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12-31-2011, 12:18 PM #1
Sell house, buy mobile home to reach goal?
DH and I bought our house 5 years ago. It wasn't our dream home, but it was in the area we wished to be and was workable. Our dream is to build a home (dome, to be specific) and have some property (5+ acres).
This house is sucking the financial life out of us. Our financial circumstances have changed drastically since buying it, and even after getting a mortgage modification we are still drowning. We're seeing our dream of eventually building a home getting further away.
What we are considering at this point is taking a step back to reach our goals. We're looking at property listings of 5+ in the area that also have existing mobile homes on site. By selling this house and going that route with a 15 year mortgage, our monthly pmts would still be roughly half what we're paying now. We could throw extra towards the principal, or use the extra to buy materials to build over time.
Have any of you all done something similar, and if so, how did it work for you? Are there any big glaring complications we're missing?
- 12-31-2011, 12:23 PM #2
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Hubbs and I have lived in mobile homes most of our married lives. The only thing that I will tell you is to make sure that it is WELL underpinned and to make sure that it was thermally manufactured for your area of the country. I actually do not have any issues with trailers. Kind of like a lot of them actually.12-31-2011, 12:33 PM #3
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My GF just downsized and she found a private sale on a modular home with land for $90,000. That is a downright steal! She brought her mortgage from well over $2000 a month to around $400. The modular home and land sold for as much as mobile homes out here, and I've been told they are better constructed than mobile homes.
I'd keep my eyes peeled and consider looking for both options. You never know what you may find out there. It's a buyers market.12-31-2011, 12:46 PM #4
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i too look forward to the answers on this...we too live in a home that we cannot pay for....but continue to do so....whoever said it is a buyers market is right...at this time near us there are homes that are very livable for around 24,000 while we still owe 57,000 on ours. Makes you wonder...12-31-2011, 12:51 PM #5
Uniwolf, how does one tell good underpinning from poor? And how do you find out about thermal manufacturing for an area? We live in a generally moderate area, temperature-wise (besides summer humidity, random freak winter storms, and random freak tornado days, LOL).
Polly, I'm looking at listings that include modular homes as well. There don't seem to be many in our area....mobile homes are more the norm.
We're definitely looking at the mobile home part as a temporary step towards the goal of building. We also know we're going to get flack from family members for taking "such a step down" (in their opinion, not mine), but as long as we're not missing any big glaring issues we're not thinking of that would make this a huge mistake, I don't mind "flack", lol.12-31-2011, 02:00 PM #6
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Lisahas2cats. My GF had to go outside of listings to find hers. I'm not sure if that's because it was a private sale? But she found tons of homes for sale that were not listed. Maybe penny pincher magazine ads? It worked out really well, this guy just wanted to sell, and not have to fork over a lot of dough to do so. And he knew in this market he would be taking a giant bath if he didn't bend a bit. Her credit was shot, couldn't get a loan, a private sale was the only way to go. They met with a lawyer, she gave him a down payment. It's like rent to own, no interest.12-31-2011, 03:06 PM #7
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We did this, with almost exactly the same plan you have right down to the dome home idea. We bought a used single-wide to put on our lake property to start with, figuring it would be temporary. It was. We were only in it three years. But in the end, we opted not to go for either the dome home or the stick-built house we also liked. We concluded it just wasn't worth the extra money it would have taken to do things differently.
If we had it to do over again, we'd have skipped the single wide and gone right for the double-wide, but probably would have put a basement under it. The advantages over doing it that way would be that you have a liveable house and can upgrade things like cabinets over time. We have been very happy with our house and in many ways are glad things turned out as they did. We have far less invested in it and can use that money elsewhere.01-01-2012, 05:50 PM #8
We drove out today for a look at one of the properties we're thinking about. The trailer has been added on to with an expansion and appears to have good underpinning (I'm guessing it will take more than a drive-by to know for sure). We'll call an agent tomorrow so we can have a tour.
Any other words of advice, or alternate view points?
Lisa01-01-2012, 07:50 PM #9
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If you live where it freezes and the trailer AND addition are not on a concrete slab, guaranteed the whole works will shift due to freeze/thaw cycles. That can literally tear the trailer and additions apart from each other.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
“Anything you cannot relinquish when it has outlived its usefulness possesses you.” -Mildred Lisette Norman
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~01-01-2012, 09:44 PM #10
Spiritdeer, thanks for that info....something else to look at!01-02-2012, 01:06 PM #11
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I have some friends that sold their home a few years ago and bought a forclosed modular for around half what they were paying and they are very happy there until they can afford their dream home.01-02-2012, 01:17 PM #12
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I've lived in a mobile home for 26 years. This last year my kids removed all the inside walls and put new insulation in and then dry walled it. It looks like a mobile on the outside but a stick house on the inside. I plan on living here the rest of my life.
Fern01-03-2012, 07:23 AM #13
As long as you are ok with your new home losing value over time, instead of gaining....although isnt that what's happened to all of us in 'regular' homes the last few years too? If you are looking at different towns, be sure to look into the tax rates- can vary greatly, and will affect your mortgage. I am assuming if you sell your current home you will break even or profit?Slow and steady wins the race....eventually!
Kill the mortgage! Goal: 12/2023 (looking less and less likely, but I'm not changing that date YET)
Left to go: $126,661.61
Extra paid:2015-$2909.27 + $153.54 escrow
2016-$971.83 +$120 escrow01-03-2012, 08:31 AM #14
The mobile home would be temporary (1-5 years) while we build, so I'm fine with it losing value. The only thing that bothers me about a mobile home is that the storms in April brought multiple tornadoes through our area....very freak occurance, but it still put the fear in me.
We will be staying in the same county, but in a smaller "town" (using the term loosely....it's very, very rural with nothing but homes and farmland).
Here's my struggle right now. I want to make the right choice. I've asked for divine guidance, and am trying to listen quietly for the answer without getting my own issues (fear, impatience, feeling safer in the status quo, etc etc etc) in the way.
Thanks again for everyone's help01-03-2012, 02:59 PM #15
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sorry Lisahas2cats kinda lost this thread
1st and foremost, even if you buy used, I would go with a Fleetwood, one of the best built mobile homes on the market, if you buy from a dealer (new or used) they should be able to show you the manufacturing plate, if it has a masterbath it is usually in the closet somewhere in there, if not there then I would check all of the closets, and then the kitchen cupboards.
Underpinning, can be as simple as vinyl siding, or you can berm pin it which is basically a tarp/plastic attached to the underrail, then earth placed against it to the bottom of the home, with either vinyl siding then installed or bricked in at that point. Where this is to be a temporary setup, I don't know that I would brick it in. But the choice is yours. We use to live in SE NC, and most homes there are mobiles
Here in NW Arkansas, you see very few of them.
Good luck with what ever you end up doing
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