Do I replace exiting or clear and purchase new??

[ixlar8]

My wife and I found a great +55 community in California. We found several properties that are nice, but require lots of updating since they were built in the late 80s. The question is- do we spend $$ on updating which means gutting or it is more economical to purchase a new Skyline and having it put on the site. The cost of the updating of the old and replacing with new is about a 30K difference, most of it in site setup and removal of old.

[rmurray]

I guess it depends on you and your long term plans..For some of us the pocketbook would be involved..If you have to finance, it will be much easier to finance the new home than getting a home improvement loan on the old...There is no reason these 20 year old homes should not last for many more decades of use..At least with a remodel you can dictate every aspect of the job and make it EXACTLY what you want..

Judge your personal tastes and needs and GO FOR IT.

[AZRealtor]

Late '80s usually has some items in the home that are very difficult to change. And the financing will not be as attractive as a new home. If you can really turnkey the new project for $30k difference, consider it. Have your lender run ammortization schedules on both and see how it pencils out. Sometimes consumers might end up in a remodel that is never done. If you're going to take this approach, have your Realtor pull up "mobile" as the building type. If that community is like many others in the country, there may be some real deals on land where the old (pre-hud) mobile may have a negative value and you're buying the land underneath.