Is it worth Putting a basement under a manufactured home or take the hit on it and sell it for less.

[johnnypoppen]

Hi!
We have been trying to sell our manufactured home (1998)(with no luck) Do you think it would be worth putting a basement under it to make it bigger ( it is almost 2200 Square feet now, 4 bedrooms and 3 full baths) and more like a stick home? It sits on 1.75 acres with private well and sewer. Or should we lower the price and take a hit now. Thank you Lyle

[David Oxhandler]

Lyle -

Home sales are just not happening at this time. The lenders are in a state of chaos and people are holding on to the money they have. Adding a basement is an expensive operation ... even more expensive after the home has already been installed. I think this would be a huge mistake at this point in the economic cycle.

At this time the only thing that is selling is PRICE. Adding a basement is only going to make your price higher and your eventual loss greater. The best thing to do is to wait out the recession. The economy is cyclical and it will come back around... home sales will pick up and prices will go up... the question is can you wait? If not then take the hit without pouring any additional money in.

If you must upgrade the foundation to get FHA financing for a buyer take a look at the Sure Safe System for retrofits. It is one of the few approved systems that can b e installed without moving the home and so saves thousands of dollars and can be done in about a half day