How quickly do mobile homes depreciate in value?

I'm considering purchasing a mobile home in the Sunnyvale, CA area, but I don't want to make a bad financial decision. I currently pay $1555.00 a month for rent, and my thinking is that if I bought a mobile home I could pay about $800 in space rent and about $700 a month in a mortgate payment. So I would spend abou the same on living expenses, but in the end I would own something. The problem would be if the mobile home depreciated in value faster than the balance of my loan decreased. Some other related questions might be: How many years 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?

How quickly do mobile homes depreciate in value?
I don't think you can think of a mobile home as an investment, and if you aren't really saving any money I don't think it would really be worth it.





It's one thing if you own the land the mobile home is on, but to just own the mobile home, I just don't see the value.





I would think it would probably be best to buy an old mobile home (so that you can save money on the mortgage and the space rent), and put the money you are saving in a bank account and use it later as a down payment on a house or at least a down payment on land. You will probably be better off.





Good luck.
Reply:It really depends on the local market. My parents bought me a trailer when I went to college in a college-student only park.. and paid 23k for it. After 5 years, they sold it for almost 19. This was in Alabama though.





The best way to tell how prices are doing in that area, is to see how the prices have done for other mobile homes. It's not the mobile home that's going to depreciate.. it's the space.. and in California that may or may not happen. It's a very unique situation.





Mobile homes cost very, very little. What you're going to be buying, is space for housing and my understanding is that you won't even own the land. So ultimately the mobile home doesn't matter in this equation, it's how the space you're going to be sitting on appreciates or depreciates.





Food for thought.
Reply:by a few months i think...
Reply:They depreciate faster than it takes you to wash your house. haha. Just kidding. Anyway, my suggestion is to move. I live in Buffalo, NY %26amp; pay $500 a month for a beautiful 3 bedroom upper, with a den, living room %26amp; large kitchen. With cable/internet/electric/gas it costs me roughly $800/month for all of my expenses. Soon I'm going to be moving to Tampa, Fl %26amp; I still won't pay much more than that. Good Luck.
Reply:They depreciate very fast, buy one a year or 2 old and save 50 %
Reply:The moment you sign the loan to purchase one.


Only land appreciates.


Some cars keep their value.


Properties like boats and mobile homes should only be temporary investments.
Reply:They depreciate considerably faster when struck by a tornado.