Future home and retirement

I am struggling with wanting a home, and saving for retirement. And where I will live a apartment or ? I’m looking at mobile homes because that’s what I can afford and I want it paid off in 15 yrs because of retirement. The apartments are getting so expensive and to have to pay $1000 a month is not appealing. So, I need some ideas.

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I purchased a condo a few weeks ago. I too, was tired of paying well upwards of $1000 (me and 2 children) for an apartment. I was looking at mobile homes but the park rents are all about $600. I knew I didn’t want to buy on my own land because I didn’t want that kind of maintenance. I found a condo that, even with the monthly fees, is $300 less than my rent. It’s not luxurious, but it is certainly suitable for my family. I had been saving for about 7 years, every tax return, etc, for a down payment. There are many loans out there for people with low income. With the loan I got, I was not able to get a 15 year one, but can refinance in 3 years for one. You may want to talk with a mortgage broker. I used Harbor One. As for saving for retirement, I’m doing that as well! I’m counting down till retirement I have awhile- I’m 50.

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I’ve looked at condos, and they still cost too much in my area. I’d have to live in a bad neighborhood to afford one, or you might find a condo or house that’s affordable but it needs too much repair work. I’m trying to get a mobile home right now, if the financing doesn’t work out right now I’ll have to save more money and wait.

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Good luck on the mobile home, Jennifer!

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Be extremely careful in considering a mobile home. They are a bigger version of the tiny home–i.e. a home on wheels. Even if they are on a site (within a mobile Park, the cost of renting (you aren’t buying the site just the home) will vary, plus you have to consider the long-range development of that specific sites. You are merely one person in that park, which works like an HOA only stricter. I had a mobile home in California, which was a great price to buy, but after I had brought it and moved in. I got told about the changing model of the park, which I was not told during the buying process. Plus there’s no authentic house inspector, just a certificate of the model and the age of the unit. Any unit built prior to 1976 is called a mobile home even if they are parked in a spot because of the fact they are on wheels. Yes, there are mobile homes out there over 35 years old and you need to check for good maintenance all-around or you will be looking at big expenses, especially in roofing and plumbing. The other problem with mobile homes has to do with the mobile park rules. Okay, you mentioned you are looking for a retirement home, which means you would be okay with a mobile park for seniors only, but that rule also applies to your visitors, which means your children and your grandchildren will be limited to only your mobile home within a certain time period. Look at the story of the grandmother who got custody of her grandson but his living with her was prohibited.

My best suggestion is to invest in a piece of land, where you can place a home of your selection, permanently, within the guidelines of the variance of the township and you can hook up to the utility pipelines for power and such. The newer modular homes work well with this solution as you can always add to your unit. It is your choice in how you progress forward, either way, it is not simply a move-in and just pay a monthly rent, but there are other expenses involved.

Condo’s are very similar to mobile homes in the respect that besides your mortgage costs, you are paying a monthly fee for “maintenance” which can increase yearly as determined by the HOA, plus you are liable for issues which occur in your apartment that will affect the rest of the complex, like a plumbing issue. Good Luck


Jennifer Thurs, have you spoken with a mortgage loan office about purchasing a condo or a home? I’d start there to see what monthly payment you qualify for and also what you are comfortable paying each month.

Just one of the disadvantages of owning a mobile home is the high depreciation whereas if you are located in a growing population and a good real estate market, a home or condo should appreciate thereby adding to your net worth in coming years.

I agree with Maria Rose that the potential lack of living stability of a mobile home is something to consider. Entire mobile home parks can be sold so lot rent and fees can change at any time. Or the buyer may have other plans that don’t include the property being used as a mobile home park and you are forced to move you AND your mobile home.

It can be an overwhelming decision!

KellyfromKeene! Congratulations on your condo purchase!

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Thank you for your well informed concerns. I did come across that same article about the grandparents and the grandson cant live with them.

Some background about my situation. I am divorced with no children. The mobile home park that I am looking at is 1 of 11 that they own. I am looking at a used home that has been remodeled and the cost is pretty low. The lot rents in Wisconsin are in the 400s range.

Oh one other thing, I have 2 cats, and a lot of places dont allow pets and I would like some outdoor yard area, even if it is smaller.

I am also considering the same thing- retirement or to purchase a home. At the moment I am considering two employments, one being teaching English online, which makes me roughly $26CAD an hour, and an internet assessor through Lionbridge (which coincidentally, I found through pennyhoarder). If I work those two jobs for about 5 or so years then I have enough to purchase my own house. The reason I mention this is although things may seem like “It’s either one or the other” right now, it doesn’t really have to be. Have you considered working online for a couple of hours a week for a little extra savings each month? If not, then I would suggest buying a home that you can pay all of or a great portion of rather than retirement.

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Thank you @mintjulep! I was planning to wait and continue saving, but then, well, life happened! I’m thrilled to own again after the divorce.