1ST TIME BUYER, MANUFACTURERED HOME OR CONDO.

[Manny Apodaca]

Hello!

I'd appreciate any insight, please and thank you!

1st time home buyer in So. Cal. Looking to buy a manufactured  home or condo, in the area from oxnard to canoga park. I plan to live in unit and house hack (1 of 2bedrooms) Im leaning toward manufactured home for these specific reasons...

Pros: 1/2 as expensive as a condo

Twice the space of a condo

Lower/same monthly mortgage

Cons: Not owning the land. Lot fees are about double of condo HOA fees.

Possible restrictions of renting out after I no longer live there.

Example: I can get a 1or2 bedroom 1bath condo for +$350,000 HOA $500 month

OR 

2or3 bedroom, 2 bath MFH for -$300,000 $1200 lot fee month

Which would you choose and why?

Specific pros and cons to each condo and manufactured home investment. 

Thanks again.

Manny A.

[Rachel H.]

@Manny Apodaca It will depend on your comfort level and the neighborhood. Most people who actually buy manufactured homes have lived in them before or know family and/or friends who have them. So for the most part, they are very familiar with these types of homes as an asset class. 

One thing you'll need to know before you make your decision are the types of people who live in the neighborhoods where you're looking whether it be a manufactured home or a condo. I've learned through experience it's the neighborhood that will attract a certain type of clientele (not the home) which is something you cannot control. 

So whatever asset class you choose whether it be a condo or manufactured home, just make sure you're comfortable with the neighborhood and the type of clientele who live there. 

Hope that helps!