View Full Version : Modular Homes resale value
Anyone have any experience with modulars? Some of them look pretty nice but I worry that they will not appreciate like a stick built home or may even depreciate like a manufactured home.
Freakshow
11-22-06, 03:18 PM
They aren't bad. They appreciate like a stick built. Matter of fact, they are subject to the same mortgage rates as a stick...unlike a manufactured (mobile).
BIGGEST problem is getting a good appraisal. This will be needed for a purchase or refinance. The appraiser is going to need to be able to find MODULAR homes within a mile or 2 that are similar in size. Sometimes this becomes an issue.
They aren't bad. They appreciate like a stick built. Matter of fact, they are subject to the same mortgage rates as a stick...unlike a manufactured (mobile).
BIGGEST problem is getting a good appraisal. This will be needed for a purchase or refinance. The appraiser is going to need to be able to find MODULAR homes within a mile or 2 that are similar in size. Sometimes this becomes an issue.
Not for some of the appraisers I've seen out in the field.
I looked at one by Palm Harbor today. It was nice. It was a little over 2000 square feet and had four bedrooms. I liked the floorplan too. The base price was about $90k. That does not include site prep or digging a well etc.
builder
11-24-06, 05:42 PM
Palm Harbor has some nice ones. Some look like bungalows and from the outside, you really can't tell that they're modular. Inside may be a different story?
goodoleboy
11-24-06, 07:12 PM
I built one in 1990. Total cost was around 85K. Last time I refinanced it apraised at 155K. We put a brick facade on the front, concrete front porch, and a carport on the back when we built it. The only way you can tell its a modular is at 3 doorways inside at the center of the house they are thicker than normal by 1.5 inches. It has to do with extra framing for a stronger box to transport. They hold value very well.
This one looked just like a stick built inside. All the walls were done in drywall no gypsum. One interesting thing was the exterior options. I asked about cedar siding and was told that they do not offer it because they can not warranty it. They offer either vinyl or product that is made of a cement type material but molded to look like wood. It was painted and looked like wood. She said it appraised like masonry would. I guess you would not have to worry with insects with that type of siding.
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