Home Buying in Parkway>Question Details

Acheng916, Other/Just Looking in Parkway, Sacramento,...

home ownership vs. mobile home?

Asked by Acheng916, Parkway, Sacramento, CA Tue Jul 28, 2009

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Hi Acheng916,

I'm way late for this one but it just popped up on my radar so here goes anyway.

By answering your posts we are both earning points and building SEO and Google Juice. I'm new to this whole blogging thing but I'm starting to learn how it works a little more everyday.

My wife Janis runs our Lender Relations division. We provide affidavits of affixture, engineered certification, 433a documentation for California and foundation installation retrofitting and repair Nationwide and would love to work with you should you ever need our services.

Today's "Manufactured" "Factory Built" Home is constructed exactly like any Site-Buit (Stick Built) Home. In most cases even better inasmuch as they are built in a indoor climatically controlled environment and inspected by a liecensed HUD inspector through every phase of construction.

As a RE Broker, Manufactured Home Dealer, General Contractor and Manufactured Home Contractor in California, Arizona, Oregon and Florida for the past 25 years I can assure you that having built equally as many site built projects as I have Manufactured Home projects that I would select a manufactured home any day.

As for financing? There are plenty of lenders out there willing to finance MH's if they meet the following requriements. http://activerain.com/blogs/johnarendsen

Please feel free to log onto our Truliahttp://www.trulia.com/blog/onthelevelcontractors/ or Active Rain bloghttp://activerain.com/blogs/johnarendsen for more comprehensive information about the MH Industry.

Or you can check our our website and give us a call or drop us an email. We are RE Brokers, Manufactured Home Dealers and licensed, bonded and insured General Contractors and have been actively engaged in the MH Industry statewide for almost 3 decades.

We also do "Lonnie Deals"
Web Reference: http://www.onthelevelcontractors.com

Web Reference: http://www.onthelevelcontractors.com

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0 votes Thank Flag Link Thu Mar 3, 2011
First of all, what's your price point? The most important is getting prequalified by lender( I recommend calling more than one, since they compete). Also, the interest rates on mobile homes is higher, and and mobile homes or manufactured homes have different lenders, than that of single family residences. For a single family residence, you'll need at least 3.5% down (as of 7/29/09), but speak directly to some lenders to check on your particular circumstances. Give me a call if you need the names and numbers of a couple of lenders that I work with.
There are a number of homes under $100,000 in our area. However, there is FIERCE competition for these. Sometimes one of these homes will generate 30 offers for a single property. You need an agressive, honest agent, and be willing to commit your time, to finding a home. Feel free to give me a call if you need an agent. My number is 916-536-4205 - Sue Goodrich, agent, CENTURY 21 Select, DRE # 10730280.
0 votes Thank Flag Link Tue Jul 28, 2009
I think it depends on your age and what you want as your home. Many seniors feel secure in a mobile park, there is not as much yard maintance, there are usually social events. Check what the fees are and what they cover, such as sewer, amenities. Do you have a pet? What are the rules for pets and visitors? See if you can visit the park and talk to some of the people living there. Try to find a newer model that is more energy efficent too.

A regular home is usually easier to resell.
0 votes Thank Flag Link Tue Jul 28, 2009
Good Morning!
I would say, hands down, a home. Especially with home prices at what they are today. When homes were going up so fast as so high, a mobile home might have been the only thing a person could afford to get into but that has changed so much.
Loans are extremely hard to get on mobile homes, even harder than home loans are right now, because very few lenders will lend on them.
Also if you will be in a mobile home park the park fees themselves are like rent and quite expensive. Last year I was looking into the Auburn area for my sister-in-law and the fees in the some of the parks there were in the $450-$640 range per month.
When the market turns around, and it will, your home will appreciate much quicker than a mobile home would. Keep in mind old time concepts of pride of ownership and purchasing with resale value in mind and your money will be well spent.

Best of luck to you,

DeeDee Riley
Lyon Real Estate
Web Reference: http://deedeeriley.com
0 votes Thank Flag Link Tue Jul 28, 2009

HOME OWNERSHIP! Hopefully I said that loudly enough :-)

Okay, let me be more clear. In some cases, a mobile home is an excellent option. For example, for seniors who wish to remain independent and have their own place, yet not be mired down with yard work or home maintenance. Or, for other individuals who do not wish to deal with those same things.

However, and I speak from experience, you will never get your money out of a mobile home if you choose to sell it.

My father passed away last year and left me a mobile home appraised at $35,000. I sold it for $10,000. Of course the market plays an important role, but history has proven that real estate purchases will always, albeit eventually, appreciate.

So, you have to ask yourself, do I plan on ever moving/selling? If so, then buying a house or a condo might be a better economic option for you because then, at least you will know that you'll be making an investment that will reap you some financial reward down the road.

However if you feel that your purchase might be your last, then a mobile home might be a good option for you. As mentioned, low maintenance (if you buy a newer model). Keep in mind that financing for mobile homes is usually only available for models built subsequent to 1974, I think it is.

Best of luck to you, and hope this helps.

Tamara Dorris
0 votes Thank Flag Link Tue Jul 28, 2009
What's the question?....Can you narrow it down a bit?
0 votes Thank Flag Link Tue Jul 28, 2009
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