Do brand new manufactured homes in a park appreciate?
Manufactured Homes July 24th, 2009I’m about to buy a brand new manufactured home that is about to be put in a park where I rent the space it sits in for a certain amount a month. Now, the area it sits in is right next door to a growing city. Does that mean the value of my manufactured home will appreciate? And as this being my first house ever…do you think purchasing a manufactured home will be a great place to start? Then move onto a bigger house someday? I’m only 22, so everything is still new to me.
July 24th, 2009 at 1:12 pm
I don’t believe they do really appreciate. But to obtain future loans on the property, there are certain guidelines you have to follow for FHA loans.
July 24th, 2009 at 1:12 pm
No a mfg home is like a car it begins to depreciate as soon as you buy it.
But they hold their value longer than your car does.
At 22 if you can’t mortgage a regular house then the mfg home is a good place to start building your credit.
It would be preferable if you could buy your own land to put it on even a tiny plot if possible. Land will always go up, for there is less and less available everyday.
July 24th, 2009 at 1:12 pm
The land will appreciate, but the trailer will depreciate. If you get really lucky, it might not drop more than 20-30% over 10 years.