You can buy 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 mobile homes 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)....
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