Should I stay in my paid off mobile home or invest in a house?

Should I stay in my paid off mobile home or invest in a house?

Question by AW: Should I stay in my paid off mobile home or invest in a house?
The mobile home is a very nice 1997 single wide (vinyl siding and shingle roof) that we bought new and have had it paid off for several years. We own the lot that it sits on (not in a trailer park). My question is, would it be better to just stay in the mobile home rent free or sell it and invest in a regular house?
I should have mentioned the house I’m thinking about buying is listed at 35% below the appraised value.
It’s a foreclosure.

Best answer:

Answer by Uncommon Sense
If it’s paid for stay there.

Add your own answer in the comments!

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4 thoughts on “Should I stay in my paid off mobile home or invest in a house?”

  • Unless you are paying cash for it, or have the majority of the cost as a down payment, I would stay. If you don’t need something larger but want a house. Put your money away that you would be spending on interest payments, and buy it outright later on down the road. That way if you get in a jam, the economy take a dump, etc. You have a nice nest egg and not locked into a payment!

  • For me, that would be a “no brainer!” lol

    You own the house and land outright. It doesn’t make sense to me to sell it & take on a mortgage payment.

    Truly wealthy people live below their means.