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A manufactrured home here in Texas loses value and are easy to find at pretty cheap prices if not new.Most that but them know this but can't afford another home or paln on newer selling.
Comparing the manufactured home of 20 years ago ( and using it for predicting future depreciation ) is misleading cuz the ones built 20 years ago don't come close to the ones built today.
That is like saying cars with 100,000 miles are worn out cuz that used to be true.
Heck, if a car built recently gives me any trouble in the first 200,000 miles, I consider I got a lemon.
I'm saying go buy a BRAND NEW 2009 MODEL manufactured home, set it up, live in it for a few years and then resale it. You wont get anything close to what you paid. Spend the same money on a site built home and you'll likely see appreciation that keeps pace with inflation. I'm not using manufactured homes from 20 years ago to predict future depreciation. I've appraised several land/home packages when they were new and been called out to re-appraise the same property for a refinance months or years later and it dropped in value. That's always been the case. Manufactured homes serve a purpose. They provided a lot of square footage for a cheap price but they are NOT a good real estate investment. They depreciate faster than ANY OTHER form of real estate you can buy. That's not hype, that's fact.
I'm saying go buy a BRAND NEW 2009 MODEL manufactured home, set it up, live in it for a few years and then resale it. You wont get anything close to what you paid. Spend the same money on a site built home and you'll likely see appreciation that keeps pace with inflation. I'm not using manufactured homes from 20 years ago to predict future depreciation. I've appraised several land/home packages when they were new and been called out to re-appraise the same property for a refinance months or years later and it dropped in value. That's always been the case. Manufactured homes serve a purpose. They provided a lot of square footage for a cheap price but they are NOT a good real estate investment. They depreciate faster than ANY OTHER form of real estate you can buy. That's not hype, that's fact.
I really didn't intend for this to degenerate into an argument about manufactured homes. I have researched and understand the differences with this versus modulars and stick-builts. As NCGT stated these homes serve a purpose and it is a good buy for me. I am not going into this expecting to make money off of my home and I don't think anyone really should in today's market but that's a whole other discussion. I was simply asking if manufactured homes are appraised in NC as the guy from Clayton Homes told me which is a certain price per square foot only or if they are appraised as NCGT stated, i.e. as a home that is completely set up on improved land and what it would sell for. Regardless, my appraisal began on Wednesday so I am hoping to hear something today.
^Ditto's. We're just trying to keep people informed. A real estate purchase is a HUGE investment for most people and more info usually leads to better decisions. I usually charge $350 for this kind of info.
Sounds like I'm getting a heck of a deal on the advice lol. But anyway, the appraiser received copies of my floorplan last wednesday to begin work on the appraisal. It's now Monday and I haven't heard anything. When should I begin to worry that the news isn't going to be good? I've really gotta get this appraisal done so that my loan can come through and we can order the house. That Nov. 30th deadline is quickly approaching and I've got to wait for the house to be built and then set up (well, septic, etc.) so I really don't need any delays.
If the appraiser did his inspection last Wednesday when he picked up the plans (I'm assuming of course), I can't see any reason he wouldn't complete the appraisal report over the weekend (at the latest) and deliver it to your lender today or tomorrow. I'd call your lender and see what the status is. No news isn't necessarily bad news so don't worry about the value until you've seen the report. And by all means let us know what happens.
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