Modular Homes (Albuquerque: sales, home equity, buyers)

[Westbound11]

I am moving out to the Albuquerque area in a few months and I am looking to buy a house when I get out there. After doing some research online I found some information about a company called Falcon Ridge Development that builds what they call modular homes. They say that they are factory built homes, but that they rival any site-built home for aesthetics, and are superior in terms of quality, value and time to construct.

I am not familiar with this style of home. Is it as nice as they say or is investing in something like this a bad idea? Thanks for any help you can provide.

[mortimer]

Is it just me, or does this sound like an advertisement?

[yukon]

It looks to me like manufactured housing, known in the olden days as mobile homes. HOWEVER, the industry has come a long way since then and the manufactured homes are built to nationwide industry standards, and often are better built and inspected than regular site built homes. If they're anchored on site to slab or pier & beam, then they really aren't any different than a site built home using the same materials. In NM, they'd probably be a good alternative.

Having said that, you'd need to go to the development and see the homes to determine if manufactured housing is for you. If you spring for interior upgrades like stucco or sheetrock interior, it looks just like a regular house when they're done. I've seen some around here with cedar siding, looks cool. I couldn't tell from the devloper's website exactly which company makes the homes.

[TXboomerang]

Modular homes are built in sections and transported by train or 18 wheeler or other methods.

Mobile/manufactured homes are built on a steel foundation that have wheels for transport.

Either can be mounted on a permenent foundation, and if done properly will hold up as well as a site built home. You can save a lot of money this way, and honestly, I'm starting to prefer the idea the more research I do. Me and my wife are looking at modular/manufactured homes and were quiet surprised that all the old stereotypes about "trailers" is very outdated. Manufacturers have come a long way and some that we have looked at have looked much better than a couple of site built home models we've looked at.

[Muhnay]

Now it sounds like an advertisement, for someone who does not know a lot about this sorta home they sure give plenty of info on them.

[KC Raver]

WARNING! A Realtor's Perspective!

Modular homes probably don't deserve the reputation they get, but as it stands now they aren't very good investments. They do not appreciate like "stick built" homes and can be very difficult to sell. Are there any appraisers out there? I have had several buyers turn their noses up at a modular home, even when they are quite nice.

As a place to live and maybe break even in the end, they may be a good idea.

[Mbot]

Hello! I'm new here. Personally, I wouldn't have a problem with one of these:

Modern Modular - modern contemporary architecture for a broad audience by building prefab

Prefab Homes | Modular Homes - Featured Designers at Prefabs.com

Although, not being a realtor, I've no idea regarding regarding the appreciation value...

My suggestion: Do some more research.

[Zoidberg]

Two things to consider about prefab/modular homes:

Need to sell? Whoever buys won't be able to get most lenders to write paper on it. Not quite sure why, but it's universal.

Need to tap some home equity to cover some bills? See above regarding lenders.

It's easy to forget how reliant we are on banks during our lives. If you don't want for money though, sounds like as good an option as any.

[yukon]

Be sure to check on how they're taxed, too. Here in FL, they're taxed as tangible personal property rather than real property, and can save you a boatload in property taxes. However, once they're permanently attached to a foundation, I think they're moved over to the real property category (like a normal house). Another quirk of FL property tax is the home's age is determined by it's base, and that's why you'll see so many people keeping the original base/frame of the home, but completely gutting it and rebuilding from the base up. They have what amounts to a new, 2006 home, but taxed at the original 1960 value. Slick. (but some counties are starting to catch on)

Does Palm Harbor sell out west? They have some GORGEOUS homes.

[Muhnay]

Originally Posted by yukon

Does Palm Harbor sell out west? They have some GORGEOUS homes.

Yes there are a couple Palm Harbor sales places here in El Paso.