You might want to try these 2 links to get definitive information..instead of urban legends that some folks keep repeating..
http://www.manufacturedhousing.org/lib/ ... d=74&cat=1
http://www.ncmhi.com/library.htm
Make MH into Modular ?
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rmurray
Re: Make MH into Modular ?
The discussion was about appreciation..which I assume means you want to build net worth...not appraised value..
In the examples you gave..if you paid 180K for your home your apprciation is 14%....If that manufactured home cost new at the same date of your purchase say 140K and now is 165K...its apprciation is 18%...I know a quality manufactured home cost less in the first place...which means it will always sell for less than a stick built...but this has nothing to do with appreciation..
One can go much further with the numbers as well...The guy down the street is paying $233/months in lower interest and probably about $25/mo less in taxes...If he were to invest it over the life or his and your loan...30 years..at 6.9% average return he will have $299,042.59 cash in the bank when he pays his last payment...Which means your home would then HAVE to be worth that much more just to say you have done as well..His money is guaranteed...is yours??
Actually he could do even way better...If he could afford your home in the first place..he could easily finance his for 15 years rather than 30 for the same payment as yours..Save 15 years of payments...invest them and have about $500,000 in the bank when you have just finished paying for yours..Now you will have to sell for $500,000 more just to be even with him..Not likely..
The point is there are many indivdual financial things for all to consider...In reality most new manufactured home buyers are comparing with 20 year old stick homes...NOT new...so one would also have to consider the increased cost of maintenence of an older home and energy savings of a modern home...Many of these numbers can be huge...There is no easy rule of thumb..
In the examples you gave..if you paid 180K for your home your apprciation is 14%....If that manufactured home cost new at the same date of your purchase say 140K and now is 165K...its apprciation is 18%...I know a quality manufactured home cost less in the first place...which means it will always sell for less than a stick built...but this has nothing to do with appreciation..
One can go much further with the numbers as well...The guy down the street is paying $233/months in lower interest and probably about $25/mo less in taxes...If he were to invest it over the life or his and your loan...30 years..at 6.9% average return he will have $299,042.59 cash in the bank when he pays his last payment...Which means your home would then HAVE to be worth that much more just to say you have done as well..His money is guaranteed...is yours??
Actually he could do even way better...If he could afford your home in the first place..he could easily finance his for 15 years rather than 30 for the same payment as yours..Save 15 years of payments...invest them and have about $500,000 in the bank when you have just finished paying for yours..Now you will have to sell for $500,000 more just to be even with him..Not likely..
The point is there are many indivdual financial things for all to consider...In reality most new manufactured home buyers are comparing with 20 year old stick homes...NOT new...so one would also have to consider the increased cost of maintenence of an older home and energy savings of a modern home...Many of these numbers can be huge...There is no easy rule of thumb..
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dave
Re: Make MH into Modular ?
I will have to give Janie credit for mentioning the very real negative image problem that manufactured housing has to deal with on a daily basis.There are many reasons for this , some the industrys fault, and others the result of growing pains of an industry transforming from very portable homes (trailers) ,to homes financed a very short time and often sold as temporary housing traded like automobiles(mobile homes),to structures built and designed to compete with site-built housing in the primary role as providing permanent affordable housing to a large sector of the american economy.
It is unfortunately true that the manufactured home industry has been slow to recognize the need for a more professional approach in every aspect of marketing a vastly improved product.The good news to consumers is this is changing very rapidly as the industry recognizes that satisfying the end user is the only way they will succeed in this new world of competing with realtors,builders, and banks and mortgage brokers for a fair share of the housing market.
As with purchasing any home, be it site-built or manufactured housing, the consumer needs to take certain precautions.It is very unwise to enter into such a major life-altering purchase without educating yourself enough to know #1 that you are making the best purchase for your individual circumstances and#2 that you are not being taken advantage of because of your lack of knowedge about the product and purchasing process.
This site is dedicated to helping anyone find the answers to their questions about all facets of manufactured housing.
ONE FINAL VERY IMPORTANT CONSIDERATION.SATISFIED CUSTOMERS DO NOT COMPLAIN AND VERY SELDOM WILL THEY POST ON A SITE SUCH AS THIS ONE TO TALK ABOUT THEIR HAPPY EXPERIENCE! SO IT IS VERY EASY TO ASSUME THAT THERE MUST NOT BE MANY HAPPY MANUFACTURED HOME OWNERS FROM SOME OF THE COMMENTS YOU WILL READ ON THIS AND OTHER SITES.THERE ARE MANY DEDICATED DEALERS WITH THOUSANDS OF HAPPY MANUFACTURED HOME CUSTOMERS.THESE DEALERS MAKE THINGS HAPPEN FOR THE CUSTOMER BECAUSE THEY CARE.IT IS UP TO YOU TO FIND AND RECOGNIZE THESE DEALERS UNTIL THE INDUSTRY GETS A BETTER GRIP ON THEIR PART IN ASSURING THAT THOSE DEALERS THAT FAIL TO HAVE CUSTOMER SATISFACTION AS THEIR HIGHEST PRIORITY ARE TERMINATED!
It is unfortunately true that the manufactured home industry has been slow to recognize the need for a more professional approach in every aspect of marketing a vastly improved product.The good news to consumers is this is changing very rapidly as the industry recognizes that satisfying the end user is the only way they will succeed in this new world of competing with realtors,builders, and banks and mortgage brokers for a fair share of the housing market.
As with purchasing any home, be it site-built or manufactured housing, the consumer needs to take certain precautions.It is very unwise to enter into such a major life-altering purchase without educating yourself enough to know #1 that you are making the best purchase for your individual circumstances and#2 that you are not being taken advantage of because of your lack of knowedge about the product and purchasing process.
This site is dedicated to helping anyone find the answers to their questions about all facets of manufactured housing.
ONE FINAL VERY IMPORTANT CONSIDERATION.SATISFIED CUSTOMERS DO NOT COMPLAIN AND VERY SELDOM WILL THEY POST ON A SITE SUCH AS THIS ONE TO TALK ABOUT THEIR HAPPY EXPERIENCE! SO IT IS VERY EASY TO ASSUME THAT THERE MUST NOT BE MANY HAPPY MANUFACTURED HOME OWNERS FROM SOME OF THE COMMENTS YOU WILL READ ON THIS AND OTHER SITES.THERE ARE MANY DEDICATED DEALERS WITH THOUSANDS OF HAPPY MANUFACTURED HOME CUSTOMERS.THESE DEALERS MAKE THINGS HAPPEN FOR THE CUSTOMER BECAUSE THEY CARE.IT IS UP TO YOU TO FIND AND RECOGNIZE THESE DEALERS UNTIL THE INDUSTRY GETS A BETTER GRIP ON THEIR PART IN ASSURING THAT THOSE DEALERS THAT FAIL TO HAVE CUSTOMER SATISFACTION AS THEIR HIGHEST PRIORITY ARE TERMINATED!
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Janie
Re: Make MH into Modular ?
"The discussion was about appreciation..which I assume means you want to build net worth...not appraised value.."
Oh I realized that but since I have no clue what that particular home would appraise for I didn't go there. My home appraised for 245K. Paid $375 for the appraisal. I paid 136K to build home and pay off existing loan. 2200 sq feet, 18 inch ceramic tile in 6 rooms, 4 br, 2 bath, gas fireplace, whirlpool tub, 10 foot ceilings, all SS appliances, huge kitchen island, maple cabinets, it's a nice home. Granted I had most of the land paid for. Remember I built this on the same site as the old MH. Banks were quoting me 6.5% for a MH, I got 5.75. Alot of $ saved there. And PH told me 115K for their home with all the extra work, concrete, ground set, 11K! closing costs, not to mention the 20K I needed to pay off existing loan. I will say taxes here are outrageous, the lower assed value would be nice for that reason. And your investing the extra $ while a great idea is not an idea many people would do. Give it 10 years, maybe less, wouldn't surprise me if I could get 500K for this place, this is in the "Valley of the Sun" home prices here are skyrocketing. And RMurray, I must give you credit, you would of had me sold on that PH, you are one slick guy!
Oh I realized that but since I have no clue what that particular home would appraise for I didn't go there. My home appraised for 245K. Paid $375 for the appraisal. I paid 136K to build home and pay off existing loan. 2200 sq feet, 18 inch ceramic tile in 6 rooms, 4 br, 2 bath, gas fireplace, whirlpool tub, 10 foot ceilings, all SS appliances, huge kitchen island, maple cabinets, it's a nice home. Granted I had most of the land paid for. Remember I built this on the same site as the old MH. Banks were quoting me 6.5% for a MH, I got 5.75. Alot of $ saved there. And PH told me 115K for their home with all the extra work, concrete, ground set, 11K! closing costs, not to mention the 20K I needed to pay off existing loan. I will say taxes here are outrageous, the lower assed value would be nice for that reason. And your investing the extra $ while a great idea is not an idea many people would do. Give it 10 years, maybe less, wouldn't surprise me if I could get 500K for this place, this is in the "Valley of the Sun" home prices here are skyrocketing. And RMurray, I must give you credit, you would of had me sold on that PH, you are one slick guy!
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Janie
Re: Make MH into Modular ?
okay, clarification, assessed value=what the county taxes you at
appraisal value=what the lender says it's value is
around here those numbers vary by tens of thousands
Although in other parts of the country I hear they're about the same, just depends on where you live, anybody know why the difference?
appraisal value=what the lender says it's value is
around here those numbers vary by tens of thousands
Although in other parts of the country I hear they're about the same, just depends on where you live, anybody know why the difference?
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dave
Re: Make MH into Modular ?
Janie:
I,ve just got one question.If you knew that you could build a home that would appraise @ $ 245,000 for $116,000 ( 136,0000-20000) why were you ever even considering anything else.
You claim to live in a high growth area and yet you are able to build a high end home for $ 52.00 per sq. ft. You are very fortunate.I live in one of the lowest per capita income areas in the United States and I can't build a spec. house with
builder grade appliances for that.
Manufactured homes are the homes of choice for many home owners.
Murry sells one of the best products available and the overall reputation that Palm Harbor has in the market place speaks for it self.
You explored your housing options and made the choice that was best for your individual circumstances just as many have done when they chose manufactured housing.
Good Luck .
I,ve just got one question.If you knew that you could build a home that would appraise @ $ 245,000 for $116,000 ( 136,0000-20000) why were you ever even considering anything else.
You claim to live in a high growth area and yet you are able to build a high end home for $ 52.00 per sq. ft. You are very fortunate.I live in one of the lowest per capita income areas in the United States and I can't build a spec. house with
builder grade appliances for that.
Manufactured homes are the homes of choice for many home owners.
Murry sells one of the best products available and the overall reputation that Palm Harbor has in the market place speaks for it self.
You explored your housing options and made the choice that was best for your individual circumstances just as many have done when they chose manufactured housing.
Good Luck .
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martha
Re: Make MH into Modular ?
We were just at the silvercrest factory in Corona, CA and the guy leading the tour said that they can/ will build to UBC code as an upgrade. He mentioned that some people choose to do this because of financing among other reasons. But I can't say for sure about the Woodburn, OR or Woodland, CA factories. PH also is building some pretty UBC (I believe) homes in their Discovery Series. We saw the Buckeye in Millersburg a few weeks ago. Wow I would have thought it was a site built house, inside and out!
On another topic-
I don't understand all the issues about "stigma of living in a" MH. I mean come on, It seems like so many people are concerned with what others think. It is like you have low "house"-esteem. If YOU like your house---Pardon my language- BUT screw everyone else!! I mean I have told the joke about being a redneck because in a few months my address will be "turn off the paved road" and "inviting my neighbors over to take my wheels off my new house" But I am only joking. I can't wait to get my new house (even tho' I haven't decided which one I am getting). As soon as I get it I am going to be telling everybody I know aboout it and asking them to come check it out!! I am going to be darn proud of my HOUSE! And I know that there are a lot of people out there who agree with me--Let these people hear your love for your MH! Show them YOU are not "ashamed" of your house!
On another topic-
I don't understand all the issues about "stigma of living in a" MH. I mean come on, It seems like so many people are concerned with what others think. It is like you have low "house"-esteem. If YOU like your house---Pardon my language- BUT screw everyone else!! I mean I have told the joke about being a redneck because in a few months my address will be "turn off the paved road" and "inviting my neighbors over to take my wheels off my new house" But I am only joking. I can't wait to get my new house (even tho' I haven't decided which one I am getting). As soon as I get it I am going to be telling everybody I know aboout it and asking them to come check it out!! I am going to be darn proud of my HOUSE! And I know that there are a lot of people out there who agree with me--Let these people hear your love for your MH! Show them YOU are not "ashamed" of your house!
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martha
Re: Make MH into Modular ?
We were just at the silvercrest factory in Corona, CA and the guy leading the tour said that they can/ will build to UBC code as an upgrade. He mentioned that some people choose to do this because of financing among other reasons. But I can't say for sure about the Woodburn, OR or Woodland, CA factories. PH also is building some pretty UBC (I believe) homes in their Discovery Series. We saw the Buckeye in Millersburg a few weeks ago. Wow I would have thought it was a site built house, inside and out!
On another topic-
I don't understand all the issues about "stigma of living in a" MH. I mean come on, It seems like so many people are concerned with what others think. It is like you have low "house"-esteem. If YOU like your house---Pardon my language- BUT screw everyone else!! I mean I have told the joke about being a redneck because in a few months my address will be "turn off the paved road" and "inviting my neighbors over to take my wheels off my new house" But I am only joking. I can't wait to get my new house (even tho' I haven't decided which one I am getting). As soon as I get it I am going to be telling everybody I know aboout it and asking them to come check it out!! I am going to be darn proud of my HOUSE! And I know that there are a lot of people out there who agree with me--Let these people hear your love for your MH! Show them YOU are not "ashamed" of your house!
On another topic-
I don't understand all the issues about "stigma of living in a" MH. I mean come on, It seems like so many people are concerned with what others think. It is like you have low "house"-esteem. If YOU like your house---Pardon my language- BUT screw everyone else!! I mean I have told the joke about being a redneck because in a few months my address will be "turn off the paved road" and "inviting my neighbors over to take my wheels off my new house" But I am only joking. I can't wait to get my new house (even tho' I haven't decided which one I am getting). As soon as I get it I am going to be telling everybody I know aboout it and asking them to come check it out!! I am going to be darn proud of my HOUSE! And I know that there are a lot of people out there who agree with me--Let these people hear your love for your MH! Show them YOU are not "ashamed" of your house!
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Chuck B.
Re: Make MH into Modular ?
WOW !! Thanx everyone for your opinions. We have only been at the "looky loo" level for a couple of weeks, and our heads are already spinning. I have lived in our '76 Fuqua, for almost 16 years now. I added a 450 sq ft perm addition, moved just about every wall in side, added 250 sq ft sunken living room to the end of the unit as well. I am in construction. I see lots of custom, tract, and remodel stick houses. For the money, Manufactured Homes are far better in my eyes. I took my dad, who is 78, to see the model we want at the sales office by us. On the way he was asking if we really wanted to buy another TRAILER !! After he walked thru the unit he said, " ... That HOUSE is nicer than any house I have every owned. I agree it a stigma, I take comfort that at least I am in the know on how nice they are.
On a similiar topic to the original post, what is everyone opnion on size in relationship to resale and appraisal value. Because of the perm. addition I have I am limited to only a few floor plans, so I can utilize the addition. One is 2300 sq ft. (our first choice, but pricey ) the second in 1500 sq ft (adequate layout, same size as I have now, almost half the cost) . I am thinking resale in teh future, and it would seem to me, a 2300 sq ft triple wide with awesome floor plan, would be easier to sell, than a double wide, MH looking unit.
I know the market has everything to do with it, but what is everyones opinion. The smaller unit is very affordable, the larger unit would be a belt-tightener, but 1500 sq ft 3 bdrm vs. 2300 sq ft 3 bdrm ? I think I would pay more exponentially for the larger unit myself. It is just more appealing.
On a similiar topic to the original post, what is everyone opnion on size in relationship to resale and appraisal value. Because of the perm. addition I have I am limited to only a few floor plans, so I can utilize the addition. One is 2300 sq ft. (our first choice, but pricey ) the second in 1500 sq ft (adequate layout, same size as I have now, almost half the cost) . I am thinking resale in teh future, and it would seem to me, a 2300 sq ft triple wide with awesome floor plan, would be easier to sell, than a double wide, MH looking unit.
I know the market has everything to do with it, but what is everyones opinion. The smaller unit is very affordable, the larger unit would be a belt-tightener, but 1500 sq ft 3 bdrm vs. 2300 sq ft 3 bdrm ? I think I would pay more exponentially for the larger unit myself. It is just more appealing.
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