I'm considering buying a "mobile" home

[mschrisgo2]

I'm seriously considering buying a "manufactured house" in a resort community, a sweet little community on the river. I know about a dozen of the 65 or so people who live there full time and a couple dozen more who are there seasonally, and they are my kind of people. I would so enjoy living there!

That being said, I know it's not a "good investment" but then, neither is renting an apartment. My housing cost would actually be about $300/month less, for twice as much square footage, I'd have a yard for planting, and to share with my dogs, a carport for my new car (I've not had covered parking for 10 years), and no shared walls or floors/ceilings. A wonderful walking area along the river, a better quality of life, indoors and out, plus the community. Those are the pluses.

I guess the minuses are that I would have a landlease, not own the lot, and I realize that these homes depreciate quickly.

But for $46K, it seems to me that the pluses outweigh the minuses. I would spend 20% more to rent an apartment for the next 4 years and not have any of these pluses. But having said that, there is no one in my life, outside of the community, who thinks this is a good idea.

I'm not looking for anyone to talk me out of this, but are there things I haven't thought of?

[Tammy]

Can you buy one used? That would save a lot - just like with cars.

[JaneV2.0]

It sounds delightful. You can do your investing elsewhere with the money you save. (Just make sure you're not in Tornado Alley or the equivalent.)

[ApatheticNoMore]

Well I can't see it as a bad idea unless the trailer park is dangerous with lots of crime or something (meth head trailer park or something, I don't know).

[awakenedsoul]

I think it sounds wonderful. The price is right, too. Have you run the numbers? If the cost of living there is low, and you can afford it, I would go for it!

[iris lilies]

I think mobile homes (used ones!) are perfeclty fine place to buy in temperate climates.

[Packy]

Do some checking around, about the park management. Ask to see the lease they offer, in writing before you buy, so you can see how unfavorable it is to you. That is one of the big risks that you can lessen. In my opinion, Mobiles are best suited for housing on an acreage, where you own the land it sits on. Parks can be problematic in several ways, including dictatorial management. They are on the wane in general, due to zoning restrictions, land prices, etc., though still strong in the sunbelt. You don't want to have to vacate and dispose of your mobile , should the park owner eventually sell out to a developer. I know of several instances of that. Other than that, mobiles can be a good way to live, but also be sure it is "tied down"-- anchored in case you are in tornado-prone areas. Hope that helps you some.

[iris lilies]

I've been looking on he internet at mobile home parks in Florida. Yes, I am that old! And there are some really good deals. If I had limited income as a senior citizen I'd move to one of those over-55 places in Florida. But of course the main problem is lot fees. While the cost of the mobile home is very low, lot fees run, what, $350 - $600 per month for plain vanilla mobile home parks?

[Teacher Terry]

My MIL lived in one for 30 years & really liked it for all the reasons you mentioned. However, when she died the park would not let us rent it & in fact dictated who could live there for free as well. The lot rent was $450.00 in 2007 & frequently went up. We finally sold it for $5000.00 to someone the park approved. I think it also depends if it is new or used? If you are quoting the new price could you get a used one a lot cheaper? I would check into that. Also how much is the lot rent & how many increases have there been? What do people think of the park management? I think this can be a wonderful option for people to have more space & a yard as well as some privacy if it is the right price/place. Let us know what happens.

[Tussiemussies]

My Grandparents bought a mobile home when they were old enough that they didn't want a larger home to take care of. Where they, lived, in a town in PA, you, could buy a lot of land in town or anywhere else you would like, I believe in that county, and put your trailer on it. It worked out very well for them. They bought brand new. The only issue they ever had was they sometiimes had problems with the plumbing. It worked out great for them. My grandmother could clean the entire place on a Saturday morning. I have very fond memories of visiting them there and I lived there for a year with them. It had two bedrooms and one and a half baths. No dishwasher though back then. The dining room and . Living area was one decent sized room.

[Tradd]

Chris, you say this resort community is on a river. What about flooding?

[Float On]

Are you in a tornado area? Does the community have a shelter?

I too look at parks in FL. We've got good friends living in several of them - great communities with a lot of activities. I loved the little trailer we lived in when we first got married. It had a big porch on it and a beautiful 1/2 acre tree filled lot. The sound of rain on the roof--divine.

[mschrisgo2]

Great questions and comments! Let's see, yes, this unit is used, it's 8 years old so it has already taken the biggest depreciation hit. The community is on the river and it is in a flood zone, but all of the units are situated and certified (by FEMA) to be above the potential flood line- this was last tested by the river in 1997. It is on a permanent foundation, not blocks. Comes with all major appliances, including side-by-side refrigerator/freezer with ice maker, and front loading washer and dryer, and yes there is a dishwasher and garbage disposal.

This is California, so there is no danger of tornadoes. Because it is on the river, development is regulated by the coastal commission, and they don't approve any development; they wouldn't allow the park to develop more of their own land a few years back. The family that owns it has been there for 114 years, there are actually 5 owners now, all extended family and they all live there, as do some of their grown kids. Everyone gets along well. It is somewhat isolated, in that it's 7 miles to town, and off the beaten path, so really only people who own/rent there go there, so it's relatively safe.

It's 23 miles from where I work, and now I drive 18 miles from the other side, so the commute won't be much different. And one of the things I am excited about is freeing up a bit more money for investments.

There are restrictions about who can "inherit" and live there, in that everyone has to qualify financially to pay the space rent, which is $400. and there's a clause that it will not go up until at least 2020. It includes (well) water, garbage/trash pickup, and cable for tv/internet/phone. In California the park pays the taxes on the land, and the unit owner pays an annual tax of 1% of the appraised value at purchase.

[Tradd]

Chris, with the home being on a permanent foundation, that's much better, in my thinking, than a parked mobile home (on wheels).

Sounds like a good deal.

[Packy]

Don't forget to cut a hole in the screen door, to throw the empty beer cans through. Hope that helps you some. Thankk mee.

[Teacher Terry]

With the financials you have provided it sounds like it is a good deal. The lot rent is covering many items & no increase for 5 more years is great. Sounds like you found your dream home!

[Gardenarian]

Sounds great, and the fact that they have well water is a big plus! Have they had any trouble during the drought?
If you can pay cash, it sounds like it would be a really nice place to retire.

[Songbird]

Don't forget to cut a hole in the screen door, to throw the empty beer cans through. Hope that helps you some. Thankk mee.

Packy, only in Missouri. ;)

Mschrisgo2, I think it sounds all good!

[SteveinMN]

Only thing I have not seen anyone mention in comparing to apartment life is the expense of maintenance. While you pay it indirectly in an apartment, maintenance costs (purchasing appliances, furnace inspections, plumbing repairs, etc.) in a mobile home are all yours. I'm guessing there would be lot upkeep, too -- grass seed/mowing, plants, shoveling snow (if you get it where you live). Owing to the size of the place, the expenses probably would not be near what they would be with a house, but they assuredly would be more than they would be in an apartment.

[mschrisgo2]

Yes, there will be some maintenance expenses, but on the other side, I also didn't calculate in increases in the apartment rent that will most assuredly come every year. This was complex of garden apartments was originally built with a special loan as "senior housing" with guaranteed below market rate rents for the life of the loan, which was 30 years and anded 2 years ago. We've gotten $35 rent increases each of the last 2 years, and they just hired a new management firm and are moving aggressively to "market rate" which is a good $300 more than I pay now.

So, I've been approved as a resort tenant (lot rental) and my offer to buy is being submitted tomorrow! I am very excited.

[awakenedsoul]

Congratulations! Keep us posted...

[Teacher Terry]

Awesome!

[Kevin K.]

We've owned four mobile homes, in Boulder Colorado, Silver City New Mexico and currently in Cañon City Colorado. In comparison to the conventional ("stick built") homes and condos we've had total cost of ownership is far less, comfort is excellent, and in many areas (such as pricey Boulder) they're really the only affordable housing choice that doesn't involve sharing walls with noisy neighbors or living in a shoebox-sized space.

Here's an article on our current set-up, which I think for frugal folks living on a modest income is hard to beat, cost and value wise.

http://caffeinatedcalm.blogspot.mx/2015/01/mobile-home-economics.html

[rodeosweetheart]

We've owned four mobile homes, in Boulder Colorado, Silver City New Mexico and currently in Cañon City Colorado. In comparison to the conventional ("stick built") homes and condos we've had total cost of ownership is far less, comfort is excellent, and in many areas (such as pricey Boulder) they're really the only affordable housing choice that doesn't involve sharing walls with noisy neighbors or living in a shoebox-sized space.

Here's an article on our current set-up, which I think for frugal folks living on a modest income is hard to beat, cost and value wise.

http://caffeinatedcalm.blogspot.mx/2015/01/mobile-home-economics.html

Thanks, Kevin, what a great and helpful post! I particularly liked you point that this choice can easily become a communal living approach that is affordable, unlike most.

[pinkytoe]

I had a relative who lived outside of Montrose, Colorado in what she referred to as a manufactured home. It sat high on a ridge with a tremendous view of the mountains so I remember it fondly. It had been purchased it as a retirement home. She had a large garden and small grove of cherry and apricot trees on the acre of land it sat on and she lived in it until well into her 80s (almost 30 years total). In any case, we think about it often as a lower cost way to live in retirement but know our family/friends would likely make judgements. At this point though, who cares as long as it provides decent shelter. I would rather sink money into travel and hobbies than another costly house.

[awakenedsoul]

pinkytoe, I agree. I love travel and hobbies. It's so easy to end up spending all of your money on bills. When there's nothing left over for fun, it's depressing.
Kevin K., I enjoyed the blog post. I used to rent a guest house in NM, and I loved living there. The hiking was gorgeous! My friend had a mobile home in Santa Fe, and it was really nice...