| Many Mobile Home owners at some point realize that | | | | built compared to older mobile homes. The new ones |
| their Mobile Home is getting old and out-dated. Then | | | | just last longer and are built better. They are also much |
| they ask themselves: should they repair or remodel the | | | | nicer and will appreciate better (depreciate less) when |
| old unit, or should they just completely replace it? | | | | compared to a remodeled older home. |
| The first consideration would be how much work does | | | | If your budget allows it, replace the home - no question |
| the existing unit need? A lot or a little? | | | | about it. One consideration is the market value of an |
| The second consideration is what do you want to | | | | older mobile home installed in a space vs. a new |
| change about your existing unit? Add more space? | | | | manufactured home installed. The new home may sell |
| Add a room? Re-arrange the layout? Or does it just | | | | quicker and for a much higher price than the cost of |
| need some paint and some new fixtures? Is the | | | | installing it plus the land (space) value. |
| structure safe and sound? | | | | Here is an example of this market value comparison: |
| The third consideration, and most important one, is | | | | Suppose you owned an older mobile home, installed in |
| what can you afford? A lot or a little? | | | | a nice park, free and clear of any mortgages or liens. |
| The fourth and final consideration is how long you | | | | Now, if you took $100,000.00 and completely |
| intend to live there? A short time or a long time? | | | | remodeled the old home down to the studs and made |
| Ok, here is the scoop: Never expect to put money into | | | | it "brand new" OR you spent the same $100,000.00 |
| remodeling or fixing up a used, older Mobile Home and | | | | and installed a new home - the new home would sell |
| get that money out of it, ever! | | | | for more on the open market 9 times out of 10. |
| Yes, if you took an old one and put $20,000 into it it | | | | Continuing on, If you only want to change a few things |
| would be worth more than it was before, but | | | | in your existing home, but are happy with the rest of it, |
| absolutely not what you put into it - you lose money on | | | | and you are not going to sell or need any equity out of |
| all remodeling or repairs. | | | | your home soon, then just fix up the small things. |
| So, now consider your answers to the questions | | | | If you think that just a few things need changing, and |
| (considerations) above: | | | | you start remodeling one part of the home, then it |
| How long will you be in the home? What is your | | | | could be that you then think that another part will need |
| budget? What do you want to change? How much | | | | remodeling too. Or, in the middle of a small remodel job |
| work would it take to make it what you want | | | | you may discover that there is more damage in the |
| (considering money, time, effort)? | | | | home and that might lead to more work. At this point |
| If you will be in the home for a very long time, and you | | | | consider stopping and replacing the home completely. |
| can afford it, then seriously consider replacing the | | | | Remember, we don't sell homes, so we are not |
| home. This is mostly due to the way new homes are | | | | biased. |