 How to make sure my son in law does not kick me out of house? |
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lady k | I was always told that moble homes and jim walters homes were bad, how can u build equity in a moble home? |
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annazzz1966
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You can't. Mobile homes are similar to cars... once you drive them off of the lot, they are considered used. |
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llazyiest
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A manufactured home changes from personal property to real estate when you put it on a foundation on a piece of land.
I bought an older triple wide 14 years ago on over an acre. While it no doubt didn't appreciate as much as stick built, it's at least more than doubled, and before the downturn in real estate it might have even tripled. It seems to be holding up fine for an 1987 model. I got probably twice the sq ft i could've in a stick built. I've looked at other homes since but never found one I liked better. |
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Pam H.
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Not sure about "Moble" home appreciation; I agree it sounds bad!
If you mean Mobil Homes, or, all those built before mid -1975, I agree they are a bad investment and cannot be mortgaged; but, Manufactured Homes made after that code enactment can still be sold as real property in most every state.
Modular Homes over 2000 sq. ft. are those placed on foundations, or anchored in sections; but, with maintenance, modernized insulation, windows, and roofing, and newer energy efficient mechanicals, all Manufactured Homes can and do appreciate.
And it is a good flippers market, but location is everything; even with leased land, the homes value can vary when public sewer and water, schools, and community emenities are compared, and good management is evident. |
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godged
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MH's do not build equity as stick built homes do. Although the quality of some MH's has increased, they just don't hold value.
MH's have a NADA book, as used cars do, to determine value. That should give you an indication of where your equity building potential will go. |
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acermill
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You can only build equity in a mobile home by paying off what you owe on it at a faster rate than the mobile home depreciates in value, and THAT is not slow. As another poster indicated, mobile homes are more like cars in that they drop in value with age instead of going up. |
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Classy Granny
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You can't. Mobile homes do not increase in value and in fact loose yearly just like a car. Sad but true |
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Expert Realtor
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You can't. Like the other poster said, mobile homes depreciate like a car.
The only way you "gain equity" is to put the mobile home on land...and then after so many years, the net equity of the land will eventually be the appraised value of the land minus costs to remove a mobile home...b/c they all eventually get in a condition where they need to be replaced. |
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the_original_fyrbyrd
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Put it on a privately owned lot on a foundation and make other improvements. I have a 2004 3-section mfg home. It has appreciated $50K in the past 3 years, in part b/c the value of the land has increased.
And note that there is a diff. between "mobile," "manufactured," and "modular" among other terms you may hear. So making a wise purchase decision is another factor. |
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commoncents
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You build equity in any improved property by paying down the loan over time. Mean while the property simultaneously appreciates in value as a result of economic or other related changes. The increase may be temporary or permanent. Hopefully permanent. |
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fmhguitars
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.. I've lived in Mobile homes modulars, and park model homes all my life. We now are care takers at strawberry Park Resort in a 2007 park model home. Added on a living room, bed room, and another full bath and found out we can't much more than we paid just for the park model. The best sale I made was a double wide 60 by 28 wide. We made $6,000.00 on it but we had to up grade the entire kitchen with all new 2007 cabinets , counters, sink, fridge and stove and lighting and we still cleared $6,000.00. But I did my own work. So as far as investment in these types of homes your not going to do well unless you can do your own work. We are happy living here and I don't expect to make a very good profit when we decide to sell. We are in our 60s so it really doesn't matter to us now.
But if I had to do it over again I would stick to a fixer upper, plain ranch, with at least a half acre or more. I did one for friend last year and by the time we got done selling the house he cleared $40,000.00. But you really have to be smart in Picking out the fixer uppers. The biggest thing to watch out for is the well, septic system and rotting of the foundation and water getting into the cellar. Yes you will have roof problems ,siding problems, some pluming problems,and things like toilets, sinks, fridge, stove and so on but they are minor compared to the other above problems I mentioned. Well I hope this has been of some help, Just telling you from experience.
And of course times have changed so it will take longer to sell what ever you invest in.
Sincerely yours,
Fred M. Hunter
fmhguitars@yaho.com |
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friend_of_misery13
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Brick around it. It will anchor it down, making it immobile and building equity. |
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