Property Q&A in Torrance>Question Details

Sandra Rider, Other/Just Looking in 66062

If you buy a mobile home, what is the average cost to rent the lot in Torrance and surrounding areas?

Asked by Sandra Rider, 66062 Sat Aug 8, 2009

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This question is about this property: http://www.trulia.com/property/price/34637064-24200-Walnut-S…

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Sandra:

According to the MLS listing, the space lease for this property is $1050.00 per month. Space rents in Torrance seem to start around $1000 and work their way up. If you were to apply that same monthly amount to a purchase, depending on your down payment, credit scores and actual interest rate, this would translate to $150,000 to $200,000 worth of home. Mobile homes are great if that is your chosen lifestyle. They are also great if you can pay cash for the unit and then just have to worry about the space rent on a monthly basis. You will, most probably, have much more freedom than if you rented at the same price. Just be prepared for space rents to increase annually, and don't count of the value of the mobile home doing the same. Also, financing is difficult to obtain. If you find a lender willing to finance a mobile home be prepared to put 20-30% down and pay 8%+ interest. When you total it all up, you may want to look elsewhere.

Today, with great 30 year fixed rate financing and some of the lowest prices we have seen in years, you might want to consider a home or condo instead. Sit down and do the number with your real estate agent. You might be surprised to find that you can buy a single family home or condo for the same monthly payments as you would pay for a mobile home. Hope this helps. Dare to Dream.

Shel-lee Davis, CDPE
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
0 votes Thank Flag Link Sat Aug 8, 2009
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