Buy a house now? Or trailer now, house later?

Some very useful and valuable information. I'm going to look into the movement you're talking about. I've always preferred smaller houses over large ones in the first place. What size is your house if you don't mind me asking. Trying to get a feel for the "tiny house" movement. Lol.

 

600sq ft = Tiny house
Airstream trailer = Reeeeeeally tiny house

 

Wow that is tiny. The trailer I'm buying is almost 800sq ft!

 

My wife and I and 2 cats lived in a 300 sqft cabin for 2 years including 2 Canadian winters while we built our house

If you are somewhat organized it can be not too bad

 

I'm organized, the girlfriend isn't. I'm trying to picture a cabin that small. The smallest I've stayed in is roughly 500sq ft.

 

It's 1,150 square feet. 1 bd. 2 bath. Which by tiny house standards makes it large, but by normal standards it's small.





We compensated for the lack of space with an open loft design. The living room is only 12 feet wide, but it has a 21 foot high ceiling with 4'x4' skylights. Our only home heat is a wood stove.



Our property borders a State Park. That's why everything behind it in the picture is open land. This is looking out from the upstairs bdrm.



Tiny homes isn't a political movement like an angry group of people demanding rights from the government. It's an idea that's been around for a long time, and it appeals to the outer fringe of quirky do it yourself pioneer homesteader types.

Our tinyhome turned out so well, I built my 91 year old Mom her own genuine tinyhome in our back yard. It also has a similar design of an upstairs loft with a skylight, but on an even tinier scale.






This was during construction. There's a curtain between the bathroom area and the kitchen area.




It's a nice alternative to a old folks home.

 

I was just reading that interest rates are expected to go over 4% by the forth quarter of this year. If it does, that's one hell of a jump and a major increase in mortgage payments.

 

The main area was 12'x20' with a little bump out on the side , we had a little kitchen , a shower , our bed and dressers , stacking washer / dryer , love seat and tv

We had a flush toilet in the shed about 40' from our shack

Tested the marriage : passed

 

Dang that view is amazing, you did a great job on the house as well. Kinda cool how you utilized so much with the square footage you have. I'm definitely impressed!

Yeah at $150k, each .5% jump is about a $45/month jump in payment. I crunched some rough numbers just now. At 3.5% with 3.5% down payment financing $150k compared to 20% down, a jump in interest to 5.5% for the same amount: it's cheaper by almost $100/month to save up and put down 20% even with higher interest rates.

Wow, I'd say that tested your space and bubbles. Glad y'all passed

 

Is that based on a 15 year mortgage? 30 year mortgage would be more expensive at 5.5%.

15 year at 3.5% with 3.5% down = $1034
15 year at 5.5% with 20% down = $980

30 year at 3.5% with 3.5% down = $650
30 year at 5.5% with 20% down = $681

 

You are forgetting PMI. For a 30 year loan, 3.5% down @ 3.5% you'll have about $120/month extra on your payments. Therefore, waiting will save me ~$100/month in wasted PMI payments.

 

Sounds like a covenant relationship to me.

 

Lol

 

I can relate to this in a way or two.
There need to be a few things to think about. When I was faced with this similar decision I made the choice to buy a home and "invest". At that time I could have purchased a simple singlewide laid it on a piece of our property and went on.
Through the 6 years we have changed some things, but sadly we never had enough money to do it right. It was cover up jobs to fix issues and move on. 6 years later we have a child, wife has a new career (much better career) and we are primed and ready to make a move forward into something bigger and better, or at least just BIGGER.
Anyways we now have to funnel money back into this property just to bring it up to par and list it for a price to skimp out of it soon. We must keep our fingers crossed and be very proper just to sale a home around here. If you are like me and you and your family are in the progress of making forward movements. Meaning one day you hope to be making more money with a better education or experience etc I would chill in the trailer. I personally know of 3 or 4 people saling trailers with in a week or two of being listed in whatever shape they come.
Just my two cents, you can't predict the markets and you sure can't predict what the rates will be in the future.
Now if you do get you a home, try and get something you can "work with". Get something out of town or at least with plenty of room to add-on. I would assume had I knew know what I knew then I would have made that decision better.
Plenty of options, it just depends on what you plan on doing with your long term goals.

 

I totally understand...
What doesn't kill your marriage only makes it stronger.

 

Don't know who's doing your PMI, but we pay about $52/mo PMI on a $116,000 loan...

 

This is true, but once you get equity into your home you will drop your PMI lowering your payment anyway. It's sounds like you are able to save a substantial amount over a few years, which you could be putting into the mortgage payments to get you to the 20% equity to drop PMI. It would be cheaper in the long run. Just a thought.

 

Dafuq is PMI ?

 

In another year prices will be higher but option a is a sweet deal.

 

Primary mortgage insurance?