I currently live in a small apartment and wouldn’t mind just a little more space.
I could buy an older mobile home on a rented lot for 5K.
It seems like the plumbing and electrical is in order, so everything is cosmetic. (looks like the 70’s)
I have good enough credit to get another 5K or so and fix it up.
IE: add instillation, drywall, better fixtures, etc.
Most large jobs will need to be done by a friend in construction (for a friends discount) and he says his guys can do it in 2 weeks max. I can do the small stuff like hanging lights, installing toilet and vanity, etc.
Do you think this is more trouble than it’s worth and should I just rent a bigger place?
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This may not be what you want to hear but I think you should just rent a bigger place. I was planning on doing the exact same thing except the mobile home was free. If it’s old there is going to be a lot that is out of date. For example, the wiring will probably be aluminum and could potentially cause more problems later. I think your expenses will GREATLY outweigh it’s worth. Honestly, for me, I felt that it was best not to invest in something that was going to end up getting me no where in the future plus I still had to pay lot rent. A bigger apartment was the better choice and once I want to move and upgrade I don’t have this undesirable thing to get rid of.
BTW have you seen the place? Everything might seem like it’s in order but $5000 is pretty cheap. Can you get your friend to look at the plumbing (and everything else for that matter) before you buy it? And ask why the sellers are selling. I had a few problems along the way with ‘withheld information’ from the sellers that could have cost me a fortune down the road. (i.e. gas heating- yikes!)
I hope you don’t get it but if you do then I hope it’s perfect for you and your family!
If you could really depend on your friend to do the job and do it correctly & on schedule then it would be good to buy a mobile home. I bought one (used) and it has had a few problems that normally go with buying an older home but overall a good deal. If you buy you get tax deductions for mortgage interest. You don’t get that by renting. It sounds like a good deal, wish mine had been that cheap! Good Luck!
the biggest problem with mobile homes where you do not own the land is that they can raise your space rent. Sadly many people get to where they can’t afford the space rent, and then they lose their home. Since you won’t have that much money invested in the house, sounds like $10k max, it might not be a bad idea anyway. As another poster said though, the older homes have construction issues such as plumbing and materials used inside may cause cancer. I would advise a home inspection by a qualified inspector before you decide. Good luck
Since you said you wanted ‘just a little more space’ and size is the primary need, I’d say get a bigger apartment. Here’s something to think about with mobiles in general right now: Most of them are in parks with hefty rental pad fees. With these fees the landlord pays property taxes and other maintenance. All the foreclosures going around cause the landlord to get squeezed, putting pressure on to raise fees. The other problem is that these don’t sell well unless you own the land underneath and they depreciate faster than houses. So in the long run it may be better to wait out this buyers market and then go shopping.