Looking into a mobil home or a condo. Which will be more costly down the road with leased land rent or high HOA costs? I make 25K/YR

Asked by faschrz, Huntington Beach, CA Sun Sep 16, 2012

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Tim Kunze, Agent, Huntington Beach, CA
Sun Sep 16, 2012
Boy, that was pretty cut and dried. Of course, if you don't have any savings to use as a down payment, Jeremy is correct. Based on his 30%, you could afford a monthly payment of $625. Doesn't give you many options, especially in HB. There are other possibilities, though and, as I said, you should first talk with a lender to get the dose of reality Jeremy is trying to give you. Then you'll know exactly where you stand.
1 vote
Steve Bragdon, Agent, Huntington Beach, CA
Sun Sep 23, 2012
Got a nice 2 bedroom 2 bath home in Westminster that might do.
10200 Bolsa Ave #23 for $27,888.
Drive by and check it out.
Space Rent is $900 a month and you pay no taxes
and that also includes your water and trash.
Call me for more details. Steve at Prudential at 714-350-3665
0 votes
John Arendsen, Agent, Leucadia, CA
Tue Sep 18, 2012
With your income and not knowing what type of DP you are capable of coming up with I would suggest you look for a private party mobile/manufactured home with a pretty low monthly rent. East of HB i.e. Westminister, to Buena Park or even La Mirada.

A private party would be more apt to work with you on the terms and conditions of a sale than would a bank or conventional lender. Stay away from PRE HUD Homes built before June 15, 1976 as they are known to have caustic and carcinogenic (asbestos) chemicles in their ceiling, wall and floor insullations. Also the flooing and countertops are known to have formaldahyde in them which are known caustics.

In fact I would avoid any MH's or condos built before 1980 for the same reasons. You may be best just renting and saving some money for a DP on something that you could more comfortably affored in a year or two.
0 votes
Alane Anders…, Agent, Newport Beach, CA
Mon Sep 17, 2012
There are areas around Huntington Beach that you should look into, Fountain Valley, Westminister, Garden Grove, to determine if they have options in your price range. Best wishes, Alane
0 votes
Jeremy Lehman, Agent, Garden Grove, CA
Sun Sep 16, 2012
Unfortunately, you can't own a home in Orange County with an annual income of 25k per year. To completely frank, housing should not exceed 30% of your monthly income. Not only would you have a mortgage payment, but you have taxes, insurance, and utilities as well. You'll have to look at other options.
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Tim Kunze, Agent, Huntington Beach, CA
Sun Sep 16, 2012

My strong suggestion would be to look at non-leased land condos. Rents in mobile home parks are really high and only destined to go higher. Also, a mobile home depreciates whereas a condo will appreciate (in the long run). The savings on the price of most leased land condos are, quite often, more than lost in the monthly land lease payments. Not to mention the fact that lenders really frown on leased land AND mobile homes.

At 25K per year, you're going to be hard pressed to afford to buy much of anything in Huntington Beach. There are, currently, nine condos at or under $200,000. Only two of these are not on leased land and are both 1 bedroom, 1 bath units of 593 and 650 square feet. Also, both are in a 55 and over community so, if you aren't 55 or over, you can't live there anyway.

Of the 7 on leased land, one (on Delaware) doesn't show the lease cost but is listed at $54,900 and is a 55+ community. Two show leases of $2,520 and are in the Huntington Harbor area. They are listed at $144,900 and $150,000. Lastly, the other four show leases of from $7,403 to $7,880 and are listed from $95,000 to $174,900.

Give me a call (714-552-2335 or email Tim@TimKunze.com) and we can crunch some numbers. It would also behoove you to get together with a lender - I can recommend several - and find out just what you can afford. If you can find an FHA approved condo, you can get in with as little as 3% down.
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