1. Mobile homes go down in value, never up. They are always a depreciating asset.!!!
2. You are at the mercy of the park owners, they may raise your rent whenever they want, by however much they want, and there is nothing you can do about it. See you are stuck there with a mobile home that is not mobile at all, you cannot get up and move if you do not like it. They get to make rules, tell you who you can sell to and often times even block your sell when you go to sell.
3.If you can afford a mobile home you can afford a condo.
a. Condos go up in value as a general rule. You can take out equity out as you go.
b. You are not under the strict ownership, you do have an association but it is much easier to deal with, and they cannot tell you who you can sell to or block your sell when it comes time to do so. Also you can always go to the association meetings on a condo and have a say. On a mobile home they own it, it is their way or the highway.
Call me at 714-968-2500, we can go over the numbers, I can show you that you can buy a condo with:
a. Less money down
b. Worse credit
c. With a lower monthly payment.
There is only one advantage of a mobile home that is there are no adjoining walls. But you will find when there are storms, that you will quickly realize just how flimsy a mobile home is.
If you buy a mobile home you will end up with nothing to show for it accept for a loss. If you buy a condo it will go up in value eventually, you will build equity; have more freedom, more money, less stress. When you sell it you will make money, if you hold it long enough, no matter what. The longer you own a mobile home the more money you lose, no matter what.