You can buy used mobile homes for much less than stick-built houses in most areas of the country. Despite the common predjudice against them, mobile homes are the cheap housing choice of millions. While the advantages are not always obvious, they are real.
One of the advantages is fast equity buiding. You see, the myth about mobile homes depreciating is only half true. In parks they generally go down in value over time. Buy used mobile homes texas on land, though, and they'll usually go up in value.
Buy Mobile Homes With Real Estate
My first home was a mobile, and it doubled in value in the twelve years I lived in it. The home deteriorated a little (don't all houses?), but the value of the land rose. With a lower price than a "stick-built house, the mortgage payments were lower. Because of the shortened amortization (seven years), and lower loan amount, I built equity fast.
Buy Mobile Homes To Build Equity Fast
A house with a $100,000, 6%, 30-year mortgage loan gives you a payment of $599.60. $500 of the frst payment will go to interest, $99.60 to principal. You built equity of $99.60 (I'm ignoring appreciation for the moment).
A used mobile home texas on land, with a $30,000, 8%, 10-year mortgage gives you a payment of $363.99. The higher interest rate is normal with mobiles. The shorter term is normal too, so you'll own the home free-and-clear in 10 years instead of 30. The first month, $200 will go to interest, meaning $163.99 goes to principal. You built more equity in this scenario.
A used mobile home texas on land might appreciate more slowly than a "regular" house, but faster loan pay-down probably may cover this factor. Now, if you also chose to bank the difference in payments ($235.61 per month), you'd definitely be better off financially with the mobile home versus the more expensive home (Except during times of fast appreciation).
You can pay less per month and build more equity. Your real estate agent won't tell you this, and don't expect him to agree even after you explain it. Math skills aren't part of the licensing requirements (at least they weren't when I sold real estate).
You can do what you like with the home when you own the land. I rented rooms in my home, and took in more money than it originally cost.
Mobiles are cheap to maintain. I once had a furnace die in a used mobile home texas I owned as a rental.This is about the most expensive repair you'll have in a mobile. I replaced it for $1,200, which is much less than a furnace for a larger home. For $200 you can tar the roof, or $30 if you do it yourself, instead of $5,000 to re-shingle a traditional roof. Windows, plumbing, and doors are all cheaper.
Property taxes, because they're based on value, cost less. Insurance is less because you're insuring less value. Just be sure you can get insurance before you buy. Some old mobiles may be uninsurable in some areas.
I wouldn't buy a used mobile home if house prices for houses are just as low in the area. We bought a house near Butte, Montana for $17,500 - less than mobile homes for sale there
Decorating decisions for a mobile home are not that much different than for a standard home. Although used mobile home texas come with many "built-in" features, most people find these are easy to modify or even remove and replace.
One of the challenges people who purchase older mobile homes face is dealing with the wood panel style walls. Some folks simply paint the panels a lighter color, while others wish to get rid of the paneled look altogether. However, removing the panel-textured surface is time consuming and difficult for a do-it-yourselfer. Many people have been delighted with the results of either covering the paneling with wallpaper or painting it. In either case, you need to be sure to prepare the surface properly. You'll need to fill in the grooves between the panels with putty or caulking, and make sure that you use the proper primer before painting or papering. Whichever you choose, giving the walls of your mobile home a new look yields a dramatic result in its overall look.
When choosing colors for your used mobile home texas walls, keep room size in mind. Remember that light colors tend to make rooms look bigger , while dark colors make rooms seem smaller. If you have a "long" room, you can give it a balanced look by painting one of the walls at the "long end" a much darker shade of whatever color you choose for the room. It will bring that one wall closer in, and make the space seem more uniform in shape.
Cabinet faces are easily updated with fresh paint, and even cupboard doors can be transformed to revive the look inside a mobile home. Using one of the popular faux painting techniques, you can give your cabinets and doors an antique or stone finish look. If you want more of a county style look to your kitchen, make some simple fabric "skirts," gathered at each end, and use Velcro to attach them to the cabinet faces. If you take pride in your glassware collection, remove the door from one or more cabinets and let the open shelving serve as a display case.
