What would you say is the smarter choice?
* Buy an older home - stick money into fixing it up (ourselves) - reselling for profit
* Buy a modular home - perfect move in condition - no fixing needed - resell in a few years when we'd like to move
Any ideas / suggestions welcomed!
2006-10-04 05:05:18 · 10 answers · asked by ? 6 in Home & Garden ➔ Decorating & Remodeling
Fixer upper. Your rate of return on your investment will be substantially better if you can by a property at the right price.
Modular home quality will influence it's potential resale price. Cheaper (mobile/modular) vs the modular build to national building code and placed on a foundation or basement actually decrease in value over time rather then appreciate. So if you want to buy a modular buy a decent one.
I've found return on invest for a fixer upper depends on the amount of work required to renovate and whether I do the work or hire it done. Generally you can get your equity back through your own efforts without any problem.
2006-10-04 05:09:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Definately a modular...with an fixer upper you never know the extent of the costs involved until you are into fixing whatever part of the home you are working on at that time. Sometimes you'll get into costs and work that you didn't realize you had to do at first. Also, a modular is brand new. It comes with a year warrantee and the contruction of a modular is sometimes superior to a home framed and built outside. The house is actually fabricated inside in comfortable working conditions where the workers can do it right....also the repitition of doing it over and over makes these guys have it down to a science. Take a look at some of the new modulers...they are huge and come in all different styles....For my money it would be a no brainer....brand new, move in and enjoy or be constantly fixing.....save your extra money for a pool or something. Wouldn't you rather be swimming and sipping a Margarita by the pool than ripping out that old bathroom floor....
2006-10-04 12:17:29 · answer #2 · answered by Anonymous · 2⤊ 0⤋
I am in same boat as you and have done lots of research. If you can obtain some decent land for a modular home I would say go for it! They are well built and super insulated. Most modular homes have excellent resale value since you have probably saved 25% to 30% off costs. Fixer uppers are okay if you can do most of the work, but wouldn't it be nice just to turn the key and say....Honey I am home!...and not worry about what project is next?
Let me add something. Some answers here make it sound like a modular home is a manufactured home....modular homes are prefabricated off-site and then constructed on site. Most work already done and can look like any home you can buy built from the ground up.
2006-10-04 12:14:42 · answer #3 · answered by MLC2345 1 · 1⤊ 0⤋
Depends on your needs and situation. If you are well versed in construction and know how, then a Fixer upper will give you a better return on your investment, plus you'll get great satisfaction of being able to tell people for the next 10 years (or however long you live in it) "Yea, I did that".
On the other hand if you have little income and little money, then modular house could be a good way of living in a bigger house than you could afford otherwise.
Just keep in mind that fixer upper is a lot of work, and unless you spend the time to do it, can be big investment.
Good luck on your decision
2006-10-04 12:13:19 · answer #4 · answered by Need Answers 3 · 1⤊ 0⤋
Do you mean Modular or Manufactured home. Huge difference. Modular is stick built (2X6 construction) in a a controlled environment and a manufactured is more like a trailer though built to BOCA codes and looks more like a home. The modular would be the best bet, if it is a modular. Manufactured homes are more difficult to sell(simply because of trailer stigma)
2006-10-04 15:00:56 · answer #5 · answered by gizmo 2 · 0⤊ 0⤋
I have recently purchased a "fixer upper" and the original thought of it needing only about $15,000 of work came out to actually $34,000. It is also going to take alot of my time. So unless you got lots of time, and extra money- go with the modular.
2006-10-04 12:13:47 · answer #6 · answered by susan z 1 · 2⤊ 0⤋
i am on my third move from city to country living.. modular homes are good for retirement purposes as long as they are not in the city setting. try to puchase only m/h w/ peaked roof as they are the simplest to add on to with porches,etc. upgrade them with decks/landscaping good driveways..covered porches. i have turned two over now & each time i have made money to move "up" to the next level all within the last 6 yrs.
i tried the restoration route first, & found it was exhausting...modular or m/h gave the advantage of immediate peaceful living surroundings & any investment in outbuildings/decks/porches etc are double back to the invester from my experience. use good common sense when purchasing & invest in only quality upgrades. "eye appeal" with structurally sound building will bring back best advantage for you, plus give you the ability to enjoy your home while investing. the most important thing i did with the last home was put a roofover the older m/h & added porches on both sides.. value of property increases with each additional covered square foot.
2006-10-04 12:18:23 · answer #7 · answered by sweetater45 2 · 1⤊ 0⤋
modular is best ,unless you are very good at the building trades.
Spend your spare time relaxing,rather than struggling through renovation projects.
2006-10-04 17:27:22 · answer #8 · answered by Anonymous · 0⤊ 0⤋
buy the house the modular home as they call it is still just a trailer and not worth anything
2006-10-04 12:28:42 · answer #9 · answered by gr8tkapper 1 · 0⤊ 3⤋
old homes have a soul, life, history. they also are more work.
2006-10-04 23:30:41 · answer #10 · answered by Delphine F 3 · 0⤊ 1⤋