I'm new to this so I'm curious to know what costs aside from mortgage and space rental are associated with owning a manufactured home as opposed to a "regular" house.
Is it always true that they never appreciate unless you own the land? I'm looking at buying one that's on top of a hill in san diego and there are views all the way to the ocean. How could that not appreciate?
Are the HOA fees included in the space rental?
Any info you have is much apprecaited.
2007-09-04 08:20:14 · 6 answers · asked by what's the point 4 in Business & Finance ➔ Renting & Real Estate
The big CON as I have heard it is . . .
Insurance companies will Not cover them over 10 yrs old ,
While a regular built could be covered forever .
Many people in Florida are broke because storms wipe them out and No insurance company would cover them (the 10+ yr old manufactured)
When it comes to parks, Some are shared ownership for the land ( like a condo and would have HOAs)
BUT if it is still a rental park , you can be asked to vacate (many in California have) and would have to take your building and move it .
That would cost more than it cost to buy it in the first place and probably do terminal damage .
Your only value would be if you owned the land (even in condo format) .
If someone else owns the land , you have 0 value .
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2007-09-04 08:32:36 · answer #1 · answered by kate 7 · 2⤊ 1⤋
The manufactured home will never appreciate. The land will but if you do not own it it will probably cost more rent as time goes by. You need to ask if the HOA fees are included and if not how much they are!
2007-09-04 08:26:54 · answer #2 · answered by My Baby! 7 · 4⤊ 1⤋
well, i know i couldn't get a loan for a manufactured home, even buying the lot, and very nearly all the homes in my budget were manufactured (and MUCH larger than the stick built homes in my budget). my brother owns a manufactured home on a rented lot, and can't find anyone to buy it. he's made many improvements on it, but will not get his money back even from the original purchase price.
the land appreciates, the manufactured home will not.
it's rather sad, as many manufactured homes are built MORE sturdy than stick built homes (using 2x6 construction rather than 2x4, for example). they still have the "mobile home" or "trailer house" stigma attached to them.
2007-09-04 08:31:14 · answer #3 · answered by Ember Halo 6 · 2⤊ 1⤋
because of the fact a falling dollar ability our offshore debt burden is larger. for my area, i could quite have the interest -- it ability extra gov't revenues (taxes) to pay the debt and that i'm getting to devour something different than highway-kill for dinner. heavily - distinctive circumstances call for various economic technique - one length does not fit all. we choose a weaker dollar precise now to advance investment interior the U. S. and *then* with bigger output comes a extra suitable dollar, which like I first reported ability our international debt would be decrease.
2016-12-16 11:16:20 · answer #4 · answered by cosner 4 · 0⤊ 0⤋
Manufactured homes are over glorified trailers. I don't want to sound overly blunt--but its the case nonetheless. Not only will they deppreciate, but they are built poorly (in most cases) and are not worth the money.
2007-09-04 08:29:46 · answer #5 · answered by Sophia 3 · 2⤊ 1⤋
manufactured homes value depriciates, no matter where it is. i think you should buy it for the lot and build a big open ranch style house with huge windows granite countertops, (everything high end) a shop towards the side, with some nice floors, and you could get twice as much as you paid in 5 years.
2007-09-04 08:27:04 · answer #6 · answered by Sabrina Devareoux 4 · 1⤊ 2⤋