Home Buying Advice

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

  1. Haldor

    Haldor Formerly retired EE.

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    Condition and looming major repairs would be very troubling for an $80K house.

    Have a home inspection done (by your guy, not the seller). Then have a reputable remodeling contractor examine the home and quote you on any repairs that need to be done.

    Better to know this before you buy. Could also give you a stronger bargaining position regarding price of the home.
     
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  2. knoxrocks222

    knoxrocks222

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    Just depends on his area, if you live in rural west TN like we do double and triple wides fluctuate just like house’s do, I paid $60,000 for my double 5 years ago and sold it for $113,000 just recently.
     

  3. wrenrj1

    wrenrj1

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    In this situation, Rent.
     
  4. shadow_dog

    shadow_dog Hilljack

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  5. MikeG22

    MikeG22 CLM

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    What are rental options even out there? When you hear prices so cheap and that it's remote, that usually comes without rentals either. If at 6 years you move, could you just rent it out if it wasn't selling?
    House would generally be a whole lot more comfortable and better against the elements if that's part of the equation. What's the state of repair of both? Falling apart house vs perfect/quality of trailer could be a tradeoff.
     
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  6. ede

    ede

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    There's no rentals in the area I want to live in. Pleanty of rentals where I don't want to live. The whole county has 6000 people in it.
     
  7. BSA70

    BSA70

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    Be careful. This is not the time to buy a house. You could very well buy property today and unable to unload it in 6 years. If the market maintains you may come out ahead. Renting can be much cheaper than buying. Just a gamble. Normally Mobil homes is pouring money down a rat hole
     
  8. hilljo

    hilljo Outstanding

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    House is pretty much a no brainer for the above reasons.

    If you are also buying the LAND the trailer is on that might make a difference, but as someone said...houses appreciate, trailers don't.
     
  9. peng

    peng

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    It is a total sellers market right now but a house is still a good option.

    If you're really gonna be there 6 years (everyone says that), don't buy points if you get a mortgage, or at least do the math to check your break even point.

    Remember you need to sell the house for 10% more than you bought it for to break even roughly, but breaking even is better than rent down the tubes. You may struggle with this but again it's just the math.

    You still pay property taxes when renting you just don't know it.
     
    Last edited: Sep 21, 2020
  10. buddyd157

    buddyd157

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    well paying for a mortgage, and a down payment, and only living there for about 6 years?

    you'd be better off leasing a place for that amount to time. no worries on repairs, taxes, insurance (other than your belongings)

    trailers will devaluate, house evaluate.

    in the end, you wanna stop paying rent, well a mortgage is just like rent, except you don't pay your mortgage, you lose the house to foreclosure.
     
  11. Darkangel1846

    Darkangel1846

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    One get a home inspection before your committed. Loan institutions do not usually provide big loans for trailers. Get the house.
     
  12. walkinguf61

    walkinguf61

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    I don’t know enough about your streams of income but do have a taxable income? (As opposed to some tax free income streams)

    If you do, the Property taxes on the house and the interest on the mortgage are tax deductible. It makes a big difference.
    Does the same apply to the trailer option ?



    why do you plan to sell in 6 years? Is it to upgrade or move to another area in general ?
     
  13. Batesmotel

    Batesmotel

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    Trailer ONLY if you are buying the land. Your investment is in the land.
     
  14. ede

    ede

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    I'll sell in six years then quit working after it sell, it unles it takes longer to sell than I think then I might quit first.
     
  15. jp3975

    jp3975

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    Buy the trailer.

    You only plan to stay there 6 years so imo it would be a mistake to spend more than you have to.

    People keep saying homes appreciate, but they can also go down in value and can be hard to sell depending on location.

    I'll give some other advice too. Get on Craigslist or local pages and try to find a mobile home for cheaper. You should be able to find a decent used one for 20k.

    Buy a lot to put it on.

    If you have access to city sewage you could be set up for 25k. If not, septic will be another 5k or so.
     
  16. jp3975

    jp3975

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    Yeah, but you live in Florida. Really blowing up over there right now.

    Depending on location, people are actually fighting to pay asking price.
     
  17. RenoF250

    RenoF250

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    I would say we need more info. Is one closer work? What about taxes and insurance? What is the condition of each? Which would you rather have? I would lean towards the trailer because it is half the price. Yes, trailers can have crappy construction but you can replace that with proper construction unless it is very old. How old is the trailer and what grade? How permanent? Does it have skirting, the hitch off and axles out?

    I like the plan though. Renting is throwing money down a hole.
     
  18. BSA70

    BSA70

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    I like the plan though. Renting is throwing money down a hole.

    Not in every case. All depends. With the prices folks are paying for homes right now, if there is a hit in the economy, they can easily find themselves under water with the house they are in...
     
  19. ArtyGuy

    ArtyGuy

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    Go with a house. Trailers lose value, homes don’t (barring a major downturn- trailers will also lose value in that environment). Also look at who you could sell it to since it’s not your forever home. If that means getting a home with a bedroom you don’t need, your future buyer may need it, so things like that shouldn’t be a deal breaker for you. Finally, don’t become house broke.
     
  20. sombunya

    sombunya Use it up, throw it away

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    If you buy a house that you plan to keep for only 6 years, make sure you like it.

    My brothers and I bought a fixer upper that we planned to sell. That was 30 years ago and I have 6 payments left.