Renting Vs. Owning a home?
#1
My fiance and I are trying to figure out where we are going to live after we get married in a few weeks. He currently lives in a very run down apartment in a very expensive city. His landlord is terrible and some days he doesn't even have any hot water. A family of 10 Mexican drug dealers live below him and use all the hot water and throw chairs at each other at 2am. I've had to report the landlord to the city health board several times just to get him to take care of basic maintenance.

The other factor in this situation is that my fiance is facing the possibility of being laid off. The company he works for is replacing his job with computers. He does not have a college degree so his job prospects in this competitive market are very grim. If he loses this job, there is no way we could afford rent. (Renting, to me, has always seemed like a total waste of money because you are basically paying a mortgage every month but end up with nothing to show for it, especially in our case since our landlord is a piece of human garbage and won't spend a penny on this place).

Long story short, we need to find some way to stabilize our financial situation as quickly as possible. We have some money saved up and are thinking about buying a mobile home in a trailer park. I would like to know what people's experiences are with owning a home versus renting a place. We would probably be able to pay for the mobile home in full and wouldn't have to pay nearly as much in utilities/home maintenance/etc as we do now for rent.
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#2
(03-07-2018, 06:25 PM)SacraCor714 Wrote: My fiance and I are trying to figure out where we are going to live after we get married in a few weeks. He currently lives in a very run down apartment in a very expensive city. His landlord is terrible and some days he doesn't even have any hot water. A family of 10 Mexican drug dealers live below him and use all the hot water and throw chairs at each other at 2am. I've had to report the landlord to the city health board several times just to get him to take care of basic maintenance.

The other factor in this situation is that my fiance is facing the possibility of being laid off. The company he works for is replacing his job with computers. He does not have a college degree so his job prospects in this competitive market are very grim. If he loses this job, there is no way we could afford rent. (Renting, to me, has always seemed like a total waste of money because you are basically paying a mortgage every month but end up with nothing to show for it, especially in our case since our landlord is a piece of human garbage and won't spend a penny on this place).

Long story short, we need to find some way to stabilize our financial situation as quickly as possible. We have some money saved up and are thinking about buying a mobile home in a trailer park. I would like to know what people's experiences are with owning a home versus renting a place. We would probably be able to pay for the mobile home in full and wouldn't have to pay nearly as much in utilities/home maintenance/etc as we do now for rent.
Peace.....Owning is a better investment than renting.  You may also have more privacy in your lifestyle and decisions about utilities etc.  Select a property or Trailer situation that is in a "resale" market.  Schools, Parishes and jobs nearby?  That's a bit of experience to share.....God bless, angeltime
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#3
(03-07-2018, 06:25 PM)SacraCor714 Wrote: My fiance and I are trying to figure out where we are going to live after we get married in a few weeks. He currently lives in a very run down apartment in a very expensive city. His landlord is terrible and some days he doesn't even have any hot water. A family of 10 Mexican drug dealers live below him and use all the hot water and throw chairs at each other at 2am. I've had to report the landlord to the city health board several times just to get him to take care of basic maintenance.

The other factor in this situation is that my fiance is facing the possibility of being laid off. The company he works for is replacing his job with computers. He does not have a college degree so his job prospects in this competitive market are very grim. If he loses this job, there is no way we could afford rent. (Renting, to me, has always seemed like a total waste of money because you are basically paying a mortgage every month but end up with nothing to show for it, especially in our case since our landlord is a piece of human garbage and won't spend a penny on this place).

Long story short, we need to find some way to stabilize our financial situation as quickly as possible. We have some money saved up and are thinking about buying a mobile home in a trailer park. I would like to know what people's experiences are with owning a home versus renting a place. We would probably be able to pay for the mobile home in full and wouldn't have to pay nearly as much in utilities/home maintenance/etc as we do now for rent.

1st, get your finances in order before you do anything, unless, you can afford to pay the entire rent/mortgage yourself.  Getting laid off is a big deal, and while it is possible to live on one income it is very difficult when you first start off and no one is happy when they get laid off.  And don't sink all of your cash into anything - keep some money for emergencies and other future needs.
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2nd, buying a mobile home may be the way to go in your situation, BUT, be very, very careful about going into a mobile home park because you are at the mercy of your neighbors, and, generally speaking, mobile homes do not appreciate in value like stick-built homes. Many parks are nice, swimming pools, lawn care regulations, etc., but some aren't. Check monthly park rental fees - you may be able to pay the same amount to buy a small piece of land.  Also, look into tie-downs, support piers, insulation, heat tape for pipes, and never, ever buy a home with aluminum wiring.    Don't skimp on tie-downs and support piers - a stable mobile home is a happy mobile home.   But the mobile home would give you much more privacy than an apartment.  Maintenance on a mobile home is often a specialty trade because many mobile homes do not use standard, buy-it-at-Home-Depot parts, often you have to buy new plumbing fixtures at special mobile home parts stores.  I have lived in a mobile home and liked it very much.  I currently live in an apartment building and altho I have no maintenance responsibilities, I do not like being crowded in and, in a way, controlled, by having neighbors so very close - my next door neighbor bangs on the wall at 8pm if my grandson is singing quietly in the bathtub!!!  Good luck!
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#4
Owning a home is the way to go in the long term; however, a small studio for a few years may be a good option. Two people can do a studio if you use the space properly. It'll be tight, but it's a good way to set aside some money or reevaluate education/job prospects.

I also second the advice to consider a mobile home. When I was studying at university I purchased a small mobile home and a plot of land which I've since sold - it allowed for the initial down payment of the current home I live in. If I would have rented I'd have left university with nothing, but by investing in something small I was able to 'upgrade'. The initial purchase was not too pricey (somewhere in the $35k range) so it only took a few thousand dollars to put a down payment, and not being in a park I didn't have lot fees (only taxes on a small piece of property which was roughly $800/year). I was single at the time and when I'm single I live a very simple life so bills were a minimum and all my extra income went towards paying down the trailer. I was able to pay it off by the time I finished university (4.5 years) and sell it afterward. If you keep it in good condition a trailer can be a very very good investment, and you'll probably - if you pick the land properly - stand to make some money in the long run.

Either way, it all boils down to what you can afford. While I never recommend renting to anyone if you can't maintain a mortgage payment for sure (like 100% sure you can do it even if stuff goes downhill for a good year or two for planning purposes) then renting is probably the best option. Or, perhaps a rent-to-own situation would be suitable (although, admittedly those are hard to come by these days).

I'm rambling at this point. Good luck with finding something. I purchased my first home when I was in my 20's (the trailer) and it can be intimidating so if you ever need someone to just vent frustrations caused by the process towards I volunteer LOL...because...it's a very frustrating process the first few purchases. I will add you and your fiance to my permanent prayer intentions.
I am in the process of discerning my vocation with the help of my priest. If you would like to read my thoughts as I progress through this process of discernment feel free to visit my blog: https://demarianumquamsatis.com/
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#5
(03-12-2018, 11:40 AM)IntoTheMystic Wrote: Owning a home is the way to go in the long term; however, a small studio for a few years may be a good option. Two people can do a studio if you use the space properly. It'll be tight, but it's a good way to set aside some money or reevaluate education/job prospects.

I also second the advice to consider a mobile home. When I was studying at university I purchased a small mobile home and a plot of land which I've since sold - it allowed for the initial down payment of the current home I live in. If I would have rented I'd have left university with nothing, but by investing in something small I was able to 'upgrade'. The initial purchase was not too pricey (somewhere in the $35k range) so it only took a few thousand dollars to put a down payment, and not being in a park I didn't have lot fees (only taxes on a small piece of property which was roughly $800/year). I was single at the time and when I'm single I live a very simple life so bills were a minimum and all my extra income went towards paying down the trailer. I was able to pay it off by the time I finished university (4.5 years) and sell it afterward. If you keep it in good condition a trailer can be a very very good investment, and you'll probably - if you pick the land properly - stand to make some money in the long run.

Either way, it all boils down to what you can afford. While I never recommend renting to anyone if you can't maintain a mortgage payment for sure (like 100% sure you can do it even if stuff goes downhill for a good year or two for planning purposes) then renting is probably the best option. Or, perhaps a rent-to-own situation would be suitable (although, admittedly those are hard to come by these days).

I'm rambling at this point. Good luck with finding something. I purchased my first home when I was in my 20's (the trailer) and it can be intimidating so if you ever need someone to just vent frustrations caused by the process towards I volunteer LOL...because...it's a very frustrating process the first few purchases. I will add you and your fiance to my permanent prayer intentions.
Peace.....I agree that when you see the bank account or investment growing, you find the small sacrifices were worth it especially when they impact your future security.  God bless, angeltime Heart
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