Mobile home??? Long post.

Well you all have heard the story so far.
Now comes a dilemma.
I am not sure I want to go through with the deal even though it looks
like I can get my price.
This is the situation:
I am not sure I want to loose the freedom I have now. I have a lease
with a two month escape clause. I can leave at any time by paying
$300.00 and giving two months notice. If I buy the unit I am pretty
well locked to a fixed location forever (or close to it). What happens
if I meet "the" lady and she wants me to move in (already happened
once). The lease on the space says I have to live there (it is a 55+ park).

Chakolate...

Lou,

Jean B....

Okay... Well, I hope the person I am thinking of notices that!

I notice all the other replies are to do with money and the resale value
of a mobile home and such. I don't know much about that, so I want to
respond wrt the other thing.

You are presently in a state of flux. You are looking for a relationship
and if you find one you want to be free to do what seems right to you. I
think this is very wise, and locking yourself into this situation will be
a mistake.

It was a great idea, and you explored it fully, but I don't think this is
really what you want to do.

Having said that, I should mention that free advice is generally worth
exactly what you pay for it, and that I never give advice unless I'm
prepared for it not to be taken. :-)

Lou...

You are a very smart lady! Your free advice is where I am at and is
well taken. And, I asked for advice which is different from "just" free
advice.
Thank You!!!

Also, if I do a collateral loan, the collateral is tied up against the
loan amount. As the loan is paid down collateral is reduced, but in the
beginning a lot of my savings will be tied up. Of course one option is
to pay cash and then rebuild savings but the net effect is pretty much
the same - I loose a lot of financial freedom.

Everyone's thoughts are welcome, but please ponder before you write:-))

JD Cooper...

I cannot speak to your area of the world, but every where I have been it
is a fact that mobil homes "LOSE" value. They do not appreciate, they
depreciate. Sticking your savings into a depreciating property seems
somehow unwise.

Jusy my thoughts.

Lou...

Joy...

I would go for freedom, but that's me. It's been my observation that older
mobile homes are difficult to sell and usually can't be moved. Again,
that's just me.

Norma...

Lou, when in doubt, back out. You can always buy at a later date. If
you give up your present lease, could you get another as good? Can you
rent, say for a year, where the mobile home is to see if you like it
and sublet your present living quarters?

Just trying to find options for you.
Norma

Lou...

Appreciated. "when in doubt, back out." is great advice.

david...

well, this is similar to buying a car vs leasing a car. people buy
because they see a long term financial savings and they lease, partly,
because they want to drive new and to not worry with maintenance (and
other reasons, I'm sure... )

so, if your goal is to save money long term, then buying has its place.
If you want the freedom to leave at a moment's notice (and that seems
your preference), then buying would not be for you... but this assumes
you are comfortable paying whatever it is for the rest of your life. if
you can afford it, then it's a nonissue...

Lou...

That is exactly what I realized, and am doing:-))

of course, there's another option... try to meet "the lady" who also
happens to be rich... :) and who owns a nice place with room for you and
who is happy to get a credit card for you... :) this lets you save your
$$$ and also not be committed...

**Dalin**...

Maybe it's like buying a car. The depreciation is greatest during the
first couple of years. After that it is not such a consideration.

Lou...

Do not know, but it is still not at all like real estate (which tends to
go UP)

**Dalin**...

JD Cooper...

Incomparable. One you use to get from place to place and expect to lose.
The other is where you live. You should not expect to lose on a
domicile. Just my opinion.

**Dalin**...

It looks like the bubble has burst and everyone is losing now. It's a
buyers market. And - depending on location - some neighborhoods
actually do depreciate.

JD Cooper...

Jean B....

Here's what I am confus-ed about. So, it's a buyer's market,
but if you already own and are looking for another house, you
lose on the sale but then pay less for the new house, so
doesn't that sort-of even out? (an economist, I'm not) Of
course, ideally, one would not own now and would be able to buy.

Not here... it's still a wide open SELLERS market here!

johnsmith060...

Liar! Unless you're writing to us from China.

Yours In Christ,
John

Still, real estate booms and busts are the norm and everything goes in
cycles.

Are you in it for the money or for the comfort of a home of your own
to enjoy? The home market is going down now, people are lowering
asking prices in order to sell.

I am well aware of that and the realtor's first words said it also.