Expert: Diann Tonnesen - 10/25/2007

Question
Hi Diann,

My husband and I are young first-time homebuyers.  In our area there doesn't seem to be much on the market except manufactured homes on permanent foundations.  I have been told by a couple of friends that we shouldn't consider a double wide because stick-built is better.  Considering our budget though and the features we want, we keep coming back to the double wide option.  They have everything we want but my major concern is what could happen if and when we go to resale it.  Given the negative views I've heard from people in the real estate business regarding double wides (we were completely snubbed by an agent when she found out we were interested in one), is it going to be harder to resale if we were going to do that in a few years?  Does the age of the home affect this?  We were considering an older (late 70's) double wide on a permanent foundation that has been completely remodeled inside and out and had rooms added onto it.  Would something like this be a good choice?  Or should we wait it out and keep looking for fixer uppper stick-builts?  Thanks!

Answer
Jennifer, I take it you have not yet looked into financing on the double wide? One thing to note is that usually the interest rate on these is much higher than conventional built homes. They are considered a depreciating asset by most banks, kind of like a car.

I cannot give you advice on whether or not to buy a mobile home in your area as I do not know how they resell there. I know that in Vegas, they are pretty hard. And because of the higher financing, they are really not any more affordable than conventionally built homes either.

Perhaps you could do some research with mortgage lenders in your area and see what they have to tell you. Personally if you were my kids, I would advise you to find a conventionally built home. But like anything else, if the price is low enough, it may be worth buying.

Good luck!