I've noticed in some parts of the country (especially in the South), that it is difficult to get your investment back on a manufactured home unless you add extensive improvements such as decks, dormers, driveways, blocked foundation, etc. As I have recently posted, I am closing on my Clayton Norris (customized) home (28x80)in a couple weeks. I got a deal on it since a couple backed out. Here is my home/land package:
2005 Clayton Norris Home .........$69,000
150x150 Lot (Residental Area)
Appraise's for $34,000, my price $25,000
Set up with decks ................$ 4,500
Block Permanent Foundation .......$ 2,500
Tax on home (6%)..................$ 4,140
TOTAL INVESTMENT .........$105,140
My downpayment is $15,000
Because of the size of this lot, I plan on putting in a circle drive next year.
I was wondering if anyone could tell me if I could get my investment back in ten years? I know manufactured home depreciate but I was wondering at what rate??
Thanks,
C, Yeary
Depreciation on Manufactured Housing
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