21 Jul Are modern modular/manufactured homes a good investment?
I am 25 M. I currently own a condo outright, and it's worth about 170K. However, changing goals for myself is making me consider selling the condo, and purchasing a modern manufactured home, most likely in Phoenix or Las Vegas. I am considering this because I can get a brand new home with so much more space, rooms and modern amenities (and possibly a garage), for around 100K. I could use the remaining balance to pay off all of my debt, go back to school for a masters degree, purchase study materials for the CPA exam and purchase a newer car, a Prius or something (currently have an aging sports car).
The problem is, is that I don't know how well the value of the manufactured home will hold. Modern modular homes are pretty impressive, especially for the price, but I have a hard time justifying the purchase of a depreciating asset. Most of my family live in the older manufactured homes, so I get why they can depreciate, but modern ones are sooo much better. What are your thoughts? If I find the right one, is it a good investment? I would never intend to move the home, so it would be a permanent home. I would probably live in it for a few years, get a great job then move into a house.