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Re: Buying A House -anyone Own A Modular Home ...?

DOES ANYONE OWN A MODULAR HOME ... AND WOULD LIKE TO POST THIER EXPERIENCE AND PRICE PAID ...

OR

LOOKED INTO GETTING ONE AND WOULD LIKE TO EXPRESS THIER OPINION ABOUT A MODULAR HOME ... WHY TO GET A MODULARE OR WHY TO STAY AWAY FROM A MODULAR HOME ...
 

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In general modular homes, including more modern mobile homes are certainly easier to afford.
The disadvantages range from higher interest rates than conventional homes, higher real estate agent commisions.
Also, quite a bit lower appreciation.
The main advantage is financing still results in tax breaks, like any home, and it's better than paying rent.
But there is a catch 22 there too. Established mobile home parks charge rent space.
Modern modular homes meet much the same standards, are up to 2000 sq feet, and have cathedral ceilings, wood-burning fireplaces, central air, double pane windows, etc. etc. The most modern include full garages not car ports, etc..
Mobile homes in general are aimed towards retirees or families wanting out of a total rent situation.
The nicest parks are usually for retirees, so you would never meet the age criteria.
Now, many of these disadvantages can be overcome if you find an 'open' modular home community where you also own you patch of land.
Of course, another way to buy land and build a modular home on it.

All in all, I think you would be a poor candidate. Primarily because of the long time to build equity. Many retirees have been through the large house bit, made some money, and want to live someplace with minimum maintenance and amenities like clubhouses, a pool, spa, activities, etc.
I think it might be a viable alternative to buying a condo in large complex that is little more than a glorified apartment..

All in all, go for a conventional house even if it's older but you can live in it comfortably while you fix it up or do upgrades at your leisure, and then sell it down the road for something nicer.
But I've known people who have bought very modest homes, and kept them. But over the years (if they liked the location) remodeled it and ended up with a fantastic home (mdxxx it sounds like, can talk to that!).
 

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DaleB said:
...All in all, go for a conventional house even if it's older but you can live in it comfortably while you fix it up or do upgrades at your leisure, and then sell it down the road for something nicer.
But I've known people who have bought very modest homes, and kept them. But over the years (if they liked the location) remodeled it and ended up with a fantastic home (mdxxx it sounds like, can talk to that!).
Well said DaleB,

Over 6 years ago, we bought a 90+ year old 5200 sq foot victorian "diamond in the rough". It suffered from neglect for years due to an aged owner and extended vacancy. because of the age, of course, most electical and plumbing were not to code, plenty of dry rot, ect, ect. Needless to say, we had out work cut out for us. But a lot of the original beauty was intact. From the extensive wood molding, flooring, pocket doors, library archictecture, floor plan, and spaciousness, we could not pass up the opportunity. The results have and still are rewarding (despite the aches and pains!). All day today my brother in law and I were working on the ongoing remodling of adding new lights in our backyard. I'm tired. :23:
 

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The main disadvantages I can think of are:

1. You are still at the mercy of a Landlord and unless there are enforced rent controls they can charge you whatever they want for rent. It's almost cost prohibitive to actually "move" a mobile home. Almost never happens. In most cases people are forced to sell and move in order to escape an untenable situation.

2. They are hard to unload. Even in my area during the "peak" of short supply housing and multiple bids on every property, my buddy could NOT sell his Mobile home. Barely a bite and those folks were wanting him to sell if for less than he bought it for. In other words, when every other type of Real Estate was soaring to the moon, his Mobile Home didn't appreciate nearly as much.

My advice would be to stay out of them and wait until you can get a house or even a Condo or Townhome. IMO mobile homes are the least desireable form of home ownership.
 

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bareyb said:
The main disadvantages I can think of are:

1. You are still at the mercy of a Landlord and unless there are enforced rent controls they can charge you whatever they want for rent. It's almost cost prohibitive to actually "move" a mobile home. Almost never happens. In most cases people are forced to sell and move in order to escape an untenable situation.

2. They are hard to unload. Even in my area during the "peak" of short supply housing and multiple bids on every property, my buddy could NOT sell his Mobile home. Barely a bite and those folks were wanting him to sell if for less than he bought it for. In other words, when every other type of Real Estate was soaring to the moon, his Mobile Home didn't appreciate nearly as much.

My advice would be to stay out of them and wait until you can get a house or even a Condo or Townhome. IMO mobile homes are the least desireable form of home ownership.
Keep in mind, not everyone is buys a house with the object of increasing it's appreciation for the future. Plus, not everyone lives in California.
Some people just want a roof over their head. I know that's a hard concept to get one's head wrapped around when we live with the trend we have in California. But overall your advice is very sound.
 
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