My husband and I have found a 1200 sq ft Doublewide home on a beautiful spot of land. We could buy the lot behind it and it would make it a couple of acres the house sits on in a secluded area in the beautiful hill country. We were going to lease the house because we will probably not be here but a year or two but then thought we'd buy it, add to it, buy the lot behind it and try to resale it for more. The price now is 55000 plus the 5000 for the lot behind it. Would it be worth two years of adding to and remodling to turn around and resale it?
2007-10-22 11:42:50 · 5 answers · asked by Jeennie H 1 in Business & Finance ➔ Renting & Real Estate
In all actuality, this depends on the location. If it is out in the boonies, you will have a hard time selling a mobile home, even if you have added onto it. If it is in town, then you have a better chance of making your money back. It would be a much better choice to build a regular house on the property and try to sell the land with the house. A house will appreciate faster then a mobile home and be far more attractive to potential buyers.
Hope this helps.
2007-10-22 11:49:15 · answer #1 · answered by E.T. Barton 5 · 0⤊ 0⤋
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2016-08-09 01:29:25 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Foolish. Mobile homes fully depreciate down to ZERO VALUE, in 25 years. If this one is 10 years old, then in 15 years, it will be worth . . . NOTHING. Most likely, though, you'd ALSO have to pay utilities and RENT, as the land doesn't come with it. You're borrowing money, and paying interest, on something that you may or may not be able to rent out. If a tree falls on it and smashes it, you will NOT be able to rent it out, AND, it's totalled. You'll get DEPRECIATED VALUE for it, as these bad boys can't ever get fixed properly. Plus, if this is over 20 years old, no insurance company is going to insure it (see first paragraph about being worthless by the time it's 25). So, you could be stuck with a $25,000 loan, on a mobile home that you have to pay someone to junk, with no renter. Oh, but still paying utilities, rent, and property taxes. BAD DEAL. Stay debt free. The only way I'd EVER buy a mobile home, is if it was for under $5,000, I had the cash to pay for it, AND, I could park it on my own (or mom and dad's) land and not pay rent.
2016-04-09 22:24:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It might be a good place to live but not a good investment.
Since a piece of land is worth 5K you are paying 50K for a used mobile home, well, electric, outbuildings and landscaping. Using it for a rental might trash it pretty bad and leaving it empty is worse. I wouldn't buy it until you need it.
Mobiles don't hold resale value you can get one nearly free for the price of the land or in parks every cheap since they are hard to move.
2007-10-22 11:53:49 · answer #4 · answered by shipwreck 7 · 0⤊ 0⤋
Just remember that only the LAND has the option of increasing in value.
Mobile homes depreciate in value...like a car.
2007-10-22 11:56:38 · answer #5 · answered by Expert8675309 7 · 0⤊ 0⤋