First time home buying with my mother but plan on moving out later
Me and my mom are looking to buy together, splitting costs 50/50 to start. Plan is I move out in about 5 years or so after school and she takes over the payments solo. She 47F makes around $40k, I make $60k 23M at the moment
We’re deciding between a manufactured home (cheaper now, but leased lot + lot rent that never goes away) or trying to stretch for a condo which is impossible right now(builds equity and she’d have a mortgage instead of a home payment + rent forever).
Worried that if I move out, condo morgue might be too much for her alone on $40k, even though the manufactured home is cheaper right now. But a condo means a much bigger down payment and monthly cost to qualify for in the first place. Lot rent right now is sitting around $1100 not including utilities which is fine with her(single mother only one kid technically)
Were looking for manufactured homes around the <100k which is comfortable for us and I strongly believe we can possibly pay it off in 5 years, i am also strongly inclined to do home repairs if anything goes wrong! She doesn’t care about building equity or plan on getting a massive return back or want to buy into a bigger home, she wants something that is hers and she can stay there forever, we are tired of living in a apartment and basement too
Anyone been in a similar spot?! helping a parent buy something now that they can actually afford solo later? What would you do?