Question We are in the market for a vacation home and just started looking. I have seen many homes on the market labeled "manufactured home" but I am unfamiliar with them. I'm not referring to mobile homes that are single-wide and double-wide. They are in the shape of small homes that usually sit on land that the owner leases or rents. I'm looking for a vacation home but also an investment. So my question is do these homes appreciate like regular single-family homes? Or do they depreciate? Does it depend on location?
Answer Hi Chris;
A manufactured home can be a mobile or modular home. The term manufactured means that it is assembled in a factory either as a whole or in sections and then joined and assembled on the site. A modular home generally has a better appreciation value than a true mobile home such as a single or double wide. I think that this is what you are describing as a vacation home. If you invest in one, you most likely would get your money out of it when you sell but there would not be the same appreciation as there is in a site built home even though many of the components today are pre-assembled in factories. Unfortunately there still is a stigma about manufactured homes. They can be built quicker and for less money so that may be why. However; just like any home; there are higher quality manufactured homes and lower quality. My advice to you is to walk through some and see for yourself knowing that you will have to disclose that the home is manufactured when you sell it. One other thing; if the home is located in an area where land is appreciating rapidly then the home itself will not make as much difference. You will profit from the land. In addition, in some areas such as the mountains where it is difficult to get materials or workmen to come out; the modular style home may be the best alternative and in that case the value will hold or increase.
buying and selling process such as: General questions from first time buyers How to market a home Why choose a REALTOR How do I find a REALTOR Should I consider buying or selling without a REALTOR--how much can I save Should I remodel or move How much can I expect to gain by fixing up my home before selling Helpful tips when selling Helpful tips when buying finding a good mortgage loan what is the difference between banks, mortgage bankers, and mortgage brokers Questions from the general public, people thinking about getting their real estate license, newly licensed. Fellow professionals who have interests in networking and how to get started What is a market evaluation and how does it differ from an appraisal what are the different loan programs services a REALTOR can perform when to use a lawyer when to use escrow what are the regional differences in the buying and selling process what is the MLS and how does it work how can the layman access information on the web--listings and other information These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.