What Is The Best Thing For Me To Do?
I dont want to live in an apartment but I do want to move out..... I dont want to throw all my money away so I was looking into getting a mobile home..... What should I do.... get a loan from a bank or what...... or should I jsut get an apartment...... how much do Mobiles usually run a month with everything?
You've got to #1 figure out what your needs are and what you can afford, #2, give us more info, and #3 do your homework.
Where are you living now? What's your gross income? What part of the country do you live in?
I'm not the expert on mobile homes, but like anything you have to buy low and sell high to make money on them. Unlike houses, they tend to depreciate rather than appreciate. They're not built to last 100 years like homes are.
Mobile homes can range from $80K for a new double wide, to $2000 (or less) for something that's old, run down, and has a motivated seller
Mobile homes can be hard to sell. In my area people in mobile homes are stuck because interest rates are higher for mobile homes (with shorter ammoratizations). They're tough to refi, and with an association fee, most people can buy a starter home and have a smaller monthly payment than they would with a mobile home. Granted, once interest rates go up to 12% or so the demand for mobile homes will go up.
I can't even begin to give you advice because I don't know what your situation is. You need to pick up the phone, make some phone calls, and learn about your market. None of us can give you the answer that you want to hear.
I would try to get a house. You can probably find a little fix up or a lease purchase or something that would be easy to finance. I may consider a MH if it is on land and not a park. At least the land would appreciate when the market rebounds. Buy something somewhere. Great time to buy. Good luck
Ted Jr
Beyond a doubt, buy a house.
Try to buy the least expensive house in the best neighborhood.
Its amazing how people let their house get run down and what a little paint, landscaping and cleaning will do for a property.
After you do all this work, get it appraised again and you'll typically see your equity increase.
The benefits of ownership are just incredible.