Tweet
Has anyone done this? Were you happy with your decision, any pitfalls to watch out for? DH and I are considering doing this in a year or two. Median housing prices in our area are about 610,000 for a 2-3 fixer upper with no land. However there are some areas in commuting distance where land can be bought for under $30,000.00 and there are some very nice modular homes for around $80,000.00. If you buy them at the same time, it's my understanding that they qualify for tradtitional real estate loans. I have a cousin who sold modular homes for a few years, so I'll be soliciting her opinion about the best manufacturers/models if we do decide to do it. Any advice is welcome.
-
-
The only thing I have read was an article saying that modular homes went down in value, not up. Land of course, usually goes up. Could you afford to buy land now and eventually build a small two bedroom house on it? (I am lucky, my husband is a builder, so it is easy for me to say) -
-
That is what I would do. When I was 21, i bought a house that I could afford. I make extra payments and got it paid off when I was 32. After that, I took that money and build a bigger house each time, always mortgage free.Comment
-
I think a modular home is different from a trailer home...correct? A modular home is the same stud walls, plumbling, electrical, and drywall right? I think my brother in law has built some of these. They are actually more structurally sound than traditional stick built homes...at least that is what he said. It does seem like a decent plan...just check it out for future valuation. That would be my only concern. BIL had trouble getting lots to build his modular homes because other residents thought they would devalu their homes. He just thought they were misinformed. However, a negative perception, whether valid or not, could be cause for negative valuation.My other blog is Your Organized Friend.Comment
-
Yes, they are different from trailer homes, and they have a poured foundation like a normal home (just prefabricated portions that are then put together by a contractor).Originally posted by creditcardfree View PostComment
-
I've thought about doing this myself, definately a good way to save some money and still have excellent housing.Comment
-
I do know that they have poured foundations, unlike trailers. However the article I read just recently said they did not increase in value over time.Comment
-
Ny brother in law has a nice large modular. I really can't tell the difference between it and other home. It is gorgeous and it seems well contructed.Comment
-
Modulars have come a long way from where they used to be. Some of them are truely very nice now and a far cry from mobile homes. In my area (central NY - can't say anything at all about CA!), they seem to have increased in value or at least held steady, while mobile homes always decrease in value. As a real estate agent, I have sold two modulars in recent years and didn't have too much of a problem selling either - or getting financing on either. I had a single wide mobile home listed that I never sold, nor did I ever find a bank to hold a mortgage on it.
Good luck! It must be so tough to live in a high cost market. Houses around here go for $100-150k. I sold the two modulars (with 1 acre and 10 acres) for $109k and $130k, respectively.Comment
-
Hey fairy,
I noticed you're from Lompoc. I'm from Santa Barbara. I think your idea is a great idea. My wife and I are actually looking into that too. As far as the modular homes increasing in value, I have found that they have been increasing in our areas. I have had some friends that bought some a couple of years ago and when it was time to upgrade to a bigger house, they sold for a decent amount of profit. I've also seen that lots of investors are going into the parks and buying out the old rundown trailors and putting in the modulars and selling it real quick.
Where are you thinking of buying land for that cheap if you don't mind me asking? Like I said my wife and I are thinking about the same idea. Maybe through a PM?Comment
-
I am not sure on that but buying up land is a great idea. I had no idea you could still find land for a price like that anywhere in Cali. LOL. Snap it up!
& heck, it sure beats a $600k starter home. Some of my friends in the Bay live in homes/apartments as small as a modular home for $500k+ so hey. So not a bad idea.Comment
-
Hello yes I am doing this.
You CA folks, I have a parcel outside of Tehachapi which is one of the last decent places in the state with good land for less. DON't TELL ANYONE!! To see what's available go to REALTOR.com: Real estate listings & homes for sale and type in Tehachapi but only look at the Sand Canyon listings. They are all 2.5 acres or up.
Our 5 acres was $20K five years ago. It has doubled. There are plenty of 2.5, 5 and 20 acre parcels in Sand Canyon outside of Tehachapi. These are rural, dirt roads, utilities available but you may have to get in line for a water connection. It is a rough sort of lifestyle, you live by your hard work and love of the land. But the neighbors are tightknit even though you may only see them once a week. Please don't send any more our way, we like it just the way it is!! (Just kidding...sort of...)
As for the modular the difference is this:
Mobile-is built on a chassis
Modular- is built on a foundation
We are putting a modular up this year, the values in our area are increasing. It will be as nice as our home in Ventura.
We are doing almost all the work ourselves, and it is for a weekend home.
Go for it.Comment
-
Aren't modular homes the same thing as double wides?Comment
-
See, the article I read said that modular and double wides were about the same. I asked my husband and he said that modular homes come in on wheels, but are then placed on a permanent foundation.
I certainly have nothing against modular homes. I have been in a few doublewides that were just beautiful. The cost is far less than a stick built house.Comment
Comment