What do I need to know about mobile homes?

Question

I am 23 years old and need to move out of my parents house.I considered renting an apartment, but they are expensive and I don't make a ton of money..plus you have nothing to show for in the end...you pretty much throw away your money, and the apartments I can afford don't make me feel safe.

I then saw that a mobile home isn't all that expensive...a brand new double wide is going for just under $40,000. I wouldn't want something that big, as it is just me. But it all depends on the loans available. So what sort of loan terms are available? I live in NH and have very good credit. Like how many months/years is typical at what rate? I need to figure out how much I can afford.

What about lot fees? How much do they run on average? I live in New England, so rates are probably more than other areas of the country.

How is waste eliminated...like what sort of septic sewer system and water systems are there in a park. I know it would vary everywhere...but I am clueless.

What else should I know about? I know a mobile home isn't a great investment, they depreciate and all. But still. I am in a research phase...I am not set on buying a mobile home.

What are common problems with mobile homes?

How much would a newer (like 2003 or newer), single wide home go for? Once again, I know that prices vary all over the country...if you know about New England market, that would be appreciated!

Please answer whatever questions you can...I would like to learn anything that I can. And if you are just going to be a jerk, don't bother...thoughtful responses are really appreciated!

Thank you.

Answer 1

Houses (hopefully) gain in value if you buy intelligently, trailers simply get old and worth less year by year. Go to a couple trailer parks and talk to the managers and pick their brains. Walk around them and see how they feel.

Actually, many people find that apartment rental is preferable to ownership, as the headaches belong to someone else.

Answer 2

Mobile homes can be nice and a good starter.  I sell these in Jacksonville, and some nice pictures are there so you can see!  Jacobsen is real good.

Answer 3

DON'T get a mobile home.  They DEPRECIATE in value.  It would never be worth as much as you owe.  They are flimsy.

Don't do it.  Terrible idea.

Answer 4

Mobile homes are wonderful places to live in.  Just like a house.  The problem is that mobile homes are more like refrigerators than houses.  Each year your mobile is worth a little less.

You can buy a piece of land and park your mobile on it.  But that land is often out in the boondocks.  The areas near civilization are the "parks" that allow you to pay $200-400 a month to park on their land.  You pay the same utilities that you would pay in a house. $80 electric  $30 water $20 cable  $35 phone.  And you live happily ever after. /