This year, my spouse and I plan to purchase our first home together, and we’re considering investing in a mobile home. Purchasing a property between $100,000 and $150,000 and then selling it in ten years or less seems like a lot better plan than opting for these minuscule, dilapidated $250,000 Oregon residences. Even if land lease costs are problematic, it still looks like the superior option right now. Any buyers of mobile homes here who could offer some advice would be appreciated.
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I bought a mobile home situated on a one-acre plot, where the primary asset is the land itself (frankly, I’m not fond of the mobile home). If you place a mobile home on leased land, its value tends to depreciate.
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We lived in a double-wide mobile home for several years after our marriage to save money for our dream house. I ended up replacing the windows; those standard double storm windows weren’t effective at all. Financially, it made more sense than renting. As we prepare to sell it now, we stand to make a small profit mainly due to the increased value of the land. Personally, I wouldn’t have chosen to buy it if we hadn’t owned the land.
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I purchased land outright and made a $40,000 down payment on a new property. We have approximately $100,000. The details are poorly executed. The trim feels almost like cardboard, and we recently discovered that the exterior trim is uneven. I bought the property from Clayton Homes. In my opinion, they don’t employ the most competent staff. Neither of the exterior doors locks properly. My AC wasn’t installed correctly, leading to water draining into the second bathroom. The installers had to return to cap it off. The luxury vinyl flooring is beginning to bubble. We moved in on July 1st last year. Despite these issues, I’m glad I invested all the money into the land. When we convert it into a rental, I can handle repairs myself. In my opinion, fifth wheels or tiny homes are constructed with better quality.
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My next-door neighbor resides in a double-wide mobile home purchased in 2006, situated on 10 acres. When they expressed interest in selling, and I considered it for my parents, they had no valuation knowledge. I consulted my real estate agent, optimistic about a potential deal. According to her, the home had only depreciated by approximately 10% over 16 years, while the land value had naturally appreciated. Ultimately, my neighbor chose not to sell, but they would have made a profit; though not substantial, enough to relocate to town, which was their goal.