Home Buying Advice

Discussion in 'The Okie Corral' started by ede, Sep 20, 2020.

  1. ede

    ede

    Messages:
    13,199
    Likes Received:
    6,295
    Joined:
    Jun 25, 2004
    Location:
    Fritch Texas
    Need some thoughts on buying a place. I'll be in the house for maybe six years then sell. My big motivation is to buy something to keep from paying rent. My two options I'm considering is a trailer for 40k or a house for 80k. Trailer appears to be in a better looking area than the house. Pretty much same specs on both. House has a large shelter for cars and more private back yard. Trailer has storm shelter and small shelter for cars. Guessing my rent over six years I'd pay 36k so if I lost 36k when I sell which isn't likely I'll break even. What are your thoughts?
     
  2. Atomic Punk

    Atomic Punk

    Messages:
    4,625
    Likes Received:
    2,414
    Joined:
    Mar 11, 2008
    House. No lot rent, no hoa bs. Any appreciation is likely to be higher with the house.

    Some repairs on trailers can get annoyingly weird. Have had friends attempting basoc stuff ( bathroom fan ) discover what was used was some oddball size fan, and only that will fit.
    You get more "standard" sizing from a real house.
     

  3. K. Foster

    K. Foster

    Messages:
    3,865
    Likes Received:
    2,808
    Joined:
    Feb 19, 2002
    Location:
    Mo.
    A house is a better investment than a trailer.
     
    joell33, B C, Darkangel1846 and 3 others like this.
  4. Pennsyltucky

    Pennsyltucky

    Messages:
    483
    Likes Received:
    1,420
    Joined:
    Jul 28, 2020
    I'd go with the house, because you'll have more potential buyers when it's time to resell.
     
    larry_minn, B C, Russ in PA and 2 others like this.
  5. Wojo88

    Wojo88

    Messages:
    1,190
    Likes Received:
    2,006
    Joined:
    Sep 2, 2020
    Location:
    Michigan
    Absolutely house, far better ROI potential. If you were more dead set on a trailor because of the short tenure, I'd even consider a nice 5th wheel. You can take it with you and have more options on reselling I think.
     
  6. Hoochrunners

    Hoochrunners

    Messages:
    5,369
    Likes Received:
    12,508
    Joined:
    Aug 14, 2008
    Location:
    Wisconsin
    House. And farther away from your in-laws if you have them.
     
  7. reniram

    reniram

    Messages:
    1,632
    Likes Received:
    1,952
    Joined:
    Jan 28, 2011
    Six years is a relatively short timeframe. You may or may not get your money back. Prices are high and interest rates are low right now. What would happen to prices in most areas if interest rates rise over the next six years? Not saying it's going to happen, but something to think about.
     
  8. Oldschooltube

    Oldschooltube Flux Capacitor Technician

    Messages:
    3,590
    Likes Received:
    11,199
    Joined:
    Dec 25, 2015
    Location:
    Quad Cities USA
    Agreed about trailers being weird with no clear standard of construction. Had a friend mount a tv on the wall in living room using 3” screws which would have been great had the wall been actual 2 by 4 studs instead of 2 by 2. Screws poked out of wall in bedroom.
     
    Atomic Punk likes this.
  9. scattershot

    scattershot

    Messages:
    3,318
    Likes Received:
    6,254
    Joined:
    Nov 15, 2010
    Location:
    Communist occupied Denver, CO
    Houses appreciate, trailers don’t. Someone above mentioned lot rent and HOA bs. Those are valid considerations, as well.
     
    Pluto57 likes this.
  10. G30SF/F-250

    G30SF/F-250 Pinky Out

    Messages:
    58,467
    Likes Received:
    131,189
    Joined:
    May 27, 2009
    Location:
    PA to LA to NY to FL to IL to VA to GA to OH to FL
  11. BradD

    BradD

    Messages:
    10,538
    Likes Received:
    5,516
    Joined:
    Jun 22, 2000
    Location:
    Booger Woods, KY
    I'd back up a step and question whether or not it's smart to buy to avoid paying rent. Sometimes it isn't.

    In my experience, if the monthly payment is about the same on the rental and purchase, then the REAL cost is much, much higher for the purchase. Repairs and updating are huge expenses and come with the territory of buying a house.

    The house option makes more sense if you live there long enough for the appreciation to overcome the repairs and updating costs.

    At six years, and with the inexpensive properties you're mentioning, I'm smelling money pits. If so, then you might come out a lot better off keeping on renting.
     
    n2g and jimcorbin like this.
  12. ede

    ede

    Messages:
    13,199
    Likes Received:
    6,295
    Joined:
    Jun 25, 2004
    Location:
    Fritch Texas
    My first thought was a 5th wheel but there is no place to get gas. Trailer comes with a lot so no rent. It's so rural area buyers would be fairly limited when it's time to sell. Another thing to be considered is with the trailer I'll pay 15k less in payments and with any luck be able to save that. Might also pay cash for trailer I won't for the house.
     
    Last edited: Sep 20, 2020
  13. ede

    ede

    Messages:
    13,199
    Likes Received:
    6,295
    Joined:
    Jun 25, 2004
    Location:
    Fritch Texas
    I'll be 1500 miles from my wife and little more from anyone else I know.
     
  14. Cycletroll

    Cycletroll

    Messages:
    655
    Likes Received:
    372
    Joined:
    Apr 8, 2010
    Location:
    Northern New Mexico
    Risk vs Benefit.
    Sounds like buying either has a lot of risk (given current real estate bubble) with little financial gain.
    Keep renting and be glad you can easily move when you need to.
     
    jimcorbin likes this.
  15. Zugzwang

    Zugzwang

    Messages:
    32
    Likes Received:
    70
    Joined:
    Jul 18, 2020
    Forget the trailer. Go for the house. Regarding the monetary considerations.....Calculate the cost of the house payment, other utilities, maintenance and any tax implications vs the cost to rent, utilities if any and possible rent credit. Gauge the potential appreciation of the house over the time you are going to live there! Those numbers will tell you if it's worth it to you.
     
  16. DaveD

    DaveD Ex-Mod Moderator Millennium Member

    Messages:
    1,963
    Likes Received:
    3,088
    Joined:
    Jan 20, 1999
    Location:
    Western NY , ADK NY, Gulf Coast FL
    House....put some lipstick on it before you sell and you could make a profit. Do a 15-year mortgage if you can.
     
    Bow Commander likes this.
  17. selogic

    selogic

    Messages:
    1,776
    Likes Received:
    1,871
    Joined:
    May 29, 2011
    Location:
    The deep South
    Don't forget to figure in property taxes and Homeowner Insurance .
     
  18. G30SF/F-250

    G30SF/F-250 Pinky Out

    Messages:
    58,467
    Likes Received:
    131,189
    Joined:
    May 27, 2009
    Location:
    PA to LA to NY to FL to IL to VA to GA to OH to FL
    I would think more like $40k down payment and a 4 year note.
     
    Bow Commander likes this.
  19. willie_pete

    willie_pete NRA Life Member

    Messages:
    28,401
    Likes Received:
    56,808
    Joined:
    Sep 11, 2000
    Location:
    Florida
    House.



    Trailers seem to attract tornadoes. Or so it seems from the evening news. The first pictures they show are the trailer parks all torn up.

    :rolleyes:
     
  20. bubbatime

    bubbatime

    Messages:
    1,975
    Likes Received:
    2,843
    Joined:
    Oct 16, 2004
    Location:
    Floriduh
    I bought a house for $220,000 about 7 years ago. I sold it for $315,000 this year. My "rent" was free and completely paid for the entire time I was there. My housing cost was completely free and reimbursed to me at the time of sale, plus some. I think you will have better return on investment with the house than the trailer, especially if you spruce it up, clean it up, make some small repairs.