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Buying or Selling a Home/Buying mobile home vs renting apartment

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Question
Hello Todd, thank you for your time and expertise!

I am newly retired, aged 64, have a modest retirement income, social security and some part time work. I live in the Chicago suburbs.

I presently rent an apartment for $650 a month, and would like my own place for privacy, quiet, etc.

Is it worth it to buy a mobile home? There is a park near me for ages 55 and up, very very nice, resort like, very well maintained and very nice mobile homes.

They have a few homes for sale from $20M on up. I can buy one for cash if it is around $20M. The one they have at that price is from 1979. And they have newer models also.

The lot rent is $700 which includes water, trash, snow removal.

Is it a good decision to buy one? Or, am I better off renting an apartment?

Thank you!

Answer
Hi Bob - The decision to purchase a manufactured home versus a single family stick built home is your preference. Many people choose manufactured homes because they are more affordable and have little to no yard maintenance. Many of these communities have resort like amenities, some more and some less. Typically any 55+ adult community will offer these amenities or similar, however most usually want a schedule of activities that will keep them busy.

Please understand there are many things which would need to be considered before I would be able to recommend whether this would be a good decision. Things such as your ability to make the payments, whether the price is comparable to other models and lots within that community and others like it, the number of amenities the facility includes as well as their condition in reference to other communities like it. I understand you cited it was a nice community however you should consider checking out other communities like it so you can determine whether this community has all that you desire for the price you are willing to pay.

Owning is always better than renting. You may desire to ensure you purchase a manufactured home (they called them mobile homes till 1985) which is affixed to the lot (not mobile). These at least have a value should you desire to sell someday or deed it to someone you desire.

If you should have specific questions you may reply to this post. Ultimately I recommend seeking the guidance of a local REALTOR who understands 55+ communities, the competition, and your market.

Thank you for taking the time to send in your question. I hope this answer meets with your approval. Please let me know if I can be of further assistance. - Todd Menard

Buying or Selling a Home

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Todd C. Menard, GRI, rCRMS, REALTOR, BROKER

Expertise

National Association of Realtors Code of Ethics and Professional Standards * Contract Questions: Arizona Real Estate Purchase Contract, Exclusive Buyer Broker Contracts, Listing Contracts and associated contract documentation (addenda) as it relates to boilerplate, covenants, contingencies, procedures and procedures. * ARMLS Arizona Regional Multiple Listing questions * Real Estate Professional Standards and Practices, Ethics, Obligations, Duties * Agency relationships in Arizona, Procurring Cause * Questions typicaly arising during the listing period * Questions typically arising during the escrow period * Questions about working with a real estate agent/REALTOR * Questions Related to New Home Builders

Experience

National Association of REALTORS Board of Director (2011, 2012) Arizona Real Estate Salesperson License (1991-1995), Arizona Real Estate Brokers License (1995-Present), Arizona Association of REALTORS Board of Directors (2008-2013), Arizona Association of REALTORS Professional Standards Committee (2008-2012), AAR Certified NAR Code of Ethics and Professional Standards Instructor, Southeast Valley Regional Association of REALTORS President (2012) Southeast Valley Regional Association of REALTORS Board of Directors (2008-2013), Southeast Valley Regional Association of REALTORS Grievance Committee Chairperson (1998-2007), Southeast Valley Regional Association of REALTORS Bylaws Committee (2008-2010), Southeast Valley Regional Association of REALTORS Education Committee (2007-09), Arizona Association of REALTORS Forms Committee - Residential Purchase Contract (2005), Arizona Association of REALTORS Forms Committee - Residential Rental Agreement (2008), Arizona Association of REALTORS Forms Committee - Buyer Broker Agreement (2009), Arizona Association of REALTORS Presidents Advisory Group, Road to Professionalism (2009), Arizona Association of REALTORS GRI Curriculum Review Committee (2009), Arizona Department of Real Estate, Commissioner's Education Advisory Group Sub-Panel B (2010) Arizona Department of Real Estate, Commissioner's Statute and License Review Committee (2007)

Organizations
National Association of REALTORS, Arizona Association of REALTORS, Arizona Real Estate Educators Association (AZREEA), Arizona Regional Multiple Listing System (ARMLS), American Notary Association, Southeast Valley Regional Association of REALTORS (SEVRAR), Southeast Valley Regional Association of REALTORS Women's Council of REALTORS (2010-Present), Phoenix Association of REALTORS (1994-2000, 2005-2009), Scottsdale Association of REALTORS (1994-2000, 2005-2009), Maricopa/Glendale Association of REALTORS (1994-2000, 2005-2009),

Publications
"Real Estate in 2008"- Lifebushido Publishing (Contributory Author), Southeast Valley Regional Association of REALTORS "SEVRAR Magazine", Internet Crusade, RealTown ListServe, Blogger.com, Active Rain

Education/Credentials
- Certified NAR Code of Ethics and Professional Standards Instructor, Graduate REALTOR Institute (1993), Certified Negotiation Expert (CNE), Over 100 Hours of annual real estate continuing education, Annual Ethics and Professional Standards Development Workshops as required by the National Association of REALTORS, Approx. 36 hours of NAR Code of Ethics training annually, Numerous IDW, Seminars and Train the Trainer programs, Business Management Degree - 1981

Awards and Honors
2009 REALTOR of the Year Award, Southeast Valley Regional Association of REALTORS (10,000+ Members), Double Platinum Production Award ($45,000,000 Sales Volume)- Keller Williams Realty Int'l (2001), Top 15 Sales Production Keller Williams Realty International (2001), Top 5 Sales Producation Keller Williams Realty Southwest Region (2001), Top Recruiter Award - Keller Williams Realty Int'l, SW Region (2002), Who's Who in U.S. Executive (1983), Who's Who in U.S. Real Estate Professionals (2007)

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