Should I invest in a foreclosure or stay in my paid off mobile home?

Should I invest in a foreclosure or stay in my paid off mobile home?
The mobile home is a very nice 1997 single wide (vinyl siding and shingle roof) that we bought new and have had it paid off for several years. We own the lot that it sits on (not in a trailer park). My question is, would it be better to just stay in the mobile home rent free or sell it and invest in a foreclosure that is a stick built home that was built in 2000 and is listed at 35% below the market value?

By | 2013-08-27T05:19:15+00:00 August 27th, 2013|Mortgages Home Loans Interest Rate|2 Comments

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2 Comments

  1. InspectorBudget August 27, 2013 at 5:43 AM - Reply

    Your personal comfort and happiness should dictate a decision, not just from a financial point of view.

    If buying the foreclosure means getting a mortgage, which might become a burden in future should you lose a job, or run into financial difficulty, then you have to consider that risk.

    On the other hand, if you believe you will be happier in a larger home, or in a better neighborhood, and can handle the added expenses of maintaining a home, then go for it.

    But do not base your decision on financial aspects alone.

  2. barmaglot August 27, 2013 at 5:37 AM - Reply

    Is final to invest in the house better. Especially if the location assumes cost growth in the future.

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