We're house hunting and on a very tight budget- under 100,000. We DO NOT want to live in a city, despite is being cheaper and we are REALLY not big on townhouses/row homes. There are two properties we have been looking at -
One is is in a BEAUTIFUL area where the land itself would SURELY go up in value over time. It is a single wide mobile home with a stick build permanent addition. This one does not currently have a permanent foundation but we would add one in time if we purchased this.
The second one I'm not sure if it considered a mobile or manufactured home. It's in a really nice country area with lots of farmland, and the home is on a permanent foundation already and is in immaculate condition and completely renovated- looks just like a really nice little ranch home, pretty much.
Now both properties are titled with the land, and there's very little else at this time to consider because of our budget. My only concern is would the property values go up in either situation?
2007-08-13 04:55:34 · 7 answers · asked by DrkLashes 2 in Business & Finance ➔ Renting & Real Estate
The bottom line is figuring out if it is a manufactured house or a mobile. Mobile homes lower in value no matter what the circumstances of how it is deeded or affixed, but the land it rests on could appreciate. Manufactured/modular/stick houses last much longer and CAN and often do appreciate with the property it is attached to.
Ultimately a home inspection will tell which type it is.
2007-08-13 05:05:23 · answer #1 · answered by linkus86 7 · 1⤊ 0⤋
You can increase the value but only a small amount. Soon that value will be irrelevant though. If you get a good deal go with it. Then you can sell the mobile home and use that profit for a down payment on either another home or a build. Live within your means and do not over spend. If you can afford this home and it is not hanging from the side of a cliff that has at least 10 tornadoes a year. I would suggest do what you can and move forward! Good Luck! Look at this as your first home and a transition home.
2016-04-01 09:05:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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2016-08-10 15:25:16 · answer #3 · answered by ? 3 · 0⤊ 0⤋
- The value is in the land, so ask real estate agents or appraisers for the historical price trend (a graph) for the past, say, 10 to 20 years. That should range of time should include a few up and down markets so that you have an idea of what the land will be worth in the future.
- Confirm the data that you are unsure of.
- Whatever you buy, get it inspected so that you don't have any surprises
2007-08-16 20:40:11 · answer #4 · answered by Genki 3 · 0⤊ 0⤋
Value is in the land. Mobile homes are like cars - they depreciate in value over time.
Get the property you like - you can always build a house in the future.
For now you've got a great starting point. (be sure to check what the future plans might be for surrounding area in next 10 - 20 years)
2007-08-13 05:03:39 · answer #5 · answered by smiling_freds_biz_info 6 · 2⤊ 0⤋
The land may increase in value but trailers never increase in value. If you're really lucky the increase in the land value will exceed the depreciation in the trailer but don't depend upon that.
2007-08-13 04:59:51 · answer #6 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Depends on the quality of the building.
- Mobile homes and cardboard walls and floors.... no
- High end manufactured buildings that are not considered mobile homes... yes.
But in most cases, no.
2007-08-13 05:04:21 · answer #7 · answered by Clown Knows 7 · 0⤊ 1⤋