Mobile Home or Condo? (screaming, best, taxes, trailer)
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You sorta do, except the lot rent is not deductible (at least IIRC) and more importantly it goes on forever, and can go up and generally will go up over time.
A "mobile" on your own land can be a decent deal. A mobile on a rented lot in a designated park - not such a good deal.
In some specific circumstances, like buying land on the outskirts of a growing city in hopes of substantial appreciation, you may benefit in the long run by not having a permanent structure.
I've been kicking around where to relocate in the next few years, without going into great detail. There are many options and places and I am intrigued by the cost of mobile homes/park models as opposed to a condo.
The condo's are more expensive than the mobile homes but the HOAs are lower - the higher MH fees reflect space rent in addition to paying for amenities. Neither includes property tax.
When I am in my mid-60s and have to make a decision, should I care about the condo being a better long-term investment? The MH's I am looking at are in lovely parks and right near the beach. Condo's are also lovely but further away from beach. The HOA's for a condo may be around $400 a month; $1,000 for the MH.
Which would you choose?
I just started a thread on retirement decisions in light of natural disasters and where to live is one of them. First place under mandatory evacuations have in NC been mobile homes by description. Don't know about other areas but a mobile home in a hurricane or Tornado can be toast. Is the park anywhere near a flood plane or a area that in the future can be become prone to flooding. Many mobile homes and parks no longer exist in NC after Matthew and Florence.
In some specific circumstances, like buying land on the outskirts of a growing city in hopes of substantial appreciation, you may benefit in the long run by not having a permanent structure.
Matthew and Florence are making your words so prophetic. Yup not permanent structure at all.
I would have no problem with a mobile home as long as one understands it is a depreciating asset. A condo will not be a depreciating asset and could even increase in value.
Believe me when I say. If your set on a MH,only buy one that is going on your own land. Do not even consider Parks, where Lot Rent must be paid. Its not worth the financial headache that is sure to follow. The outrageous rents and increases are alarming. That and the constant threat a park, will become an unkempt trailer park. That rapidly starts filling up with sketchy residents. No matter how nice a park is that can happen. Or it will be sold leaving you high and dry. Unless one is so financially secure, that they can just pack up and take a loss. Then I do not recommend this style of living.
The main advantage of a mobile home that I can see is lower price (than a condo) near the beach. If I bought one, I'd think in terms of the money being gone once I bought it.
What I'd love to understand, and this'll be a local issue, is the exact nature of the legal contract and laws between the park and you. I'd sure hate to pay $200k for a $20k mobile home and then have the park owners sell the property to a developer. OTOH, in the places I've looked, it's by far the cheapest way to walk to the beach from your dwelling.
I was talking with a retiree friend and we were both wishing that mobile homes on their own lots or in small retirement parks were allowed in our state. I guess I can understand why they're not allowed on a lot--it can look tacky. But why doesn't the state set aside land for people to buy and put a mobile home on?
Not a huge mobile home park with people paying rent, but smaller parks with affordable mobile homes for moderate and low income people. Instead, low income retirees are packed into inhumane, crumbling, 400 sq foot old fashioned apartments with no yard, no space. Moderate income people who sell their houses are confronted with either a luxury apartment that they don't want and can barely afford or a luxury condo. A lot of people do not want assisted living. They still want a "house"--something with a yard, privacy, easy to take care of. A mobile home fits that bill.
There are mobile home parks in the state of New Hampshire but the ones I've seen, I wouldn't want to live in. Anyway, it's pretty far north for a lot of us. Massachusetts and Connecticut should set aside land and build mobile home parks instead of cramming older people into apartments or only providing luxury housing.
Last edited by in_newengland; 07-31-2019 at 09:30 PM..
To me a condo is like an apartment because of the feeling of living in a box. No offense to condo dwellers--and I live in an apartment now.
Agreed. To me owning a condo is just like buying an apartment. And then ridiculous fees area added. Why would I want to buy an apartment? I’d rather rent an apartment, and not pay extra fees, and be able to move to a new apartment when I get tired of it.
Agreed. To me owning a condo is just like buying an apartment. And then ridiculous fees area added. Why would I want to buy an apartment? I’d rather rent an apartment, and not pay extra fees, and be able to move to a new apartment when I get tired of it.
Rents today are more than a mortgage. In fact in many areas hundreds of dollars more each month. Then the rent increases with each lease renewal. A mortgage is generally a lower monthly payment, and you know the payment isn't going up. Equity is being built up with ownership, not the rent. People on a strict budget may handle their mortgage payment, alot easier than those high rents.
So for many its easier to afford a mortgage, than a monthly rent payment. Its sad its that way in this country, but rents are out of control.
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