!

We own a 8 year old mh. It is very nice. Top of the line. It was almost 40k when we bought it. Except now half way through the mortgage, we owe more than it is worth. It is still in great shape, but there is no way we could get more than 15 - 20k for it!

I agree that renting is pretty much like throwing your money out the window, but you will never get what you put into a mh UNLESS you put it on a foundation on land you own. Even then it is touchy. A friend of mine had a double wide. She bought a piece of land and put the mh on a foundation. She didn't get what she wanted but just wanted to get out.

Buying a mh is like buying a car, so keep that in mind. If you are planning on staying in it for ever, or until you won't care what kind of money you get back, that is fine.

My suggestion, rent an apartment or house as small and cheap as you can, save up and buy a house.

**PrincessPerky** · 03-04-2005, 11:36 AM

Re: Mobile Home or Apartment?

I would go with the cheapest apartment you can find and save up for a real house.

**Momof3grls** · 03-04-2005, 02:58 PM

Re: Mobile Home or Apartment?

I think their are some good points here I bought a mobile when I first moved out of my moms house because I was on my own & I found a very nice cheap newer mobile home with super cheap lot rent & it was across the street from where I worked. And so it worked out very well for me & my daughter because she had a yard she could run in & to be honest I dont think I could ever have a landlord I am not the type to like being told what to do all the time.

I had a landlord for my lot but that was not too bad. And my trailer did depreciate in value but that was ok it was nice starter home for me & my daughter. I bought a house at 22 but I would do anything to move back to my MH my husband thinks I am crazy for that LOL but I loved it he did tell me I should buy a piece of land & move it but I didnt want to mess with that at the time. But looking back I wish I would have everything was cheaper thier & I had a huge living room & kitchen & 3 bedrooms & 2 baths.

And like another poster stated the resell value isnt good

**kashi** · 03-05-2005, 05:46 AM

Re: Mobile Home or Apartment?

I guess it depends on what you want, jacquelynrose. Do you want to live in a mobile home for an extended period of time? It sounds like if you go to the trouble of buying one, it is going to depreciate significantly, and you might want to plan on staying there for a while. You'd probably have more space in a mobile home, but not necessarily. Some nice things about apartment living are that you can get out of a lease if you absolutely have to...your lease will usually only be a year long max, so you aren't stuck there...and your landlord is expected to fix things if they break, not you. Do you want to buy a house in the future? If so, how long do you want to live in an apartment or mobile home until you buy a house?

If you look at apartments, don't just go with the first place you look at, unless you absolutely love it. I looked at approx 20 apartments before I found my current one, which was in my price range and perfect for me. I absolutely love, love, love this place. Before you start looking, make a list of all the things you want to have, things you must have, and things you don't want in an apartment. Make sure you factor in how you feel about the landlord in your decision, if you meet him or her. I've never had a landlord who told me what to do all the time...in fact, they have always been there for me when I needed them and that was it. Maybe I have been lucky...but I like to think it was because I didn't settle for the first no-windows, no-parking, crazy-landlord apartment I looked at.

Best of Luck in your decision!

**PrincessPerky** · 03-05-2005, 07:13 AM

Re: Mobile Home or Apartment?

I just want to say Kashi mkes a lot of sense and really says important stuff, would have rated her post but I don't think I can.

**kashi** · 03-05-2005, 09:48 AM

Re: Mobile Home or Apartment?

aww, thanks PrincessPerky

**joeswife** · 03-08-2005, 07:02 PM

Re: Mobile Home or Apartment?

i just bought a 10yr old mobil home. i am putting it on my moms property. this is a good deal for me, because my kids get to be closer to grandma, and i am there if my folks need anything. maybe later we can build a little house there, or dh and i can buy a house close by. we have 3 kids, 2 horses, a potbelly pig, and 2 outside dogs. landlords dont let you keep things like that around here. my folks own 8 acers of land so its a good deal all aorund. plus my mom drives truck over the road so its a win win for all of us. good luck in what ever you choose.
ericka

**Russell** · 03-08-2005, 07:40 PM

Re: Mobile Home or Apartment?

I think mom-from-missouri's suggestion on getting a duplex is a sound one. Personally I will be looking into this myself.

Best of luck.

**tgavin71** · 03-12-2005, 01:41 AM

Re: Mobile Home or Apartment?

I agree that the best solution would be to rent as cheaply as possible. Buy land, put your mobile home on it if thats allowed, save some more and buy a house. Land appreciates like crazy.

**lisaland** · 03-15-2005, 04:35 AM

Re: Mobile Home or Apartment?

I agree with the poster who said that mobile homes depreciate as fast (or faster) than cars. The way to get around that would be to buy used. You can get a used mobile home and someone else has paid the depreciation costs.

**rosyrae** · 03-18-2005, 01:00 PM

Re: Mobile Home or Apartment?

My husband, 18 month old son, and I all currently live in a 13 yo mobile home on a nice park lot. We moved into a mobile home because we were renting in the city and the cost was unbelievable! We live in New England so the price of houses and real estate here is pretty high. My husband and I could not afford a down payment on a house at the time, so we opted to buy a used mobile home to get used to owning a piece of property and the upkeep that goes with it. Between our lot fee and mortgage, we pay about $200 less than what a 3 bedroom apartment (the equivalent of our place now) would have cost us.

Yes, there are pros and cons to everything. We knew that the resale value would not be all that great, but we figured if we could get a small downpayment for a house out of it when we did sell, then it would be worth it. There is also very little storage space--no basement; but we do have a small shed that we keep stuff in.

So, with the money we have saved from not having to rent, we figure in a few years, we will be able to move out, sell our mobile home, and buy a small house.

Mobile Home or Apartment?