LogFAQs > #931305366

No HoA is a good thing, you can start one if you like, but at least be there to help create the rules and put in some protections so they don't change in the future. HoAs can REALLY suck.

Don't buy something your just ok with, especially if you don't have much to put down. It's a pretty large investment and it could be a few years before you can sell it and not lose a significant amount of money in the process (due to taxes + realtors fees etc).

Manufactured homes are mobile homes pretty much, it's just the old term for them (When they actually would be moved around etc). They can be significantly cheaper, which means little to no payments per month, but unless you are buying the land on them, you have a lot rent you need to pay. That being said they can be really nice and quite large (plenty of space for your pets).

If I was buying anything right now (it does depend on the state and property values in the area) I would go with a mobile/manufactured home, just because the taxes are low on them, you can still get decent ones for $30-$50k in most areas, and lot rent is often not much more then HoA fees would be.

The end result is with a home you can easily have an $800-$1000 mortgage payment every month (most of which goes towards interest for the first few years) + 300-500$ a month for HoA fees, + around $100 per 100k value of the home in taxes (again depends on the state). It can add up significantly and if you do end up having to sell the home within the first 10 years actually be a net loss. It's also not a great time to buy because the housing bubble is probably going to burst again (hopefully not as badly) in the near future, and will at least probably not increase that drastically in the near future.

Anyway I wish you the best luck in the world finding a great place for you and your family (BF and pets). Don't settle, find something you love:)

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