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A 30 year old trailer is worth absolutely nothing. In many areas, they can't even be moved. They can't ever be put in in many areas. The only value you have is the land. And even that may not be worth what an empty or wooded lot is worth because it has a trailer on it. They are a pain to remove. They are pricey to remove. Many people want nothing to do with them. Trailers aren't like cars...a 30 year old car in great condition can be worth something....trailers aren't classic cars. They're like war torn Yugos.
Depends on the trailer. Some of those old Airstreams and other vintage trailers are worth a fortune if you can find one.
Trailer: a trailer you pulled behind your car when you went on vacation.
Manufactured home: originally trailers, but the modern manufactured home is usually put on a foundation today and can't be moved around like a tiny home or trailer can be. A manufactured home is built entirely in a factory and then moved (in several sections if it's a double or triple wide) to the lot to be set up.
Modular home: house where the wall panels are put together on site and then transported to a site and put together to form a house there.
Stick built house: the entire house is built on site.
A 30 year old trailer is worth absolutely nothing. In many areas, they can't even be moved. They can't ever be put in in many areas. The only value you have is the land. And even that may not be worth what an empty or wooded lot is worth because it has a trailer on it. They are a pain to remove. They are pricey to remove. Many people want nothing to do with them. Trailers aren't like cars...a 30 year old car in great condition can be worth something....trailers aren't classic cars. They're like war torn Yugos.
You should inform my insurance company of that since they carry a $60k policy on my 1978 model which has nothing to do with the value of the land it sits on.
You should inform my insurance company of that since they carry a $60k policy on my 1978 model which has nothing to do with the value of the land it sits on.
Keep reading! I said later on that it depends on the location. Here a 30 year old trailer/manufactured home isn't worth more than a few hundred dollars.
Just because you insured something for $68k doesn't mean it's worth $68k. You may be insured for replacement value at $68k which is what it would cost to replace it with a new one today. My house is insured for $314k but that's replacement cost not what I paid. I paid less than half of that.
You should inform my insurance company of that since they carry a $60k policy on my 1978 model which has nothing to do with the value of the land it sits on.
It is worth nothing but the $60K policy if for replacement value to put a new one in.
OOPs I answered before the I read the post about me that said the same thing.
This also happens with older smaller stick built houses. If you buy a $50K home the insurance company will insure it for $100K or more depending on where you live because the replacement value if it's totally destroyed is that high,
Keep reading! I said later on that it depends on the location. Here a 30 year old trailer/manufactured home isn't worth more than a few hundred dollars.
Just because you insured something for $68k doesn't mean it's worth $68k. You may be insured for replacement value at $68k which is what it would cost to replace it with a new one today. My house is insured for $314k but that's replacement cost not what I paid. I paid less than half of that.
This is an 'actual value' policy not replacement so there are deductibles and depreciation involved.
Being a mobile home, the appraiser for the ins co is the one that set the value. All I could have done was asked for a lower amount, not a higher one.
Depends on the trailer. Some of those old Airstreams and other vintage trailers are worth a fortune if you can find one.
Trailer: a trailer you pulled behind your car when you went on vacation.
Manufactured home: originally trailers, but the modern manufactured home is usually put on a foundation today and can't be moved around like a tiny home or trailer can be. A manufactured home is built entirely in a factory and then moved (in several sections if it's a double or triple wide) to the lot to be set up.
Modular home: house where the wall panels are put together on site and then transported to a site and put together to form a house there.
Stick built house: the entire house is built on site.
And here are a few pics of some old trailers. I included a pic of a modern single wide and thought I'd throw in a few interior pics as well. Enjoy.
FYI... none of the pictures you posted are what anyone means when we say "manufactured home". A manufactured home is not just a trailer that someone put on a foundation... it is a factory made home that is built and intended to be placed on a permanent foundation.
Single wide mfhs are not finance-able.... only double-wides or bigger, manufactured after about 1981, on permanent foundations, will qualify for traditional mortgage financing.
You should inform my insurance company of that since they carry a $60k policy on my 1978 model which has nothing to do with the value of the land it sits on.
And let me tell you, from my own personal experience, what happens when your $60k 1978 mobile home gets even moderate damage. Your insurance company will announce that they are totalling it out, and you'll be lucky to get even $5,000.
In my area, that isn't even enough to get the damaged mobile home removed.
Depends on the trailer. Some of those old Airstreams and other vintage trailers are worth a fortune if you can find one.
Trailer: a trailer you pulled behind your car when you went on vacation.
Manufactured home: originally trailers, but the modern manufactured home is usually put on a foundation today and can't be moved around like a tiny home or trailer can be. A manufactured home is built entirely in a factory and then moved (in several sections if it's a double or triple wide) to the lot to be set up.
Modular home: house where the wall panels are put together on site and then transported to a site and put together to form a house there.
Stick built house: the entire house is built on site.
FYI... none of the pictures you posted are what anyone means when we say "manufactured home". A manufactured home is not just a trailer that someone put on a foundation... it is a factory made home that is built and intended to be placed on a permanent foundation.
Single wide mfhs are not finance-able.... only double-wides or bigger, manufactured after about 1981, on permanent foundations, will qualify for traditional mortgage financing.
I know you can get an FHA loan on a rented lot.
The thing about double wides I don't know. They make single wides that are 14 to 16 feet wide. I was in one once and it was nice it was a 2/2 with a pitched roof, I don't see why you couldn't get a traditional loan for that on a permanent foundation.
And let me tell you, from my own personal experience, what happens when your $60k 1978 mobile home gets even moderate damage. Your insurance company will announce that they are totalling it out, and you'll be lucky to get even $5,000.
In my area, that isn't even enough to get the damaged mobile home removed.
I would not pay replacement value on a policy and accept $5K. Insurance companies can do whatever they can to try to cheat you. There is a commercial now in my area, after Hurricane Irma, that you can accept a check and still sue if it didn't cover the damage as long as you didn't sign your rights away.
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