I’ve been looking at home prices and although many homes have been reduced in price it seems that mobile and manufactured homes are much less expensive and I’m wondering if that would be the best investment for someone like myself who doesn’t have a lot to invest right now. I also noted that property taxes are next to nothing for these homes and that makes it even more attractive. Do some come with land ownership?
I’m getting a sense that these types of homes don’t make good investments since they tend to lost value rather than appreciate, but I’m thinking they could be rented out to cover most of the payments and I could still use it as a vacation home , something like having a time share. That’s one I was told by one person who’s selling one.
Is a mobile or manufactured home a good buy in Florida compared to regular homes?
Posted in Uncategorized.
– March 11, 2010
4 Responses
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I’m no expert, but I believe that these homes usually don’t come with land. So (1) they are worth less and (2) you may be kicked off the land.
It could be a good buy for living in if it is in a safe location. I wouldn’t buy it as an investment property. Land increases in value much more than the actual house.
[Edit] Sellers aren’t exactly unbiased resources, are they…
It depends on where you are in Florida.
True, mobile homes usually cost less BUT…..do you own the land that it will sit on or will you be paying rent & fee’s to park it somewhere? Rent is forever unless you move or buy land. Don’t commit until you know where your going to park it.
..Also, Insurance is mandatory for most parts of the state because of hurricanes. You need to ask. Keep in mind that evacuation is required when those storms get close. Trailer people are always among the first people ordered out. Some counties restrict trailer parks because of this danger.
Finally. mobile homes don’t resell well. Unlike a house they do not grow in value, in fact they lose value, the same way a car does once its driven off a lot. Don’t buy it-to be an investment Don’t expect to be able to claim a homestead exemption. Land rent is not deductible.
Your manufactured home is not going to increase in value much over time, and boy, have you ever seen what a tornado does to those types of homes? LOL Or a hurricane? FL has both!
As long as you can move it from time to time. Just kidding. The regular homes are better because there is more financing available at lower rates. Financing on a mobile home is difficult. There are very few banks that finance mobile homes and the regulations are ridiculous