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

Discussion in 'Stocks & Investments' started by gupster88, Apr 19, 2013.

?

Buy trailer now? Or house later

  1. Buy trailer now, save up some, sell it, buy a house later

    18 vote(s)
    20.5%
  2. Screw the trailerhood life, save up now, buy house sooner

    65 vote(s)
    73.9%
  3. You tell me

    5 vote(s)
    5.7%
  1. Apr 21, 2013 at 12:54 PM
    #21
    Chad7088

    Chad7088 Old Newbie

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    You will not make a profit selling the trailer in a couple of years. Mobile homes depreciate in value plus they are hard to sell. You may find yourself stuck with it rather than being able to sell it and move on to a house. I know this from experience. I bought one when I was 19 and was lucky to finally sell it about 10 years later. Longer than I wanted to live there and it wasn't for a profit. I would go with option B. Just my .02.
     
  2. Apr 21, 2013 at 1:00 PM
    #22
    Chad7088

    Chad7088 Old Newbie

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    renting is not a bad option all the time. The money is not all pissed away. There is no property taxes, a lot of times utilities are included. There are advantages to short term renting.
     
  3. Apr 21, 2013 at 1:19 PM
    #23
    Mescalero

    Mescalero Beretta Taco

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    As a homeowner for 5 years...

    I used to subscribe to "renting is just throwing away money" but property taxes, mortgage insurance, homeowners insurance, are all just throwing away money. Not to mention you're responsible for everything at your house...

    After 5 years, if I sold today I would at best get what I paid, and I mean at best...which means technically I woulda still thrown money away in the sense that as if I had rented. Granted I bought right before the housing market crashed...

    Houses have a lot of perks though like land and the shear fact that you can do whatever you want to it, assuming no hoa. But if its old, could be a money put so be prepared.

    With that said, if you're looking to stay 20+ years, I'd say house, but buy middle-bottom of the value of houses in the area you're looking. If you do 20% down you'll save on mortgage insurance. If you're not, go trailer. At that price you're not throwing money away by renting.

    My 2 cents
     
  4. Apr 21, 2013 at 1:29 PM
    #24
    KenLyns

    KenLyns Lord of War

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    ^Seems you bought your house just before the real estate crash in 2008? Buying today typically doesn't carry the same depreciation risks.

    @gupster88: The trailer is 800 sq. ft? That's pretty massive.
     
  5. Apr 21, 2013 at 1:30 PM
    #25
    scotrinaf

    scotrinaf Well-Known Member

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    As a person that lost nearly $20,000 on a mobile home, the ONLY way to buy a mobile home is if it is used, on a permanent foundation and NOT on a rented lot... (Let someone else take the depreciation hit)

    When we got married, we fell for the "cheap" payment that they offer, but failed to remember that they lose value rapidly while most stick built homes actually increase in value over time...

    August - 1998: Purchased mobile home on rented land, paid $32,000
    June - 2004: Sold Mobile home for $11,100 after many months on the market for (payoff was still $28,000 at time of sale).

    Realtors HATE selling mobile homes because they make almost no commission, and they are impossible to sell. Also, since mobile homes have a bag astigmatism that goes long with them, many cities and towns have zoning laws against them...

    My opinion, save up and buy a house, or buy a "fixer-upper" that is liveable while being worked on... We bought one in November 2005 for $87,000, and just a couple years later with me doing some basic repairs, it is now worth $130,000+... And we live way out in the country...

    Just my 2 cents worth...
     
  6. Apr 21, 2013 at 1:49 PM
    #26
    teneighty

    teneighty I'd rather be skiing...

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    I agree with this. I actually rented when I started my job. I was on a transfer list and didn't know when I was leaving so I couldn't risk owning a home them getting my letter telling me to report to my new station in a week. So obviously sometimes you have to rent. But people that rent for 5, 10, 15+ yrs... :facepalm:


    Like I said, you have to be smart with a purchase and their are very easy and inexpensive ways to improve your home and increase its value. The market is something that is constantly changing and obviously a risk and something to watch when purchasing or selling.

    OP, you say you want to save up. Lets say in 1-2 yrs. you want to buy a home. Interest rates are now 1.25% higher (not unlikely) you'll be paying an extra $80-$110 on $100k-$150k house.. Over 25yrs that's around $30k...

    What you do is ultimately your decision, obviously... Just trying to make you think a little. It's always best to have all the information before making a decision. This is one of the biggest decisions, buying a home. I'm not saying renting your parents place for $220/mon. Is dumb but think about interest rates and how the market is now... They will both go back up.
     
  7. Apr 21, 2013 at 1:55 PM
    #27
    teneighty

    teneighty I'd rather be skiing...

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    This!^^ fixer upper!! I did the same. I've had my current house for about 2 years and put in about $15k... I've tripled my investment! It's my second fixer upper and won't be my last!
     
  8. Apr 21, 2013 at 3:48 PM
    #28
    Mescalero

    Mescalero Beretta Taco

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    Oh...buying the trailer...don't know how I misread plain as day. My suggestion really was to hold off until you want to buy a house that you'll be in a while. Short term trailer purchase prob wouldn't be that good, though less worse that short term house purchase (unless easy to resell).
     
  9. Apr 21, 2013 at 4:48 PM
    #29
    EricTheRed

    EricTheRed Damn dirty Swede

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    The wife and I bought our first home three years ago. What we didn't realize then was how difficult it would be to sell it before our 5-year term was up. We just spoke with our mortgage broker and he informed us that even though the property value has gone up by $40k in those three years, we'd only be walking away with $7500 in our pockets after realtor fees and the payout penalty. Even if we stayed with the same bank for the mortgage and "ported" it to another property, they'd still hammer us with the penalty...the only thing we'd keep is the interest rate from three years ago.

    Kudos to you for having the good sense to put down as much as possible. We didn't and have paid over $54,000 in interest and only $260 onto the principal in three years.

    Live 'n learn I suppose.

    ...I didn't know mobiles were the root of congenital eyesight defects... :D
     
  10. Apr 21, 2013 at 4:59 PM
    #30
    Monster Coma

    Monster Coma Well-Known Member

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    @ $485 a month thats $4800 a year for Option B plus no money when selling trailer.
    so you are
    -$5820

    OR

    Option A you pay $5000 plus $225x12 (2700)
    $7700

    say you dont make a profit and sell the trailer for $5000
    -$2700

    So with option A you save $3120
     
  11. Apr 21, 2013 at 5:04 PM
    #31
    hetkind

    hetkind Well-Known Member

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    Lets assume you can sell the trailer in five years for the 5k you are paying for it...and putting your savings in rent into a house fund. Then the only risk of not buying a house now is the interested rates going up.

    I would buy the trailer on the cheap and save towards a decent house down payment.

    You sound like a young man with a future.

    Howard
     
  12. Apr 21, 2013 at 5:17 PM
    #32
    Gearheadesw

    Gearheadesw Well-Known Member

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    The time is now for buying, not selling. Picked up a fixer upper on an acre of land for 65k, 2.5%, $620/mo, 15 year mortgage. Been working on it for 9 months, so you have to be ready for that when buying low. Can't rent for that down here, win win for me. House value up to 100k all ready. SWEET.
     
  13. Apr 21, 2013 at 6:14 PM
    #33
    scotrinaf

    scotrinaf Well-Known Member

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    LOL, well, in Northeast TN, they can be a "sight for sore eyes"... LOL Gotta love spell check...
     
  14. Apr 21, 2013 at 7:24 PM
    #34
    gupster88

    gupster88 [OP] Well-Known Member

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    Wow guys I come back on here after a day outside and boom, got a lot of feedback! Thanks for that. Instead of quoting everyone, I'll kind of summarize things:

    The trailer I am buying, from my parents, is $5000. It is a very nice trailer and has been well-maintained/remodeled. There has actually been 2 different people make offers of $7500 and $7000 respectively. However, I had first refusal and they wanted to help me out. If I chose to buy a house in the next year, I would have to put a cap on what the purchase price would be, plus I would have a smaller down payment (3.5% minimum - 10% best case). Not only that, I would still have the Tacoma payment. Not saying I couldn't do it, but ideally my goal was to wait 2 more years and have the Tacoma paid off by then and have at least 20% to put down on a piece of land then have a pre-manufactured house brought in.

    I am still finding my footing in life with my career, I am kinda hesitant to buy something right now. For one I would be settling for a house in a price range based upon what I have on hand RIGHT NOW and my debt. Second, I want to make sure the house I buy is good for me to stay in for years to come, and right now its just me.

    I think the only thing I have to lose by not buying right now is the low interest rates. But I heard back in 2009 that rates wouldn't stay like this for long, and here we are 4 years later at the same point. But by waiting a couple years, my bigger down payment will offset the potential higher rates somewhat. By buying this trailer, I'll get away form 100% rent, have more space/privacy, save some extra money in less gas used given its location, and be able to sell it and break even at least.
     
  15. Apr 21, 2013 at 7:29 PM
    #35
    gupster88

    gupster88 [OP] Well-Known Member

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    Yessir, 60x12 (720sf) + the little addition they did to the master bedroom for a laundry room/utility room.
     
  16. Apr 21, 2013 at 7:40 PM
    #36
    raskal311

    raskal311 Well-Known Member

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    Time to buy is 6 months ago in my area.
     
  17. Apr 21, 2013 at 7:45 PM
    #37
    gupster88

    gupster88 [OP] Well-Known Member

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    So. Cal and WV is way different housing markets. The market crash has hurt the prices here, but not nearly as bad as other areas. Houses here are still overpriced IMO. I can go to Greensboro, NC (my favorite area) and buy a house with twice as much for the same amount as in WV.
     
  18. Apr 21, 2013 at 7:46 PM
    #38
    digitalferg

    digitalferg Well-Known Member

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    Yep. Same here in Utah, though its still kind of OK cause the interest rates are still so low.
     
  19. Apr 21, 2013 at 8:04 PM
    #39
    hansdoward

    hansdoward Active Member

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    if you buy the trailer you own something outright. It could be moved to some other property you buy later. Then you have vacation property or a place to live while you build your dream home next to it. A possibility.
     
  20. Apr 21, 2013 at 8:15 PM
    #40
    gupster88

    gupster88 [OP] Well-Known Member

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    This is how I look at it, if for some reason I couldn't make my money back on it. Personal Property Taxes on it is $17 a year!
     
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