Depreciation on Manufactured Housing

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Teresa

Re: Depreciation on Manufactured Housing

Post by Teresa » Wed Dec 08, 2004 2:56 pm

I have a question. We were offered a home in NC. It's a triple wide on an acre of land. The house is 3 years old. A man purchased it from an auction (bankrupt mobile home sales office) & had it set up on his lot (had been set up on the mobile home lot). He wants to sell the house for $99,900 with appr. value of $129k. However, the house has a structural water leak that was repaired - leak found after the appraisal was done. The house is on a permanent foundation. Now, my question is...is this a good buy? AND, what's the usual depreciation rate on the home? I'm not too keen on buying something that has structural problem that could resurface.

rmurray

Re: Depreciation on Manufactured Housing

Post by rmurray » Sun Dec 12, 2004 7:11 am

The structural problems are important...I would get a home inspector to review the home prior to the purchase...It could be nothing..and now repaired..it could be much more..This should be done when ever you buy a used home...manufactured or otherwise built..

Your question about depreciation is completely the wrong premise...read the above posts..read the report from consumers union...Have you seen the appraisal???...It should give you an idea of top market value in the area..

Is this a good buy????????...All that is location oriented...Have you shopped other homes in the area for this amount of money????????How does it compare...Remember if you move forward...negotiate...Most sellers of real estate expect to lower the price a few dollars...

This could be a good buy...or not so good...Have you cheked out new homes???...What quality home is this???...

Come back here often..

Teresa

Re: Depreciation on Manufactured Housing

Post by Teresa » Tue Dec 14, 2004 1:07 pm

The home seems to be in brand new condition. It was set up on the mobile home sale lot and then torn down. It was brought to this new location (never been actually lived in) so the mortgage company has said it would go as new.

On the structural problem, the only way to fix the problem would be to tear the house apart and put it back together again (it was a water leak where the pieces fit together). It could only be repaired.

As far as the going rate, the house right next to it is now valued at $80k (originally purchased for $150k 3 years ago). And, they are having a hard time selling it. It seems that they owe more on the house/land than what it's worth. The land value out there is worth about $10k per acre (way out in the country side of NC).

We are just really scared with the structural issue. Everyone keeps telling us a good buy.

Thanks!

Laura

Re: Depreciation on Manufactured Housing

Post by Laura » Thu Mar 10, 2005 7:47 am

I own a mfd home in an area that has depreciated by 1/2 in Texas. It is "real property" with attached stick built garage and brick skirting. Looks great.
We are trying to decide if we should get out now or will it depreciate further and by how much. Bought at $94 w/ 1/2 acre (new) in 2000, now tax appraised at $53. Many repoed homes and unkept homes in area along with some real beauties.

Any one know how much it will depreciate in the next 4 years? Any help or suggestions would be appreciated. We are literally trapped here by this house.
Thanks.
Laura

Mary J. Jenkins

Re: Depreciation on Manufactured Housing

Post by Mary J. Jenkins » Mon May 23, 2005 11:27 pm

I am in the process of purchasing a new home. I am choosing between a modular home and a doublewide. The modular is much more expensive. Because of the depreciation value of the doublewide; should I spend the extra money for the modular home.

Tom McNelley

Re: Depreciation on Manufactured Housing

Post by Tom McNelley » Thu Jul 07, 2005 11:15 pm

Question: My wife and I, along with several friends, are considering purchasing a manufactured home in a gated and guarded active adult community in Arizona. The community has a very large club house, pool, exercise areas, and assorted sporting activities. The homes range from the low 100's to approx. 180K for the models with stucco exteriors and tile roofs. We would no own the lot. the community is being developed by a family owned business that has been in business for 25 years. They have never sold one of the communities they have developed. The community a for 55+ and is designed for an active lifestyle. What type of depreication, if any, could I expect on a manurfactured home in this type of community?

jeff

Re: Depreciation on Manufactured Housing

Post by jeff » Fri Sep 02, 2005 11:08 pm

The above mentioned blogs say that manufactured homes are appreciating in some parts of Florida. Could someone be specific about a good area? My wife and I will be first time home owners and are moving to Florida from the Philippines. We have a 6 and 4 year old. Our budget is $125k or less. Thank you for a good location, location, location

Sherie E Hutson

Re: Depreciation on Manufactured Housing

Post by Sherie E Hutson » Tue Oct 04, 2005 9:09 am

I am interrested in buying 20 to 25 home over the next year, I would like to keep the cost of the home around 26000 to 29000 I have the land to put them on I would like to buy the home drict from the factory to save on cost

rmurray

Re: Depreciation on Manufactured Housing

Post by rmurray » Tue Oct 04, 2005 9:39 am

SHOULD BE NO PROBLEM..ALL PLANTS WILL REQUIRE THAT YOU HAVE A DEALERS LICENSE FROM YOUR STATE....Every state has different license requirements..Find your state manufacture home association and ask the license procedure there...

amber

Re: Depreciation on Manufactured Housing

Post by amber » Mon Dec 19, 2005 11:53 pm

I have a question. What lender can refinace my manufactured house in ca? I can6 find anyone!

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