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Does the land have everything ready for a house/mobile already? Water/sewer/electric or gas, a home site, etc?? If not I'd start with some if those as thdy can be crazy expensive so work on them as you can. I'd highly highly advise against buying a used mobile. Besides the age/potential issues, you usually end up paying for the prep to move off and prep to move on plus getting loans can be next to impossible unless they are within a certian age and 1 owner only. Tiny homes arw an option bur make sure zoning allows it. If you want a family in the next.4-6 yrs though I'd avoid because you're gonna spend 50K+ on a home to I'd almost guarantee wan something bigger. I agree with the comment about renting honestly. Even if the mortgage is the same as rent it it will probably be less after insurance, pmi if you need it, basic life/consistent maintenance, no huge closing costs, plus owning a home.is actually very expensive. Fridge dies..few thousand. Something happens and you need to re-roof or re-side or repaint which can happen even on new builds 10K+. Taxes can fluctuate and things pop up all that you have to pay for. So yes on paper it looks even it usually is not.
Financial Advice
I Need help! Me and my fiancé are 25 and a few monthes ago we bought a piece of land in the perfect location for 60k and we now owe about 46k left on it. We originally planned on building but no bank is going to lend us the money due to us trying to general contract, long sorry short im burnt out on building and it’s not going to happen. At this point we need to decide. He brings in 3k a month and I bring in anywhere from 2k-3k a month, and we have 55k in a savings account. We went and looked at a mobile home and fell in love BUT it’s 204k, plus 46k on the land, plus closing costs, and about an extra 10k for land prep.
We also thought about a used mobile home but those are about 30-40k for a single wide, not in new condition, plus 8k to move it, plus the 10k land prep.
Last consideration was a tiny house, which is my last option as I know we would be stuck in it for a few years and not sure that’s where we want to raise a child if we have one in the next 2-4 years plus it’s constantly being on top of each other. We figure it would be about 40k total for the tiny house and prep. My question is what is normal % of income to go to mortgage and other bills? I ideally want to stay home for the first year of our future child’s life so we would only be on his income, and maybe i could pick up a night or two of waitressing. So should we just dive head in to something that we would love and would suit us for years and years with possibility of refiancing when interest rates are down or do we go with something we don’t love at all but a way lower mortgage if anything at all? I need help:(
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None of these are great options. Are you forced to move onto this land immediately? I would ideally continue to live where you are now, pay down the land, and build in a few years when you can afford it.
Je
Houses come with tens of thousands of dollars in extra expenses outside of a mortgage so you cant really compare them. Id look for one, give it a solid try.
ka
Rentals here are far and few between as were in a rapidly growing area, and are just as much as a mortgage unfortuantly. It just feels like we are stuck with no good options i feel comfortable with.
Je
You dont have to bite everything off at once. Id get married, move out to a rental for a few years, save up, then build your forever home.
Well we are all different…so my personal opinion is what I’d do: I’d buy a tiny house. I would not buy or live in a mobile home - but that’s me.A house has a potential of going up in value ( ideally) just like the land. A mobile home will lose from it’s value.You start small- than upgrade.We lived in a 1 bed rental when we had our firet child than bought a 2 bed flat - had our second child and now upgraded to a 4bed house. All these take time.Do what works for you right now monthly.Also to answer your question: ideally you should pay up to 60% of your income on mortgage/rental/bills
The bank should’ve advised you to finance the land and build all at once for a better rate and price as it’s hard to buy land, and then turn around and get approved to build as it had to appraise for it. We’ve built, we’d change some things if we could about the house. But the “high bills” at 24/25 are manageable, especially knowing it’ll be paid for before we hit retirement age etc.
Br
Then if you can afford the monthly payments, I’d get what you want. We rushed our build and didn’t go with our dream and now two years later we regret it
ka
Unfortunately we had been looking for land for close to a year and didn’t know if we were going to build or go with a mobile home we just knew we wanted land and found somewhere close to my parents for such a good price we practically ripped their hand off to buy it.
Ok so take it in chunks. You have the money RIGHT NOW to do land prep. Go ahead and prep the land for a mobile home. You can do something small and less expensive for now while you save for either a MUCH bigger one or save to build. If I were you I'd likely get something used and a 2 bed 1 bath to you you onto your land if you're in a massive rush. If you can wait a bit longer then save to be able to pay cash for a nice used mobile home and moving fees. Then you'll only need to put extra towards your land to oay it off sooner. Once that's paid off you can save for a much bigger mobile home that suits your needs perfectly.
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