My 62-year-old brother, who has low income, wants to buy a manufactured home from 1991 that comes with the land. He’s always lived in apartments but received a $300k settlement from an accident, which is now his savings. He still works and plans to in the future, and he’s really set on this home, which is listed at $270k and has upgraded features. I’ve been reading mixed reviews about older manufactured homes. Insurance can be tough to get, and their lifespan seems to be around 30-50 years. He’s tired of renting and dreams of owning a place to live for the rest of his life, especially since this one is on a golf course with a nice view. I looked at other homes in the area, and they’re all around $250k-$300k, built in the early 90s too. Any advice would be really appreciated!
It sounds like a lovely spot! Just make sure he gets a thorough inspection before buying. Older homes can have hidden issues.
Definitely check into insurance options. Some companies might not cover older manufactured homes, so shop around.
Since he has a good amount saved, he might want to consider getting a financial advisor to help with the purchase.
I understand he wants to settle down, but keep in mind that maintenance costs can add up with older homes. Just something to think about!
If he loves the place and it checks out, it could be worth it. Just ensure he’s not stretching his budget too thin!