The Scoop on Mobile Homes

Posted by on Saturday, September 1st, 2012 at 9:21pm.

To buy or not to buy a mobile home? It's a debatable topic and the answer all depends on your circumstances. In some cases it would be the wisest decision you could make and in some you would end up losing money. It's definitely something to look at though if you’re caught between saving for a down payment for a home and being stuck in the renter's market.

The first thing to understand is that a mobile home usually depreciates over time unlike a house. Think of a mobile home as you would a car and you'll get the idea. This can make owning a mobile an undesirable buying decision in many cases.

The one thing you need to realize, however, is that with the low cost of a mobile home comes an affordable monthly payment. In many cases the amount you'd have to pay can be a lot less than the rent you are currently paying for an apartment.

You'll have to also factor in the fees for the lot rental. If you can find an inexpensive mobile for sale on a lot that doesn't charge high monthly fees you may still end up paying less than apartment rent.

If you plan on staying in the mobile for 2 years and putting the extra savings into building up your down payment you'll come ahead in the deal even when you consider the depreciation. You’ll have moved closer to home ownership and most people prefer the extra freedom they have in a mobile when compared to an apartment.

There are some people that will tell you not to invest in a mobile home because you will end up losing money on it. This is definitely not the case if you are paying less than you would be for rent. It is all a matter of crunching the numbers to see if you would be in fact saving money and whether you figure living in a mobile would be a step up from apartment life.

If you have a down payment put together for a small home you'd be better off with a house than a mobile home. Mobiles are best suited for people that are just starting out and need to buy more time to get into the regular housing market or for those that are retiring and looking for an affordable living option for the rest of their years.

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