What do we need to know when buying a motor home?
My husband and I recently married in March. We moved out of our apartment in hopes of buying a home. Only to find out that we are considered “punk kids” in the finance industry! We were considering buying a motor vehicle and making it our home until we could save a more substantial down payment. Is it possible to save and own a “parked” motor home? What are the downfalls/gains? Have I lost my mind?
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Tagged with: buying • home • know • Motor • need
Filed under: Motor Home Rentals
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My wife and I used to be truckers. This past January we moved out of the truck and into a 32′ motorhome. The idea was to save money. The first downfall is finding a place to park it. If you don’t have a relative who will let you park it in their yard, you will need to find an RV park that you can feel comfortable living at. We can help you with more info if you email us @ schweds@yahoo.com. Then there is maintenance, depending on if you get a trailer or a motorhome. Black water and gray water tanks, the roof, the appliances etc. Not difficult but must be done.. Of course you will need to have propane for the furnace, stove and water heater. We just filled our propane tank today at $3.25 gal. Remember, RV living is a different lifestyle but it does have its benefits.
are you planning on paying cash for the motor home? I ask because financing an RV is much more difficult than a home mortgage. The lenders consider an RV a luxury item, not a necessity, something that you might default on first if you run into future financial troubles. Most RV buyers are tier one applicants with a beacon score over 700.
The second thing to consider is that RV’s are not built to withstand the daily use of a home. They are mechanically fragile, to the point that you will find the need of mechanical know how to trouble shoot problems often from the unique 30 amp electrical system, your water system, and appliances. RV’s were originally built to withstand an infrequent weekend use, and to full time in it would cause it to deteriorate much quicker. That’s why FEMA finds that a large majority of their trailers used for temporary housing are worth nothing after a couple years of full time use.
My knowledge of this comes from owning an RV company in Louisiana.