Looking to buy a home
We spend so much time on the water why not buy a place 30 seconds from it instead of 2 hours?? That is what we are considering. The neighborhood that Heidi's families lake house is in has a place for sale, it belonged to an older couple who died (not in it i don't think) and they had it donated to the Houston Livestock Show and Rodeo. So the place is not waterfront but probably 200-300 yards from Heidis folks place and we would have access to their new fancy shmancy boat house, it has a huge storage building/carport with three walls that would easily hold the boat and I would enclose the front with a door. The place is nothing spectacular but they are only asking $53,000. Single wide trailer 3 bed 2 bath. Here are some pictures.
Agreed... no shame in that place. If nothing else, consider it a lake house.
Cheaper than a new boat and sleeps six.
Just make sure you know how old it is and what the local ordinances are regarding selling a mobile home. A couple of urban legends I thought I had heard: 1. Mobile home only depreciate; 2. There is a fixed number of times a mobile home can be resold. Both are probably false - but worth checking into.
Thoroughly inspect the roof and cieling for water intrusion. Look for soft spots in the floor along the walls - especially around the doors.
Not bad Dave, id talk to a bank first. I know in OR and i assume this is most places you cant pull financing on land with a home like that unless you have a HUGE down payment.
In OR they wont lend money on land unless you have 30% down. If its a home like that then its 50% down.
Me and Claudia were looking into something like that originally thinking we could get 5 acres and a big shop already on it, then in a couple years move the trailer and have a custom home built. The down payments were killing the deal. This is why we went to build a custom home where we did. Trailer homes are a lot harder to finiance.
I agree with Benson about the fact that the home will likely only depreciate. However the property shouldn't, so as long as you look at it as an investment on only the property (and having a place so close to the water which is awesome) then you should be fine. If you do it you can just have everyone camp at your place for the Jam next year.
Benson, possibly what you heard was you cannot move a trailer more than so many times? I believe when we did something similar it was recommended that a mobile home not be moved more than 3 or 4 times. There may be laws regarding the number of times it switches owners but that would surprise me.
Financing will be a little tougher. However, shop around, there are banks that specialize in those loans.
Trailers, for the most part, do depreciate but that doesn't mean its a bad investment. Separate the values and see how good of a deal you are really getting. You can get a brand new single wide for 30k'ish and trailers have come a LONG ways since then. So can you buy a lot around there for 25k? Are there even lots available (typically the case around lakes)?
as mentioned. consider on the price of the land and outbuildings as the home will depreciate to the point that it's worth a few k's.
just from the pics you posted, it doesn't look to be in bad condition and would have a lot of life left in the mobile. if the land/buildings appraise out for within 10k of the asking price, I'd be all over it.
you also can't put a price on proximity to family and the good times you will have..
looks like a very nice place to hang a hat for a while..
traditional financing is unlikely so be careful.