Once I move away it will likely be abandoned. I kept if for an investment because they're not making any more dirt in that area and I was right about projected growth. And up. If you know you're staying put for a long time and would be cheaper than an apartment then it might be worth the effort. Right now I'm living with my mom, paying a bit of rent each month and buying my own food, ect for the most part. Second, OP is on crack. I've been a renter my whole adult life, in Los Angeles - stupid high cost of living city. All this can be achieved because the build tolerances in the factory are so much tighter than they would be on site. Thirdly, is going to be the cost of the site work. Today, in the same area I can’t find stick builds or modulars with the same sqft for 3x what I got in it. Yes, I would never recommend this unless you own the land. And that is the recommendation I make to anyone considering it. Studs and joists dont just start bending, unless there is a roof leak or something else going wrong. Think two to seventy times before buying one and moving into a park. Cost of Modular Homes. Yeah, I live in a sleepy town in Ontario and I haven't found anything remotely close to that low end for a 2 bedroom. I got it for a grand and did a lot to fix it up. In some instances and states they actually need to be registered like a vehicle. We had to put everything in storage and live in a weekly rental apartment for almost a month. Next is the cost of the home itself. Some of these prefab homes are net zero energy (or better!) Or will shut down so they can sell to a developer. (the plan is to get settled and live there for 3 years or so then either flip it or transition it to a rental property) Manufactured homes do increase in value over time but not as rapidly and out of control as traditional housing. In my experience, it usually ends up being a bit cheaper to build a new manufactured home in an area than it would be to buy an existing home in the same area of similar square footage. While “mobile home” is a dated term, it continues to be used in reference to manufactured homes. Consider buying a manufactured home if you own property and can afford to affix the home to a permanent foundation. Personally I would rather have a mobile home than an apartment or condo, but can be difficult to sell if your situation changes. As far as financing it is concerned, my company did not do loans in California. However, some of the stereotypes and negative perceptions of this era still haunt the modern industry. Since mobile homes are usually more affordable than a stick built home and only semi-permanent, if you own land, you can place a mobile home on it now and remove it in the future. When buying a home, it’s perfectly normal to feel overwhelmed. If you can own the land it's a good deal but this house is worth jack shit. However, after a couple years the park we were in was sold and it had to be moved which was annoying and while they paid the trailer people. Manufactured homes can be good, but the affordable options are not what you want to go for. The expense for the unit ranges from $40 to $80 per square foot, with an extra 20% to 50% for custom features. When you purchase a manufactured home you will actually title the home instead of getting a deed, just like a car, unless you attach it to real property (land). And, if possible, affix to property. In practice anything that comes on more than one trailer cannot be disassembled and moved without significant damage to the structure. If you’re buying land and putting a manufactured home on it, I also don’t think it’s worth is as you’d only be saving $50-75k on the price of the home for a far inferior product. Reddit is a network of communities based on people's interests. Average Modular Home Cost. Land can vary wildly in price depending on the area, but where I did these loans, land was around 20k/acre on average. FWIW a friend of mine's mom did this and it worked out. Press question mark to learn the rest of the keyboard shortcuts. I bought a fantastic mobile home when I was 24. First, OP quoted a huge range. Land Issues. We've discovered that not at lenders offer mortgage loans for manufactured. Looks like you're using new Reddit on an old browser. Though not so much for stick-built homes, age does matter for manufactured homes because those built before 1977 are usually ineligible for financing. The roof is one of the home most important elements of a mobile home or any home for that matter. My thought went to home ownership and looking into things, we've mathed out that we can do the equivalent sized manufactured/trailered home for around $150k, which would put our mortgage at about 600-700 depending on rates. In this case, the dealer sets a markup price that is 7 to 10 percent over the actual cost paid to the manufactured home builder. Some can be rent controlled though and that will hold value for future buyers, but you need to expect to take a loss on the actual mobile unit itself. It’s kind of unreasonable to compare where we live to what other people are used to when you take into consideration that the Bay Area is one of the hottest housing markets in the entirety of the US. The big deal is if the house is permanently affixed to the foundation. When calculating your costs make sure you look into the monthly lot cost, the mortgage, the insurance, utilities, property tax, and saving money for maintenance/repair. Yeah, ordinary property ownership is a depreciating asset (a building and fixtures) sitting on a speculative investment (the land itself and the associated rights). My thought went to home ownership and looking into things, we've mathed out that we can do the equivalent sized manufactured/trailered home for around $150k, which would put our mortgage at about 600-700 depending on rates. It definitely changes the economics. If you would like to build a modern house, but you want a factory to do at least part of the work for you, you are probably interested in both modular and prefabricated homes. Last updated: May 18, 2020. I do not know how much my parents spent on this house, it was brand new and I've been here for like 15 years (was in HS and my parents moved 3 years ago). Will some boards rot and need to be replaced, sure. While the manufactured homes built today are better than what was around in the 1980s and 1990s, they will not hold value. Less air movement can cause formaldehyde to stay in the home’s air longer [ Persily et al. Manufactured housing has come a long way since the 1976 introduction of the HUD code. To qualify for a traditional mortgage, a manufactured home must be at least 400 square feet and placed on a … These are usually not well built. Keep in mind that the home will not increase in value, as the mobile home exists as personal property, not real estate, this means the home it self will depreciate in value over time. Buying a manufactured home is just the depreciating asset, with all the negatives without the upside of the possibility of appreciation to be realized when you move or die. However, some of the stereotypes and negative perceptions of this era still haunt the modern industry. So asking how long its going to last isn't really the right question. This. However, if you plan to place a manufactured home on private property, there are several things you need to know and consider before you can site your home. Pros. modular homes -- These are fixed to permanent foundations and cannot be disassembled after assembly. Modular home prices depend on the floor plan, number of bedrooms, and customizations. The other factor to take into account is the mortgage is only one part of the bigger picture, there is still lot rent and those costs are rising rapidly, often times the lot rent for the space is going to be more than the payment for the home, and unfortunately unless you move the home to a property you own, will be perpetual. An 1,800-square-foot modular home costs around $180,000 to $360,000, or $270,000 on average.This breaks down to a price of $100 to $200 per square foot and does not include purchasing the land or additional fees. If you give it the same treatment as you would a site-built home, then it will last just as long. What seemed like a great idea at the time slowly started turning into an albatross around my neck. Buying it is only part of the cost, you'll have to pay rent for the space it is on. However, if you plan to place a manufactured home on private property, there are several things you need to know and consider before you can site your home. 99% of the things you think you know about a manufactured home is most likely false – they are safer than stick-built homes and have 50% fewer deaths by fire. It depends solely on how well you take care of it. Insurance studies reflect the fact that manufactured homes today are designed to prevent fires, and have features designed to inhibit and limit the damage caused should a fire occur. But I had started my career in the area and knew I was long term gonna be here. Placing your new manufactured home on land you own, or intend to buy, allows you a certain amount of freedom both in the location of the land itself and in the location of your home on the land. They're also a huge hassle to move even if you leave the axles on. A manufactured home’s life expectancy is thirty to fifty-five years, and this is all contingent on the homeowner’s care and love of their home. I can’t tell you how many times I look at a listing only to see the telltale signs of a manufactured home and get annoyed because the agent didn’t list it as such—no thanks. Not 150k on the model you like. My mom bought a manufactured home AND the piece of land under it for about $50k approximately fifteen years ago. 99% of the things you think you know about a manufactured home is most likely false – they are safer than stick-built homes and have 50% fewer deaths by fire. Homes constructed after June 1976 are known as manufactured homes. How to Get Your Mobile Home Title. Manufactured homes must meet FHA certification requirements and come with attached metal certification tags on the home’s exterior. Any one have lender referrals that cover Manufactured homes. Its also important to recognize some of the different terminology being used in this space. (Before the Denver real estate market took off). Let alone San Francisco. Technically, a mobile home and manufactured home are different homes. Paid off a couple years early and instead of money wasted on rent, I’m either gonna rename it to my first rental or else sell it for a down payment on my next house. About the Author: The above Real Estate information on the pros and cons of modular homes was provided by Bill Gassett, a Nationally recognized leader in his field.Bill can be reached via email at [email protected] or by phone at 508-625-0191. During delivery and installation, the route taken may not be the same route that you would take when driving your car. I highly reccomend buying (or financing with your loan) land. That can be as much as the payment on the manufactured home itself. Expect to pay ~10 percent of the total project price in lender fees, taxes, and draw administration for the construction phase. An older study done in 1990 by the Manufactured Housing Institute placed the average life expectancy of a manufactured home at 55.8 years. It's not. Don’t expect the same level of quality compared to actual stick built or modular houses. It was bigger than an apartment. I worked for a lender that financed manufactured homes. So now not only do you have a mortgage but you are ALSO paying rent. And like every other financial deal, there are good and bad ones. My only catch is that I bought a 2000sf doublewide and couple acres of land for under 80k (I do live in poor rural USA) and have been spoiled by how far my money went. You can actually customize a manufactured home, including options like drywall vs. the plastic sheeting they typically put on the walls or insulated windows, etc, but they can be pricey. The more it filled up, the noiser and nosier it became. Comparison of data from 2016, 2017,2018 to 2019. Can be less expensive than a site-built home… The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. My situation is unique as my parents own the MH and I pay lot rent. So I can hopefully offer some insight. Bought a lot that was zoned for mobile homes, and put a cheap single wide on it. I do worry about long-term condition, though. He's in California, some mobile homes are in rent controlled parks and their value can and does increase. I know what the manufacturers say. I'm a 19f, single with cats, and planning to stay childfree. Manufactured housing can also last as long as site-built housing, according to the "Consumers Union" website. We will walk you through the steps for planning, financing, land purchase, delivery, setup and connection to city services. But the real answer to “how long does a mobile home last” is that it depends. No, a trailer home will probably not last that long. If you choose to pursue manufactured home ownership, shop various financing options. It is possible to purchase land, build a permanent foundation, and place the manufactured home onto a permanent foundation, thus making it "real" property. I bought mine in 2004 when I wasn’t much older than you. There is just no place your conditioned air can escape. The article explores the average cost of the different kind of manufactured homes as well as the cost of land. So in short. I looked into purchasing a mobile home a few years ago and ran into the same problem, the person at the mobile home place told us traditional banks won't mortgage a mobile home because they are technically considered "vehicles" because they are mobile, and as such their value continues to decrease, instead of increase and gain equity as a traditional home does (although not true as much lately as the real estate market is so insane a friggin' cardboard box would appreciate). Then in 1908, he began selling kit homes, which were homes for which all the materials and elements would come pre-made. Manufactured Home Buying Do’s . If you are buying land to put a manufactured home on, consider a modular home instead: https://www.championhomes.com/modular-homes. If you can get any information on how the prices of manufactured homes in that development performed over the last 10 years, how did that compare with single-family homes? In some cases, this can even include appliances if the appliances do not come with the house. Manufactured homes built before June 15, 1976, are mobile homes, or trailers as they’re often called, and those made after that date are manufactured homes. They rapidly decrease in value and need more maintenance than a home. New manufactured homes can last between 30-55 years, the same time frame for traditional single family homes. What a fantastic economical idea. meaning that the house will pay you back just in energy usage. Some advice from people who might've been in a similar situation world be appreciated… I just feel having more of an idea of something to work towards will help me. Walls are thin and you are living side by side by side. Bill has helped people move in and out of many Metrowest towns for the last 34+ Years. When considering the cost. Unfortunately, the land rental is anywhere from $1,000-3,000 per month. And if you own the land. Mobile. Also, and this is important, if you need any financing you will likely be looking at some steep interest rates due to the nature of the item being financed. You're probably better off trying to find a home. Newer homes are better insulated, so less air is moving into and out of the home. You could buy a large enough plot that you could subdivide and build on down the line for a permanent home using whatever equity you have on your prefab then rent it out after. My insurance initially thought my place was stick built because it's an affixed, 2-part factory built home that arrived on a truck but looks totally normal... when they checked their records and realized it's actually manufactured and the exact same model of house sells for under 100k, my insurance dropped from like $1500/year to like $600/year. I’d only buy if the land came with it. I was in a quiet mobile home park that was new and just starting to fill up. Really comes down to your situation. Retail markup for the manufactured home industry works exactly as it does for any other sector of retail sales. Lot rent sucks. Find a modular home you love and reach out to any of our 0 New York retailers for a quote on pricing. Is it a full basement? I’m also in So Cal and got excited thinking I could afford a mobile home since they are only $75-150k. And up. You can also choose exactly the size you need. I second this. When housing went to hell and home prices came down, we were able to buy a real house, but selling the trailer was not easy. Biggest Problems with Modular Homes 1. Our step-by-step guide will assist you in understanding the process of buying a manufactured home in 2021 and in following it successfully. Just the cost of the home. I do some work with MHCs in CA and have seen pad rent ranging from the mortgage payment on a manufactured home up to $3,000+. My advice would be to contact a manufactured home dealer in your area. But only individual pieces, not the whole house. Im looking into buying land and a manufactured home now vs buying a manufactured home that is already set on land. At the time. (the plan is to get settled and live there for 3 years or so then either flip it or transition it to a rental property) Manufactured homes do increase in value over … Our step-by-step guide will assist you in understanding the process of buying a manufactured home in 2021 and in following it successfully. With both made out of wood and metal, the big difference between a site built home and a manufactured home is the fact that a manufactured home is much lighter. Where you'll run into issues is that most of the urban places for manufactured homes are what give "trailer parks" their stereotype. You also would likely have to look into the laws concerning manufactured homes as most cities do not allow then to be attached to property inside city limits. At the time it seemed like a good idea. And sorry about spelling/formatting. If it is a pad rental do not, I repeat do NOT get involved. Right? So - about how long does a mobile home last if kept well maintained? I did exactly this. An old home is just fine, but dont expect it to be maintenance free. Transport companies do route planning to your designated manufactured home site. Manufactured homes cost less than other types of houses, but does lower cost mean lower quality? The Worst Manufactured Homes Worst Manufactured Home #1: The Pre-1976 Built Home. Its nice but I dont have any of the weight lifting equipment I want because I fear the floor couldn't take the weight (several hundred pounds). There are some places you can buy the home and property together and finance the foundation as well; however, the costs will add up and be about the same as an older site built home. The common size terms are single wide, double wide and triple wide. How that works is the park will take ownership of it, scrap it, and remove the husk. The only way it may appreciate in value is if you own the land under it, which is unlikely as it sounds like you're looking at a mobile home park, in which case you're paying rent for the plot. Let's get the facts 2010 ]. prefab homes/system built -- again, much the same thing, but the pre-assembled pieces are probably smaller (ie individual walls), and this is where you can find some of the best quality homes in the world. They do have special lenders out there that exclusively do mobile home financing, I believe the one she suggested to us was called Triangle lending. You may also have issues getting insurance that would cover the home for it's replacement depending on its age, but I don't deal in California so you'd have to confirm with local providers. Also, if your exit strategy involves renting your home out, check all rental agreements as many properties limit you ability to rent out your home, What kind of foundation did you use? Site work includes things like your foundation. My advice is similar to everyone else's. Cost of Modular Homes. If you have additional questions or want more detail on something, feel free to ask. Manufactured homes are statistically proven to keep you and your family poor for generations. The Worst Manufactured Homes Worst Manufactured Home #1: The Pre-1976 Built Home. Formaldehyde is also found in gas stoves, open fireplaces, and outdoor air pollution. The lifespan of mobile homes is a frequently discussed topic and a curious consideration. Renting mobile homes is an overlooked real estate investing strategy. But not by ad much as you would think. Press J to jump to the feed. Manufactured homes depreciate rapidly, unless affixed to real property (where they can actually appreciate, or at least maintain their value). Had a yard to call our own. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. And, when I decided I was done, I found out how difficult it was to sell and how the mobile home park gets to approve the sale and they really want you to remove your home so they can bring in a new one. Do choose the right home for your family. A really good quality prefab home, is almost certainly better built than any other home in existence! The biggest difference between a manufactured home and a prefabricated home is that there are steel beams running the length of the manufactured home, thus making it "mobile". To qualify for a traditional mortgage, a manufactured home must be at least 400 square feet and placed on a … Placing your new manufactured home on land you own, or intend to buy, allows you a certain amount of freedom both in the location of the land itself and in the location of your home on the land. Edit: worked in the manufactured home financing industry ages ago. I figure I might live another 30 years, at most. It depends on where you live and what part you live in, my parents bought a manufactured home for 24k in Portland Oregon and it’s now worth 80k with all the upgrades we have done, and in Portland they are easy to sell. It varies with market, structure upkeep/reno and location from everything I've read. Otherwise you’re at the mercy of your lot owner and they will typically increase your costs. I don't want to live in an apartment all my life but I don't think I'd want to own a house, as they're typically a bit bigger than what I'd need, and expensive. Sqft if that means anything to anyone in lender fees, taxes, and become part an. An old browser get how long do manufactured homes last reddit top of your lot owner and they will not value... Trying to find an investment because they 're not making any more dirt in area...: may 18, 2020 and states they actually need to be the cost of.... Asking: has anyone gone through this experience/process we still owed on it used in this space and. To my knowledge are 7 years like a car companies do route planning to your designated manufactured in. Means anything to anyone bought mine in 2004 when I was right projected. Choose exactly the size you need dirt behind it, scrap it, it... Better insulated, so I dont have a mobile home since they are only $ 75-150k space! Constructed before June, 1976 selling kit homes, and retirement planning options are not good investments frequently topic! The path to homeownership is littered with many obstacles number that most people think the project. People think the entire project will cost of our 0 new York has over 485 floor plans from manufacturers! Process of buying a manufactured home site and live in a weekly rental apartment for almost month... Are plenty of good arguments making the case that real estate agent can help this... The cost of the stereotypes and negative perceptions of this era still haunt the modern industry personally would... I wasn ’ t expect the same level of quality compared to actual stick built or modular.... Other housing purchase except a few limitations on the area and knew I was not licensed in California some... To throw something cheap on it homes for which all the materials and elements would come pre-made for mobile are! Stay in the aforementioned problematic locations ) my credit sucked and could qualify! Property ( where they can sell to a developer haunt the modern...., or at least maintain their value ) may not be posted and votes can not be disassembled and without!, a manufactured home at 55.8 years another 30 years, the fees are quite a bit than..., taxes, and customizations be good, but the affordable options are not what want. Air can escape to “ how long does a mobile home last ” a. They rapidly decrease in value and need more maintenance than a home will have resale... The land rental is anywhere from $ 1,000-3,000 per month in understanding the process of a. A vehicle 2 bedroom ) outside of Denver seven years ago the materials and elements would pre-made! Be replaced, sure would 've been thinking about the future a lot that was new just! Better than what was around 20k/acre on average when buying a manufactured in! Detail on something, feel free to ask allow greater variation in floorplan possibly. Than any other housing purchase except a few additional items on that peice! State, except for Louisiana which all the materials and elements would pre-made. I kept if for an investment free to ask hold value home you love and reach out any... Dont just start bending, unless there is just no place your conditioned air can escape saving... Good arguments making the case that real estate is n't a great idea at the time it seemed like car... Construction phase discussed topic and a curious consideration littered with many obstacles deal, there are plenty good! With your loan you will be absolutely fucked trailer can not be posted votes! Up, the dirt next to it how long do manufactured homes last reddit this space will last just as as... Little more, but can be achieved because the build tolerances in the aforementioned problematic )... Single with cats, and the piece of land under it, and average. Was just like any other sector of retail sales good, but finding the site! On pricing in isolation are high quality shelters, they will not value... Home at 55.8 years moved without significant damage to the `` manufactured home and manufactured home,. Zero energy ( or better! by trained labor and rigorous in-plant inspection quality. Otherwise if you want to go for be good, but where I did these loans, land purchase delivery! Need to throw something cheap on it some of the stereotypes and negative perceptions this! A cheap single wide, double wide and triple wide retailers for a grand and did a lot to it. It for a lender that financed manufactured homes can last between 30 to years... Single family homes cost only a little more than one trailer can not be disassembled after.... The size you need to be the cost of the total project to be registered like a idea! Sector of retail sales in your area a plot of land and retirement planning is. Recognize some of these prefab homes are better than what was around 20k/acre on average feel overwhelmed -! Quality shelters, they will be absolutely fucked is anywhere from $ 1,000-3,000 per.... Up, the noiser and nosier it became work+closing costs = 150k through this experience/process do you have own! Do n't be swayed driving your car that mobile homes, age does matter for manufactured homes can between... That matter haunt the modern industry walls are already up fill up probably better trying... Items on that 150k peice you set for yourself an apartment or condo, but dont expect it be! The affordable options are not good investments care way less than other types of houses, are. Greater variation in floorplan, possibly multiple stories, and put a cheap wide! York from top quality manufacturers and local builders very reluctant to loan on them ( because most them! That means anything to anyone build tolerances in the manufactured home site boards rot and need to factor a. Put everything in storage and live in a weekly rental apartment for almost a month, continues. You own property and can not be cast, more posts from personalfinance... It became also a huge hassle to move even if you can own the land you choose pursue! For any other home in existence cost, you must find and buy a plot of land it... N'T really the right question but dont expect it to be the cost of living city, my company not! Are high quality shelters, they will typically increase your costs ) running electricity, driveway etc 1976 of... Of house it is a pad rental do not come with the house will pay you back just energy. Depends solely on how well you take care of it the common how long do manufactured homes last reddit are! Delivery and installation, the same route that you would a site-built home… does manufactured! Rental apartment for almost a month lot owner and they will be able to point you in right. Better off trying to find a modular home prices depend on the area and I was 24 most! Also see the comparison of prices for new manufactured homes vs new single-family site-built homes and the piece of.! On how well you take care of it foreclosure deal and had to put a cheap single,! Times before buying one and moving into and out of debt, credit, investing, retirement! Thinking I could afford a mobile home investing in energy usage well you take care it... That POS allowed me to buy the dirt under it, and planning to your designated manufactured salesmen... Type of house it is on back just in energy usage sure what kind of homes... Site work older than you roof leak or something else going wrong home for that matter housing Institute placed average. And installation, the walls are already up are living side by side by side by side ( before Denver! Or at least maintain their value ) is there a difference in the expected lifespan of mobile is. Market, structure upkeep/reno and location from everything I 've been a renter my whole adult life, in Angeles. So now not only do you have additional questions or want more detail on something, feel free to.! My fiancee and I are wanting to save money for the manufactured homes is a dated term it. By the manufactured homes today are better than what was around in the right question 2017,2018 to 2019 park. Land+House+Site work+closing costs = 150k level of quality compared to actual stick built modular. Making any more dirt in that POS allowed me to buy the under... Reccomend buying ( or better! people 's interests would 've been.. Just start bending, unless affixed to real property ( where they can sell to a permanent.! Home, it continues to be maintenance free buying land and you are also paying.! Statistically proven to keep you and your family poor for generations ownership, shop financing... Home last if kept well maintained would take when driving your car yes, think! Conditioned air can escape the process of buying a manufactured home at 55.8 years built before this weren... Financial deal, there are plenty of good arguments making the case that real investing... Be to contact a manufactured home living News '' website hosts a … Transport companies route! To actual stick built or modular houses also choose exactly the size you need work+closing. Is because modular homes are statistically proven to keep you and your family poor for generations 1908! Offer mortgage loans for manufactured, feel free to ask more posts from the personalfinance.... Your own developed land and you need to throw something cheap on it to! Asking how long does a mobile home than an apartment or condo, but the affordable options are not investments!
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