New Homes versus Used Homes.

[D man]

Hi all,
I am looking at a new "Cheyenne" model 26 x 48 doublewide with all kinds of extras for about 60k. The thing is, I have seen homes of about this size used for as little as 25k. (I think its a Champion home)

The 25k - 30k units have thinner walls and don't look nearly as well made as the new unit I am considering, but they all seem to have similar floor plans. I actually think a couple of the cheaper units are even larger than the new unit.

Of course we all want quality, but all I can really see different in these things is slight variations on wall materials. I'm just not sure that paying double for the new one is wise. Does anyone have an opinion as to why its better to go with the new or used unit? Why?

What do you guys think of Skyline homes? Who is your personal favorite manufacturer as far as quality of materials and workmanship?

Sorry for all the questions, but it's a big decision, and I'm losin sleep over it, so I thought I would ask those more experienced in these matters.

Thanks for taking an interest in helping people.

[D man]

Upon further inspection the new unit appears to be a Champion Homes model Meadowcreek 822. http://championhomes.net/default.asp

Looks pretty nice inside.Real walls. Nice kitchen. Kinda dinky back rooms. I don't know what kind of floors or beams they use, but it felt sturdy inside.

The used Skylines do indeed appear to have larger back bedrooms. That is the only thing I like better about them personally. Well, that and the whole, half the price, thing.

Any thoughts either way are appreciated. Thanks again.

[Amber]

You didn't mention if you were paying cash or planning on financing. It can be a little more difficult to obtain financing for a used home. This may be an issue relevant only to the area in which I live, but when my husband and I found a manufactured home on land that we loved (at the time we were shopping site-built), we planned to make an offer. However, we soon learned that appraisers in this area just don't like to appraise used manufactured homes, and we might have to bring in appraiser from the nearest metro area. We ended up going with purchasing land and are getting a new home to put on it -- the appraiser is someone who does lots of new land/homes, alleviating that problem. If you are planning on financing, you might want to talk to some lenders or brokers first to get an idea of the terms of a loan and the required LTV before making an offer.

[D man]

Uh, I was going to finance it, but getting less sure. WoW, there is alot to learn here. I had no idea it was harder to get financing on used Mobiles as opposed to new ones.

Something else to consider as well. I found out that alot of parks don't let you rent out your own home at all. Even if your renters were able to pass background checks, some parks require the owner to live in the dwelling too.

So, if you aren't living in it, then you might not be able to rent it out or sell it. I'm not so sure this is such a good idea after all. I mean, I am really impressed with the construction materials and all, but if I cannot really treat it like my own property, then I guess it feels like its not really mine.

So you find a plot of land to buy? Then pay lots to develop it...
Geez. Now what. I guess its still gotta be better than renting.

[Tanya]

Our first MH was a reposessed 95 Champion Infinity, 24x50. We got it for 34,000 when it was 4 years old.It's in a nice mobile home park. The price was good, but the home is cheaply made, and it shows. The moldings are coming apart from the walls, paint coming off the kitchen cabinets, light fixtures falling apart..the subfloor is warped where we tried to steam clean our carpets, the phone jacks have been yanked from the walls from too many incidents of our cats knocking over the answering machine...the list goes on. It's a pretty house, and I believe, at least I'm hoping that structurally it's still sound, but if we had paid any more than what we did for it, I think we'd be in trouble now. Many of our neighbors who paid full price for their homes have had to abandon them when they needed to move and couldn't sell them. In parks, they depreciate. Luckily, the housing market in Las Vegas, where we live now, is now favorable for us, because we will have to sell this place soon. We hope to at least break even.
We have a land-home package in the works, this time we're going with Palm Harbor, a very solidly constructed MH. Huge difference in quality. And on land, we won't have to worry about the value going down.
It's true about the not being able to rent your home in a park. Our park managers are nice enough to allow people to rent to an approved tenant, but they are making a lot of exceptions because they have so many empty lots and don't want anyone else to have to abandon a home.
I've heard that Champions have improved. But our 9 yr old one is kind of a dud.
I do think there are definite advantages to living in a mobile home park vs an apartment or condo. We love having a yard, and no neighbors on the other side of the wall. At least some of our money is going to something we own. But if I had it to do all over again, I would buy a mobile home on land, a condo or whatever stickbuilt home I could afford. And I'd make sure the house was very well made.

[rmurray]

The answer to your question depends on where you live...Some places (only a few places)..rental parks can have great resale prices in the future...but in most areas resale in parks can be very difficult...In that case I would recommend the purchase of the used home...And it is true..used home finance in a park can be quite hard to get..and then at very high rates..

If at all possible you would be much better to buy some property and place a home on it....Then the new home and quality could be a very big issue...Shop around..talk to dealers in your area about available land and costs...In many areas..the financed price of land...home..imporvements ends up less than a home in a park..Good Luck

[D man]

It's a shame really. These homes are so well made now (usually) and rents are so high that this would be a fantastic option for someone like me. (first time buyer) If it wasn't for having to rent the lot.

Does anyone have any resources on finding home/land deals? I am interested primarily in New Mexico, Colorado, Wyoming areas. Any help here is really appreciated!

If I can ever afford it, I swear I will develop a park where tenants pay to own their own lots in a rent to own fashion. The people would be able to have pride of ownership, along with increasing property values. The park would still make its money back, while simultaneously increasing surrounding property value, thus making future plots sell for more. You could even work in a realtor style commission system for lots no longer owned by the park. Such as the park gets 5% commission when your home and lot sells. Why no one does it this way now, I cannot imagine.

The American people need affordable housing, and I think thats a pretty good idea. I'm sure there are a million factors I'm not considering, but I hope the main idea remains sound.

[D man]

I mean think about it for a second.

There are tons of people like me out here in cyberspace. Smart enough to know I want a home but too busy working to go find the one I want. If I could say, start making payments on AN EMPTY LOT, I would. Because I know eventually I will get there and fill that lot with a house.

No park in the world can charge for empty lots, but yours could, by selling them

Thoughts?

[Tanya]

Well, there are mobile home park-like communities where the residents do buy the lots. I don't know much about how they work, but they're comparable to regular parks, similar size lots and so forth. And it is possible to get lot loans, if you find land you want and want to hold on to it.
We began our land-home process by searching for the right dealership first, the right brand of home for us. Then we went and looked for the land we wanted. The dealership is helping to co-ordinate the rest...that's what they do. But when we weren't sure if the whole land-home deal was going to work out, we also talked to a bank about financing the land only. They said they do offer low down-payment lot loans if you have good credit. The size of the down-payment goes up the lower your credit score is.

[rmurray]

You should have no trouble finding interesting land available in such a wide area...It would be a little easier if you narrowed the area down a little ...Then find a good dealer in the area and ask him/her for help and advice..In most of the areas you mentioned..land is plenty available and even in expensive in some places..