Would it be cheaper to remodel a moblie home than to buy a new one?

Question

The mobile home that we have is 18 years old and it's been paid off.

Answer 1

It would probably be more beneficial just to trade that one in on a newer model, unless you just want to rent it out and have a little income on the side.If you are really strapped for money and do not think you can afford monthly mortgage payments, I would try to simply fix it up on my own. My dad does that type of work and some of the older homes he has remodeled look like new when he finishes with them..

Answer 2

Both my parents and in-laws have remodeled their mobile homes ('79 & '78). Remodeling a trailer is a serious pain and not cheap, especially if you can't do most of the work yourself. My husband and I are currently remodeling a '85 Friend trailer home. We both have lots of experience remodeling trailers and do most of the work ourselves, so the cost largely depends on your capabilities. Have you replaced the roof, windows, furnace, hot water heater? These are the major expenses that come with any older home and good questions to ask if looking for a good used home. At 18yrs, if you haven't replace these major components, you will have to, probably in the next 5-10 yrs, if you don't trade or sell. If your not really handy, and don't have much experience, don't go there. Sell before things get ugly.

Trailers are not perfect, and some are even tacky, but they are a lot cheaper and even older trailers are safer from mold, lead, radon, etc., than older foundation homes.

Mobile homes or trailer depreciate in value vs. a house, which usually appreciates (depends on market), but cost of owning a home is always significantly more. We looked at buying a house in the 109,000 dollar range or 1000sq ft and it would have cost us around 800 a month on a 30 yr note (including taxes, fees, etc.), not including utilities, garbage, specials and maintenance. We would pay over 200,000+ in interest alone! I don't care how much it appreciates it will never be worth that much more. We picked up a cheap trailer, so our monthly expenses are only 260 lot rent, electric and maintenance and we get a roomy 3 bed, 2 bath; 1280sq ft and a lot less headaches. Also, taxes are THOUSANDS less than a traditional house.

If you like living in a trailer home look for a nice newer used home. Dutch makes a really nice home in the '90s models and they run in the 20,000 dollar range. We found our trailer in the newspaper. If you drive by and see a Realtor sign, remember they are taking at least 10% commission, which is paid by the seller, but also increases the asking price.

If you start looking at homes, you can find out what they are really worth by checking your county's government web site. Most states have the assessed price under the address of the property, which is all public knowledge. If your county doesn't have a web site, go to the county courthouse and they have all that info on the property, just give them the address. I hope some of this helps. Good Luck

Answer 3

I completely agree with slawsays...She makes an excellent point. When you start remodeling a trailer you could very possibly get into a real nightmare situation with cost investment vs time and end worth of the completed project.
You really need to go to a sales lot and ask some well pointed questions about the reality of what your considering.
How are they constructed now as to 18 yrs ago? What's the brand? Are they still in business? Are you wanting to remodel with sheet rock instead of paneling? Will the outer structure support the weight of the sheet rock? Do you live in an area that will require insulation, what size will you need to get the best advantage of that. Will you need electrical services inside the walls? Ask the sales staff if there is any benefit of recycling your trailer back to the manufacturer?
Trade in,,,? Okay, just tell them you are covering all your bases LOL... You also want to discover for yourselves the differences between a trailer and a "manufactured home" so you need to visit both kinds of sales lots...Well this will give you some food for thought and keep you busy for a while...see ya later. J M

Answer 4

I've seen a lot of remodeled mobile homes that had wood additions and decks added on. I'd check into it, as home prices and rates not that great right now.

Answer 5

Tough one! I would say if you remodel how much remodeling do you have to do? Does the whole thing need to be ripped apart? How much is it going to cost material wise ? How big is your mobile home? Figure out these answers than compare them to what it would cost brand new, Also too,do the apliances have to be restored to new? Really there is to many unanswered questions to figure out your answer.

Answer 6

Mobile home and manufactured home dealers take TRADE-INS. Shop around and you might be better off trading that old unit for a newer model that is more efficient, have more space, and more net features.

Answer 7

Grant you your mobile home is paid off which is great.What you have to look at is what you need done and will you have to take out another loan to pay for this.Consult reputable contractors and get free estimates.Then consult your Finanicial Institutation and gat their advice.

Answer 8

I think I would remodel rather than take on the payments for a new one.

Answer 9

I would think that it would be more beneficial to get a new one. The newer models are built with real wood-not partical board. They are much more sturdy. It is better protection for your family. Plus they have sooo many nice features in the now. You can get it designed to your specifications, and the value will be much higher.

Answer 10

It might be cheaper but it would be worth the investment you would put into remodeling to get a real house.