Hello, my girlfriend and I are living in a mobile home right now, that was “given” to us by my mother, its paid off, she moved in with her spouse.
Things are getting rough between them, and my girlfriend and I are planning on my mother telling us she wants to move back in, which we will not do. She can have the place back, but we are moving out if that is the case, hopefully its not, but we found some beautiful manufactured homes in a nicer park. We have a few relatives that live in said park, and they have terrible credit, so I have no doubts on getting approved.
The ones we found range from $30-50k, between my girlfriend and I, we make about $3300 a month, and have one car payment and a couple small credit card payments. Rent in the park were in now is higher than the nicer one, and the estimated mortgage payments bring the total that we would pay (before utilities) maybe $200 more than what we pay to live here.
I am just curious about how you start this process, as weve never done this before, and any help/tips are greatly appreciated. (We're both 21 if it matters).
I worked in a high end retirement manufactured home community for many years.
Keep in mind that the lot rent increases every year, without fail. And sometimes, depending on how the lot lease is written, the owners can pass on costs for major repairs or improvements to the residents.
Rules & Regulations are usually pretty strict (sometime far worse than homeowners associations), so if you don't like the idea of someone having the authority to tell you what you can and cannot do with your property, this might not be a good option for you.
Resale value will be horrible. Manufactured homes are titled like cars, so they depreciate.. You will never get your money back out the house.
That said! If you feel this is a good thing for you and your GF, then, by all means, go for it. The lifestyle in a manufactured home community is good for a lot of people.
Starting the process of buying a house is easy. Go to the sales office in the community and talk to them. They will be glad to sell you a house if you qualify and have all the money you will need for a down payment, security deposit on the lot, and first month's lot rent. Sometimes communities offer incentives on the lot rent to entice people.
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