Home Buying in Bellingham>Question Details

Sharon Mandl…, Home Buyer in Deming, WA

I AM THINKING OF PURCHASING A MOBILE HOME IN A 55 PLUS COMMUNITY, I AM A LADY OF 57 YEARS OLD COMPARED TO AN APARTMENT IS THIS A GOOD INVESTMENT?

Asked by Sharon Mandlin, Deming, WA Sun Mar 27, 2011

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Hi Sharon,
If you are looking for an investment, I would say no. If you are looking for a home I would say this question of leads to a lot of other questions. How old is the unit? How much deferred maintenance is there? Is the unit able to be rehabbed to todays standards? And, is the money you will spend on the rehab worth it? Can you buy the unit for the space and replace it with a new one? Are you prepared to pay the monthly site fees. What is included in the site fees? With all of these questions, why not buy a condo in a senior complex. There are some really nice ones in town. Even ones that have stand alone homes.
0 votes Thank Flag Link Fri Apr 22, 2011
Hi Sharon,
It is really about your personal preference and your financial position whether buying is better than renting. Have this conversation with a trusted financial adviser who can review the cost of each option and help you look at the hard numbers.

Variables to consider will be all the fixed costs of the adult park, anticipated resale value, and your health.
Ask the park manager to share copy of the by-laws in advance and question how often the lease has adjusted historically so that you can plan how to not get priced out before you are ready to move out. Most of these communities have active social groups that provide warm and caring support groups. A definite benefit that my older friends enjoy. We've attended a few gatherings and the atmosphere is very inviting.

Apartments can be a great option due to limited responsibility for maintenance issues that creep up naturally over time. It's just so personal a decision that there is no immediate correct answer to give.

If you'd like an ear to bend to work this out, please feel free to contact me. Susan Draper, 360-539-1820
0 votes Thank Flag Link Sun Mar 27, 2011
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