“Going mobile” just took on a whole new meaning as more and more people are utilizing mobile homes to live in and get around, writes Peter Watson.
The cost of housing has risen, so we have a question: Would you consider moving into a mobile home?
That’s right, a house trailer. Affordability will likely be your largest motivator.
Why live in a house with costs that include a mortgage, operating expenses and taxes that are too expensive for your budget? The pride of home ownership has slowly become a financial nightmare for many Canadians.
There are other considerations than lower operating expenses. Historically, houses have increased in value, although the current real estate market has weakened. The value of a motor home will likely depreciate.
Losing the chance for your house to appreciate could be offset by moving any extra funds into investments that have the potential to increase in value. Your portfolio could include real estate investments if you want to stay invested in the real estate market.
There can be lifestyle considerations. For example, a retired couple might want to travel without the complexity of leaving their house unoccupied for extended periods. They could travel for far less money by living in their motorhome rather than renting a hotel room every night.
If your children have moved away, you could travel to see them. Plus, with a mobile home, you can visit other family and friends.
Advances in technology mean you can stay connected to the internet and all the devices you take for granted at home. Your TV and laptop are part of the “road-ready” routine with the click of a button.
A move to a mobile home could be a matter of preference or financial necessity. Either way, it could be a new adventure and a change in your life.
Enjoy the ride.
Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial planning column, Dollars & Sense. He can be contacted through www.watsoninvestments.com.
