To buy a car or a trailer??

[jaelyns_mommy]

Hi everyone Well I'm saving up around $10k this year and just want to see other's opinion on which I should buy. I could buy a car, a chevy colbalt that cost around what I'm saving and having to wait to be approved for Section 8 and find an apartment that accepts it, but the waiting list is I believe 5+ years, and then end up moving several times til I get a good paying job and buy a place to live, or do I put my $10k down on a trailer I saw for sale for $25k? It is a valid place, its on Century 21's website. I'm not going to be moving til around March '11. I know I would need a co-signer for the mortage, the property taxes are $550/year, I dont know how much home insurance would be, I'm guessing that it would cost around $1000 for heat during the winter-from what my parents pay and they live in a trailer as well-and I can save that up in the summer, I'm going to try and keep my electric bill as low as possible, as well as the water bill unless that is a fixed amount. My comcast bill is $150/month, ouch I know. What other bills am I missing, I listed mortage, home insurance, heat, electric, water, comcast, oh cell phone, and the obv. food, house stuff, hba, and gas for the car. Do you have to pay to get the electric and water on before you move in? Wow that was long, if I lost you somewhere just ask. I'm just trying to think the best for my daughter. TIA everyone :)

[foggierbard9]

You may have to pay a deposit for Electric, water, and gas(if it uses natural gas as well) depending on your credit rating. Not every utility does a deposit but in some states some do.

Does the car you have now run just fine? Is getting a new car necessary? Or would getting a home and maintaining the car you have now be a better option for you? Do you have an idea of a job lined up or are you just now applying and searching? Questions you have to ask yourself.

Definitely figure out exactly how much $$ you put out each month for utilities, groceries, recreation, etc and see if you can manage that as well as a mortgage payment. Not sure what your mortgage would be, so maybe find out some idea of that so you can figure that in.

[cupunlvr]

Is the trailer in a trailer park? how much is the lot rent? are there any association fees?

might be inexpensive but could also need a lot of repairs.....have you actually been inside the trailer?

trailers do not appreciate in value (not that any real estate is these days!) but something to think about for the future

[rbunnymom]

Another thing to think about is if you have $10,000 can you qualify for section 8 housing? If not, then you should use the money for housing of some sort before getting a car unless you have income for both.

[CW&M Mom]

My FIL spent about 20K purchasing a trailer. 2 1/2 years later we are trying to sell it for 4K...they REALLY do not hold there value.

Also are you in a tornado area? You couldn't pay me to live in one...out here in Tornado Alley.

If nothing...I'd try to find one that someone is just trying to get rid of...and not sock all that money into it. Less painful to walk away from one you only spent a few thousand on.

[CW&M Mom]

oh one more thing to consider. You will not own the land under you....yes there should be a lot rent AND if the owner of the land...decides to sell it and it's going to be developed into something else...you get screwed...and it can be so expensive to move a trailer....people end up losing there home, because they can't move it.

What year is it?

[jaelyns_mommy]

Here's the link to the trailer Bridge Realty Has New Hampshire Homes Listed Online

It's in Epping NH, not tornado alley, no way am I ever living there no offense to anyone..The trailer has gotten a lot of updates and doesn't look like the 70's brady wagon, well in the inside at least :) As for section 8, I know they have a program for buying a home but I dont know if they would approve this one and I know the waiting list is forever long. My car is in semi good condition, the milage is getting up there 146k, its a nissan and they tend to last forever. Right now I need new rotors, brake pads, an airfilter, and an oil change. Thats costs around $200ish, cheaper than a $10k car. Im still pending on if I should drive it til it dies or not, for some reason I dont feel comfortable driving this car I have no idea what it is but I dont like driving it. As for a job, Im in school right now studying in Medical Transcriptions, I have SSI and some state assistance for Jaelyn and my yearly income is $9324. I am looking for a small part time job to try and build up my savings. I'm really starting to get my stockpile bigger so I dont need to buy alot of stuff after I move, I have most of my hba done and this month I'm working on 40 rolls of tp :) I've set myself on a strict budget starting in march to spend no more than $160/month after my cable bill. Hopefully that will work out..

[Lmnde]

Here is my take on this - whenever in doubt I'd go with homeownership over a car.

H O W E V E R --- this is an older model of a trailer, and although nicely remodeled, the price may not be worth it, considering the small size, if the land is not included. I've just recently bought a 9 yr old "classroom" type singlewide that is about the size of yours, which is a simple straight room w/out kitchen or bath, but that I will remodel this year into an office, salesroom and grooming parlour for our dogs and paid a whopping $650 for it - in excellent condition with the expected wear + tear of a 9 yr old model. Moving it was actually more expensive than buying it, LOL. You really need to research real estate values for your area - and it is true that MH's don't hold their value well.

With 10K down on a 25K loan [40%] you should be able to get this owner financed without problem regardless of what your credit is like [you most probably won't get this bank financed due to its age], but I am honestly not sure that it is worth 24 or 25K without any land, as it looks like it is in a mobil home park [might be where you are - like I said - do your homework].

Another negative for me if it is in a mobil home park, you're going to be stuck there - again at that age of building [I think they made those styles in the 80ies and maybe early 90ies], you won't be able to move it due to structural weaknesses, and many counties have limitations to moving or bringing in trailers and mobil homes once they are a certain age. Assuming this is in a mobil home park, that puts you at the mercy of the park owner, lot increases and probably will put some limitations on what you can do there or whom you can rent it out to some time down the line, if you need to move into a larger place.

Overall thinking, homeownership is a good thing if you know you will stay and continue to stay in the area, that is if the price is right. In this scenario I would pass on it and keep looking though [unless the land is included and the land values are the larger part of the purchase price]. Keep on looking, I'm sure you will be able to find something better and newer for about the same price... Good luck to you and your little one!

[leqet]

This is just my opinion, but I don't think you should buy a trailer until you finish school and have a full time job. Lots of things could change between then and now and it's not smart to take on a debt before you have the money coming in to pay it. You'll also have an easier time getting the bank to finance you when you have that income. Good luck to you!

[foggierbard9]

Looking at that mobile home and the pictures, you will have to buy your stove, refrigerator, washer/dryer, etc. Doesn't appear to have any of those included.