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    toneyf's Avatar
    toneyf Posts: 1, Reputation: 1
    New Member
     
    #1

    Mar 17, 2015, 11:38 AM
    Is it worth putting more money in older manufactured that is in a mobile home park?
    I have an 1989 double wide
    I have installed new windows
    Fixed my heat and air unit
    I did a lot of cosmetic on it.
    I have considered adding a new roof and skirting.($5700.00)

    My question is should I continue to update this home or trade it in for a newer one?
    I considered selling it and getting a condo, my lot rent keeps going up every year, I'm paying $399.00 now and have no ammenities!

    Thank You

    T Fields
    ma0641's Avatar
    ma0641 Posts: 15,681, Reputation: 1012
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    #2

    Mar 17, 2015, 05:36 PM
    You have to remember, mobile homes are like cars, they are a depreciating asset. You will never get your money back in improvements because next year the unit is 1 year older. Consider what you could sell it for, add the $399 rent and see where it could get you. Fee simple townhouse or patio home might be better than a condo as you have monthly fees there too.
    joypulv's Avatar
    joypulv Posts: 21,593, Reputation: 2941
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    #3

    Mar 18, 2015, 05:08 AM
    Every home needs maintenance, repairs, and improvements each year, or it too depreciates in value (unless you are lucky to own land that appreciates).
    I would add up all that you have spent in 25 years on the major items and ask for comparisons on a blog devoted to mobile homes.
    I would investigate lot rents around your area, and compare them to condo HOA fees in your area. I've been looking at 70K condos in FL and many HOA fees are in the 200/mo range. Condo fees cover exteriors of the unit as well as landscaping and road work and clubhouses. 'Lot rent' is part of it of course, but irrelevant because you can't just move the condo away. 399/mo does seem high but you don't say where you live!
    You say you have no amenities, but water/sewer/power/road are all amenities. Are you saying you had to pay to bring utilities to your site?

    In other words, you have a lot of research to do.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,303, Reputation: 7691
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    #4

    Mar 18, 2015, 05:30 AM
    If you owned the land, and not paying rent, I would say fix it up, but since you will never own the land, and that cost will go on and up. You may wish to consider a move where you will own something completely in time.

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