My husband%26amp; I are considering purchasing a mobile home(2b,2b) in Canyon Country, CA (Santa Clarita area), but I'm still not sure if it's a good idea. I don't want to make a bad financial decision. I currently pay $825.00 a month for rent (Sherman Oaks, 1bed). I work in Canyon Contry which is about 25 miles from Sherman Oaks (4 days/week) . I pays about $200-$300 for gas/ month.The traffic on 405 makes me tried of driving back and forth. I'm thinking is that if I bought a mobile home I could pay about $700 in space rent%26amp;about $450 a month in a mortgate payment. So I would save some money, time and have bigger space(I have 2 dogs),+ in the end I would own something.I have $8000 for down payment.The problem would be if the mobile home depreciated in value faster than the balance of my loan decreased.How many yrs would I have to live in the mobile home to make it worthwhile? Would it be better to buy a newer or older mobile home? Is there anything else I should take into consideration?
Should I buy a mobile home (canyon coutry, CA)? How quickly do mobile homes depreciate in value?
If this was 3 years ago, everybody would have told you to purchase the mobile home, but now, just about every bank out there does not want to lend on mobile homes. If you do find somebody to give you a loan on a mobile home, most likely a year or two from now, they will not be able to. it will be almost impossible to get good financing especially if you don't own the land. maybe you can rent closer to your work, rather than getting a mobile home. Yes, the housing market is on a down trend, the house prices are dropping. one house may drop in value more than another house depending on the location and on the value it was at.
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