Purchase Manufactured Home?
Dear Terry: We live in the Pacific Northwest (Columbia Gorge) where housing prices are above national average. The mobile home park next to us has a manufactured home for sale priced at $90,000.00. The space rent is $700 per month. The home was originally listed for sale as new back in 2017 (for $65,000) and never sold. Landlord turned it into a rental and it had two families renting it. It’s now vacant and we wonder if we should offer to buy it. We understand depreciation and never would have considered buying a manufactured home unless it was on it’s own plot but there aren’t any other options for housing as far as we can tell. The total pmt would be around $1500 when considering the park rent and payment on a loan. If we don’t buy this home we would be looking to rent in the neighborhood of $2000/month. That is if a rental should come up which is rare. Rooms in private homes are going for $750/mo +! What are folks to do when faced with lack of affordable housing? It makes us wonder if we should relocate to another state that has more reasonable housing costs.
Terry Says
This is a tough one, without knowing you personally and having more details. On the surface, I think this manufactured home might be a good solution — IF you are comfortable living there (and IF your area is not subject to high winds which always seem to impact this type of housing).
The one vulnerability you have is the ground rent. So make sure you have a contract and understand the situation in which the rent could be raised.
Home sweet home is what you make it. With the economy slowing, prices might come down — but then financing rates would be higher. It’s not easy to “game” your home. I wish you well.
