Should two students buy an inexpensive mobile home or rent an apartment?
2 “students” are never going to get a loan for that and you would need a sizable down payment and unless you own the land and have money for utility hookups and setup, you are still going to have to pay rent in a mobile home park (which will also have delivery and setup chrges in addition to the MH loan – you are probably looking at at leasy $600-700 a month total – so you won’t be saving anything
This is probably a really good time to buy, but don’t forget that mobile homes DEPRECIATE, so it’s not as good an investment as buying even a small house…. and you’ll still have the mobile home park fees. Maybe you should talk to a realtor and see if there’s a house you can rent-to-own. But BE SURE to have everything spelled out — including how long a notice either of you has to give if you decide, for one reason or another, that you don’t want to continue buying the place together. Pay a lawyer to draw up a partnership agreement, for your own protection.
