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Personal Finances / Buying or Selling a Home

URL:  http://boards.fool.com/since-i-have-never-purchased-a-home-i-am-a-30307897.aspx

Subject:  Re: Looking at mobile home - is this a mistake Date:  10/8/2012  11:44 PM
Author:  aj485 Number:  124369 of 127235

Since I have never purchased a home, I am a little afraid about it. I would think nothing of investing into a stock, but a home ?

If you are trying to 'invest' in a home, I would suggest that you not buy a mobile home. While you may be able to buy it cheaper than a site-built home, you will likely end up selling it even cheaper, if you can sell it at all. Plus, many lenders do not like to lend on mobile homes, especially if there isn't any land that will be owned along with the mobile home, or if the mobile home is approaching 30 years in age. Lenders being less willing to lend means that it will be harder and more expensive for you to get a loan, and harder and more expensive for your buyer to get a loan.

AJ
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