Housing

gja1000 · 03-19-2009, 05:04 AM

The problem with the 40 year loan and payments that you can afford is that with mobile homes that do not increase in value as quickly as homes or even lose their value, is that you are paying such a tiny amount in principle each month, that in the first few years, you owe more than the mobile home is worth. So, when you sell it, you either do not make any money, or you lose money. That happened to friends of ours. They lived in the mobile home for 3 years and it cost them $2000 to sell it.

I'm glad you are opting for travel!

Lindsey · 03-19-2009, 07:37 AM

Thanks again Gayle! I just told Scott everything I learned and he agreed... we're both still young and I want to travel, and he wants to still go on his winter snowboarding trips, and the longer we both wait the more we'll have paid off (his car, my college line of credit and motorbike)... and if things work out between us we may have the optioin of buying something nice together. And if it's not together, there may be other people in our lives by then. Eventually I'd hope to be married and then able to afford a nice family home on two incomes instead of just one.

Blueyes · 03-20-2009, 02:13 PM

Quote:

Originally Posted by Lindsey

Thanks again Gayle! I just told Scott everything I learned and he agreed... we're both still young and I want to travel, and he wants to still go on his winter snowboarding trips, and the longer we both wait the more we'll have paid off (his car, my college line of credit and motorbike)... and if things work out between us we may have the optioin of buying something nice together. And if it's not together, there may be other people in our lives by then. Eventually I'd hope to be married and then able to afford a nice family home on two incomes instead of just one.

Great decision

Janet · 03-19-2009, 07:40 AM

I think Gayle's advice is good. I'm glad you're going to travel too, so much more fun...lol

Lindsey · 03-19-2009, 07:43 AM

lol yeah... and I'll be spending most of my weekends this summer working on fixing up my parents' new (old) cabin. So when would I even have time to enjoy a house of my own??

DianaB · 03-19-2009, 09:15 AM

I think that Gayle gave you some really good advice. I know that mobile homes are not a very good long term investment because they're not built to last or maintain their equity.

03-19-2009, 05:04 AM	#1
gja1000 Donating 4WT Yakker Join Date: Sep 2006 Location: Central Texas Posts: 5,717	The problem with the 40 year loan and payments that you can afford is that with mobile homes that do not increase in value as quickly as homes or even lose their value, is that you are paying such a tiny amount in principle each month, that in the first few years, you owe more than the mobile home is worth. So, when you sell it, you either do not make any money, or you lose money. That happened to friends of ours. They lived in the mobile home for 3 years and it cost them $2000 to sell it. I'm glad you are opting for travel! __________________ Gayle

03-19-2009, 07:37 AM	#2
Lindsey Donating 4WT Talker Join Date: Sep 2006 Location: Saskatchewan Posts: 3,764	Thanks again Gayle! I just told Scott everything I learned and he agreed... we're both still young and I want to travel, and he wants to still go on his winter snowboarding trips, and the longer we both wait the more we'll have paid off (his car, my college line of credit and motorbike)... and if things work out between us we may have the optioin of buying something nice together. And if it's not together, there may be other people in our lives by then. Eventually I'd hope to be married and then able to afford a nice family home on two incomes instead of just one. __________________ Lindsey "I don't mind living in a man's world as long as I can be a woman in it..." -Marilyn Monroe

03-19-2009, 07:40 AM	#4
Janet Moderator Donating 4WT 18K Club Member Join Date: Sep 2006 Location: INDIANA Posts: 21,625	I think Gayle's advice is good. I'm glad you're going to travel too, so much more fun...lol __________________ To every thing there is a season, and a time to every purpose under the heaven. ECCLESIASTES 3:1

03-19-2009, 07:43 AM	#5
Lindsey Donating 4WT Talker Join Date: Sep 2006 Location: Saskatchewan Posts: 3,764	lol yeah... and I'll be spending most of my weekends this summer working on fixing up my parents' new (old) cabin. So when would I even have time to enjoy a house of my own?? __________________ Lindsey "I don't mind living in a man's world as long as I can be a woman in it..." -Marilyn Monroe

03-19-2009, 09:15 AM	#6
DianaB Moderator Donating 4WT 13K Club Member Join Date: Sep 2006 Location: Kansas Posts: 16,069	I think that Gayle gave you some really good advice. I know that mobile homes are not a very good long term investment because they're not built to last or maintain their equity. __________________ ´¨) ¸.•´¸.•´¨) ¸.•*¨) (¸.•´ (¸.•` ¤ Diana Baker ✞ You and I are friends....... Always remember that if you fall I will pick you up...... After I stop laughing!!!

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