Is this a good deal?

Discussion in 'Homesteading Questions' started by sancraft, Jan 8, 2004.

  1. sancraft

    sancraft Well-Known Member

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    I'm looking at a place in TN and would like your opinions on whether or not it's a good deal. It's 25+ acres, almost all fenced, with barn and several outbuildings, corral, 3 stocked ponds and a 1995 Fleetwood DW on rock foundation for 95K. I've heard DW don't hold their value and the place has been on the market for months. Raw land in the same area would sell for 30-40K. But then I'd have to add the cost of improving the land and building. I think my reservations is the DW. Are they safe? Are they well made? I don't want to buy junk. Your opinions would be greatly appreciated. Thanks in advance. Sandra
     
  2. Kirk

    Kirk Well-Known Member

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    How big is the barn? How much fencing and corrals are there? How big are the ponds? What are they stocked with? What are the dimensions of the doublewide and who is the manufacture? What kind of well does it have and how deep? Does the land speak to your heart?
    I guess you would have to add up what the raw land the stocked ponds, corralls barn and outbuildings are worth or would cost to build new also dont forget driveway well, septic and any other improvements. Sounds like it might be a good deal. I personally would avoid a doublewide but if the price is right who cares. It almost sounds to me like you are getting the doublewide at a pretty low price. An 8 year old doublewide should still have plenty of life left in it assuming its not trashed. There is a bluebook for mobile homes which should give you an idea what the trailer alone is worth.
    I hope that this works out for you either way. Just do the homework and you could get a real deal.
    Kirk
     

  3. diane

    diane Well-Known Member

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    I know when we were shopping the Fleetwood was considered the top of the line in double wides. Have you been in it yet? Check around doors, lift and lower a bunch of windows, check the foundation it is on. Around here, (in Michigan) that would be considered a fair price, but I don't know about where you are.
     
  4. chickflick

    chickflick Well-Known Member

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    As a past owner of a DW.. and a bit or a real estate investor.... Mobile Homes have NO resale value.. you will NEVER see a profit on it; most likely.. That being said.. if you're not looking at resale value (which one really, always SHOULD since we don't know what might happen tomorrow); I would say it's up to you.

    I wouldn't have another one. It was structurally sound and I was rather impressed after the first month we lived in it and a 65 mph wind came threatening tornado weather... sooo.. never budged....

    Good luck.. but my gut reation... (speaking strictly from a real estate value standpoint....) don't do it.. you may actually need to RESELL someday..
     
  5. Mullers Lane Farm

    Mullers Lane Farm Well-Known Member

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    A building can be removed and/or replaced with something else. Look at the land and what it holds for you and what you want to do with it. If you want trees, do you have tree lot? What shape is the pasture & fences in? Are you in a flood plane? Does water run through the barn or outbuildings??
     
  6. diane greene

    diane greene Well-Known Member

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    My mom (a 30 year veteran of real estate) would agree with ChickFlick. She always said "trailers are valued like cars - they just go down. Trailers were designed to keep the poor poor because almost all other types of real estate go up over time, but people who inherit trailers inherit junk" I know some people on this board will disagree with that statement and they may do so. The only people who get their money out of trailers are those that own the land and rent the trailer spaces. If you are planning to build a house on the site it might be worth it. You can live in the trailer until the house is ready and even rent the trailer afterwards. However, if you see yourself upgrading by selling in the next few years you might actually lose money or only break even in the end (although the land itself would probably increase in value). Given a choice between a fixer up house and a well maintained trailer - I would take the fixer upper. Best of luck to you whatever you decide.
     
  7. Well, for what it's worth, I live in a 1995 Fleetwood DW and have for the past 5 years. I love it. It is built as well as any house I've ever lived in, 2X6 construction, tape & texture walls, well insulated, nothing squeaks or leaks and it's on a foundation, so it's solid as a rock. It's an EXTREMELY nice house. We just listed our property for sale and the appraised value (house and property - 3.5 acres) is $50,000 MORE than when we bought it 5 years ago. So maybe the HOUSE didn't go up in value, but I find it hard to believe that 3.5 acres of dirt and sagebrush appreciated that much in only 5 years.

    ~Lannie in Oregon
     
  8. Browsercat

    Browsercat Well-Known Member

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    Another thing to check is the tax roll to see what it's appraised at; isn't market value, probably, but might give you a hint as to how the value's gone up or down. Your real estate agent might be a good source of comparable property information ('comps'); that might help in deciding.

    Check into the local market for mobile homes to get an idea of what a used DW would cost if you bought it from a dealer or private party; that tells you what the market is like if you decide to build.
     
  9. blhmabbott

    blhmabbott We're gettin' there!

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    What part of the state is it in? I live in NW TN and property values in this part of the state are much lower than in E TN. If it's in W TN, then this price sounds about average for around here (give or take a couple thousand), but if it's in E TN it's a very good price if all the barn, outbuildings and ponds are in good shape, generally speaking.
    Heather
     
  10. AngieM2

    AngieM2 Big Front Porch advocate Supporter

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    Sancraft - is this from Tennesseeland/ listed under the famrettse? If so, this looks great to me...

    Angie

    But I'm no expert. I just think it looks great, and if you want, I can post the link to the pictures...
    Angie
     
  11. margo

    margo Well-Known Member

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    Hi, Sancraft, we must be looking in the same area as you, seems that there are lots of properties llisted with Doublewides. This is our belief only, and it is held strictly because of the resale value issue only. We won't consider such a deal. Yes, the industry has made many many improvements but because of the "classification", there is a decrease in value. DH and I, years ago, bought a DW for my Mom so she could llive next to us. Here in Ohio, the state charged us 400 dollars a year taxes, based on its value. that is more than the tax we paid and pay yearly for our house and 92 acres. What I do notice iss that the depreciation factor does not seem to be reflected in the Mid TN properties that we have viewed. At least not yet. Please do not take this as a critcism, as we all must look out for ourselves and also live well within our means. Make the best deal you can, consider all your options, and best wishes in your search. Who knows, one day we may be neighbors! This is quite a beautiful area in Tennessee.
     
  12. june02bug

    june02bug Well-Known Member

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    I don't think I'd buy one new. But used they can be a great deal. Fleetwood is considered one of the top around here also. They are built with 2x6 not 2x4 like a lot of stick houses and I like the fact that they are built in a climate controlled environment so your wood, etc hasn't been soaked through from rain and then put in your house. They build one right after the other all the same way, they don't cut corners like a lot of contractors, or throw garbage in your walls. I'd buy it in a heart beat but I'm not to sure about living where it snows. :haha: I'm a spoilled Floridian. BTW that would be a big time steal in FL.
     
  13. rkintn

    rkintn mean people suck

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    Where in TN are you talking about? I live in NW TN and I just priced an old(er) possible 2 story farmhouse in good condition with 10 acres price was 44500.00 or with 62 acres is 100,500.00. Of the 62 approx 10 is around the house, 29? is in soil bank (beautiful looking pasture for the next 3 years and the remainder is in timber (that could be logged). There is a garden spot approx 1/2 acre (has been used for years by the old couple living there last year first year didn't have a garden there). 32x34 double car garage w/enclosed chicken house with an attached yard, grapevine trained in backyard with thornless blackberries and a small stocked pond. The house is located close to the main area of a town (has gas station, cafe, small bank branch and post office) but livestock is allowed and is off of main road. I know the soil and stuff around here is good, crops everywhere, not rocky no problems I can think of/know about. If you are talking about Middle TN, area is pretty but a little rocky and high priced for my taste. Anyhoo, I am torn about DW and mobile homes in general. I love to look at them, even lived in with exhubby for about a year, but truth be told I prefer stick built any day of the week. I have these awful images of a tornado (which are not all that rare anywhere in TN) coming along and....well you might have seen some pics on TV of what mobile homes look like after tornadoes. I know any structure looks bad after a tornado so it could be just me and my prejudice. As for value, I would think that would be a little high for an 8 year old mobile home. It is my understanding that they depreciate like cars and trucks do. I could be wrong it wouldn't be the first time Sorry to ramble hope my 2 cents helped Oh as to why I haven't jumped on the above mentioned good deal...bad credit and not enough for the down payment plus I really like where we are living now, just need to figure out how to get another house built.
     
  14. Hoop

    Hoop Well-Known Member

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    You have answered your own question.

    You state the property has been on the market for "Months". Its quite likely that (if you buy this) someday you may want to sell it. Quite likely, it will languish on the market for a lengthy period.

    Mobile homes are terrible investments, be it single wides or double wides. My brother purchased a "starter home" in 1992 for $30000. A friend of his purchased a mobile home the same year for $32000.
    The starter home sold last year for $65,000. The mobile home owner is sitting on a piece of junk that might bring $5000 on a good day. Upside down on a piece of junk. Trapped. Couldn't sell it if he wanted to.

    If you own the property a mobile home is parked on, they don't depreciate as quickly. This is because items such as your septic system, drilled well, foundation, etc can be used should you decide to build a real house. If fact, the land quite likely will appreciate quite well.
    Nothing like it would were a conventional home on the property.


    Buy some vacant property......and buy a used mobile home (used mobile homes are a dime a dozen).....as temporary quarters......while you build your conventional home.
     
  15. AngieM2

    AngieM2 Big Front Porch advocate Supporter

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    "Buy some vacant property......and buy a used mobile home (used mobile homes are a dime a dozen).....as temporary quarters......while you build your conventional home"

    Hoop - If she buys the land, and the out buildings, with three ponds, with septic, electric and water = and does not purchase a new mobile home, but has a used one on the land, isn't the results the same as your advice?

    And if she could get it for less since it's been on the market?

    AngieM2
     
  16. jessandcody

    jessandcody Well-Known Member

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    I sold FleetWood Mobles a few years back and they are a pretty sturdy home if set right. Find out it if was set there as its first home sight or was it bought used and reset to that location? The retail seller sets them up proper usualy. But when they are moved a second or third time they dont hold up as well. alot of these out fits that move used trailors dont do a good job! GET THE HISTORY FIRST!!!! Look for leak spots at the roof seam, jump around in all the rooms to check the floors and make sure all the plumbing works good. these seem to be the worst spots on mobile homes! Also make sure you get the title to the trailor if you do buy it! Over all a GOOD dw will last maybe 30 years or more if kept up. I know that some of the mobile homes made now are built in alot of ways stronger then a suberb house. Check the under pining and make sure the foundation is sturdy! I wasnt sure what you ment by "rock " foundation.

    Good luck
    Cody

    P.S, some DW's are considered modular homes and this has alot to do with the foundation. Mods have better value retention on the market because of there classification. Do your homework....some are some arnt. Ive sold both off the same lot and couldnt tell the differance much!
     
  17. earthship

    earthship Well-Known Member

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    Seems like making a blanket statement of good or bad is not wise. There are areas with mobiles that appreciate. Quality and the particular market are critical. Replacement value of any land improvements is a good starting point to evaluate value. Don't forget to calculate permits, septic, water system(s), road work etc. In otherwords ANY and all improvements from a bare land state. In otherwords what would it cost to duplicate this. Then you hae to depreciate for wear and tear. In many cases a used place - even with a DW - will be a much better deal than buying new. I have read that 25% of housing is now mobile & modular. I think there is no question that stick frame will hold and appreciate in value more than a DW. It will also cost more to buy. You must decide. If you can get a lot more while realising the potential lesser gain and it makes sense - go for it. It isn't rocket science - sit down and figure out what is there, compare and make a good decision.
     
  18. Amy Jo

    Amy Jo Well-Known Member

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    I think the foundation has a lot to do with it. The titles are retired when put on a permanent foundation, which means there is no title to transfer... just like there isn't with a "stick" built house. (And 2X4s are sticks in my opinion, when compared with 2X6s)

    7 years ago we looked at a doublewide with a full basement on 5 acres, no outbuildings or garage near large powerlines and it went for $95,000 VERY quickly.

    We'll have about $125,000 in our home when we're done... including land, septic, well, basement, and prefab home. Without a doubt, I could turn around and sell it for $150,000 in less than a week. I'm not familiar with Fleetwood, but it seems they have a good reputation here. If the home is built with the same materials, or better than a "stick" built home, I can't see any reason for saying it will last you 30 years and a "stick" built will last you longer.

    Buying a prefab home without a basement wouldn't be a good investment, in my opinion... just as buying a stick built house without a basement wouldn't be a good investment. But if the only thing between you and the soil is 2-3 feet worth of damp air, you are bound to have consequences to that situation... and it has nothing to do with the quality of the home, but rather the unfriendly conditions that you're exposing your home to.
     
  19. joan from zone six

    joan from zone six Well-Known Member

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    sancraft - i bought new a 2000 fleetwood s/w - junk - would never consider a factory built unit over site built unless a TRUE emergency required it - no matter the quality of a factory built, you'll always be adjusting yourself to suit the home when a site built allows you to tailor the home to YOUR EXACT desires - good luck!
     
  20. almostthere

    almostthere Well-Known Member

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    "items such as your septic system, drilled well, foundation, etc can be used should you decide to build a real house"

    I have to agree with Hoop on this point. Thats one thing you won't have to do, if you ever replace this home. DW are built better than they used to be, but there is an argument about how they arent as strong as an on site built house. Of coarse, it all depends on the builder...you could get a worthless stick built house too. If you end up really liking this house and decide to keep it, you can always upgrade the carpet/appliances/siding, just like any other house. It really depends on what your expectations are for your living arangements. My dh has a friend who modified one of those big metal buildings to live in, and now he and his family all live there. For them, it works, but for some it wouldnt. After you figure out the condition, think some more about reselling like someone earlier mentioned, how much it would take to make it sellable, or how you would deal with getting stuck in it, if it wont resell. HTH