Friday, January 14, 2011

Let The Weekend Chores Begin

I just can't seem to get over the disappointment of not being able to pay off my mortgage as soon as I would like to. I know it isn't that big of deal in the grand scheme of things. There are a million more important things in the world. Watching the people in Haiti still stuck in their tent cities makes me feel like a whiny baby for complaining about my old mobile home. So what if the pack rats are slowly destroying it, at least it is safe and warm and dry and it is mine.

I started looking at used manufactured homes online again. For $25k I could get a 3 bedroom in good shape. The only problem is that when moving charges, set up charges, skirting, A/C, etc... are added, it costs as much as a new manufactured home. New MH can be financed for reasonable interest rates where as the used ones need to be paid in cash or financed at say, 12% in one example that I saw. The new MH that I remember looking at with my parents last year cost $48k all set up. But the reason I didn't pursue that was because for $15k more I could get a simple site built home, which is what I really want. That means I am back up to $65k and that is way out of my range right now which means I would need to get a construction loan. Banks want 20% down and 10% more available plus a well which costs $35k. And round and round I go.

Maybe if I just fix a few things around here I will be happier living here. Two things that need help are my sink which is still precariously perched on the cabinet below it and my shower which needs a longer pipe and a shut-off valve that doesn't leak. The leaking shower drives me crazy! Perhaps tomorrow will be a good day to attempt some plumbing renovations. It certainly would do good things for my morale...assuming it all turns out well.

10 comments:

Lizzie said...

In the long run I would go for a proper site built house. Land cost of the biggest % and you have that so just save and do what you can when you can. Get someone to build footing, save up and get ground works done etc. You cant escape the costs and your job just yet but at least you don't have to carry a big loan again. My houses is 102 years ld and my bosses is over 400, so you can say that is will about last forever once it is done.
Lizzie

Petunia said...

For 15k more, I'd go with site built too. For one thing, if you decide to sell your place, you will likely not get your money back out of a mobile home. Plus, it is what you really want, so you will be happier with your home.

Just guesstimating, but I think your mortgage will die this year even if you only pay the regularly scheduled payment from now on. Am I close with that guesstimate?

Petunia said...

Daisy, I was just reading blog posts over at Little House in the Valley, and a saw a post about these pre-fab homes:

http://www.rocioromero.com/LVSeries/LV/


This is a nice little house, lots of windows, and starts under 40k for plans and materials.

Daizy said...

Yes, Lizzie, I really do want a site built home. I guess I will have to do it in stages like you said. I should just prepare myself for another 5 years at this job at least.

Daizy said...

Petunia, ya re-sale on a manufactured home is not good right now. I live in an area with both manufactured homes and site built so either one would fit in but I would prefer site built. And you are right, if I pay the minimum payment I will have it paid off in December. Hopefully it won't that that long!

Daizy said...

Those are interesting houses,very modern. I have a feeling the cost of a foundation, plumbing, electrical, and assembly would equal a regular site built home but I'm not sure.

KoBold said...

Have some fixing (plumbing?) done by a professional.
More time, less money...

Daizy said...

KoBold, I did the original plumbing in my mobile home so it is no big deal to change it. If it was a plumbing problem in my rental house I would call a plumber for sure.

kim said...

We bought a 10yr old doublewide two years ago that was in shambles but have since done a LOT of work to it. When inside, you would never know it is a mobile, except the typical shape and roof pitch give it away. I know that ours is probably newer than your singlewide, but my point is that they can be fixed up nicely. Any home takes maintenance to last forever. If your goal is to be free from debts and to live more self sufficiently, then I would go with fixing up your place. Part of being self-sufficient is contentment, so learn to be content with what ya got ;)

Daizy said...

kim, I go back and forth on putting money in to the mobile home. It is a 1980. I got an electrician to come and give me an estimate on re-wiring the place and he said it wouldn't be worth it. I had a handyman come out and told him what I wanted and he laughed at me too. I think the problem is that I can't do the work by myself and hiring someone would be more expensive that buying a new place and wouldn't add anything to the resale value. In the mean time I will just keep on doing the little projects that I can handle myself.