I recently moved out of my boyfriend's house and am looking to buy my own home. I'm currently staying with family and don't need to find a place immediately, but would really like to find a place of my own within the next year. Rentals here are very high and a mortgage payment on a lower priced home would be much less expensive per month. I'm 46 years old and plan to stay in the home I buy for the rest of my life.
I'm looking for advice on what might be best for my situation. There are lots of old (early 1900's) homes in my desired price range on the market. Other options are to buy a higher priced newer home (at the top of my budget) or to buy land and put a new double wide mobile home on it.
I realize the old houses have the potential to be money pits, and the double wide will depreciate in value, but it's not as much of a concern if I don't plan to resell it, and it would be brand new. An older mobile home might be a more frugal option but the banks either don't want to finance them, or charger higher interest rates/shorter terms. A newer house may or may not be less problematic than an old one, but I'm a little concerned about the higher mortgage payment.
July 16, 2017 at 09:35AM
