Have a question about mobile home/manufacutured home (flooring, how much, Air Conditioner)

[grandmallie]

Alright here is the question..
We bought in a 55 park 5 yrs ago, we own a double wide with a carport/attached screen room and a florida room off the front.
It is nice dont get me wrong, but it was built in 1985 and needs alot of updating
Without drowning in debt what would be the better option?
update what we have or tear down and get a new one..
Now mind you we are not retired yet and still own a home and work in Ct, wont be retiring for another 7 yrs or so. we do rent it for 3 months to a great renter and she would stay the same 3 months until we retire
Just want some honest answers to figure out when and what to do, the place we have now needs new siding ,windows, air conditioner, flooring , it has carpet through out except for the kitchen and bathrooms, it is an oatmeal color and the people that owned it before us had 3 cats so even though it is clean ,its sorta yucky and stained.
We try and buy something or do something once a year . but would like some idea's from people who have been through this..
Has anyone demolished an older one and put up a new one? there are a few new ones in our park and the neighbors tell us that these things all together where like 250,000, but in this park we own the land so that could be part of the cost too..
any advice appreciated.. and a Very Happy New Year!!

[Hemlock140]

A relative did this on private property, the old double wide was from the 70s and a wreck. They had to pour a new foundation, and update the septic system and the whole thing for
a new one was under $200,000, and from the inside you couldn't tell it was a mobile. It did cost them $8,000 to have to old one demolished and hauled away. It was easy to get a loan because they had 5 acres which was used as collateral. With the small lot in a park that part may be harder, requiring a big down payment.

[grandmallie]

we probably could ask, the park has a real estate office and could probably get us some information

[harry chickpea]

Unless you got a great deal, I think you may have jumped the gun. Seven years is a long time in a park, and things can change as people die, the market changes, and management rolls over. Three months rent probably barely pays taxes, insurance and fees, and manufactured housing often doesn't age well. Unless you use it each year for more than three months yourself, you might consider selling it. No way would I put serious money into it as a depreciating asset.

My father had a manufactured home in a retirement park. Soon after he died, a lot of problems happened in the park and the market dropped. His second wife almost had to give the home away to get out from under the fees.

[grandmallie]

thank you for your reply,we researched it extensively before buying, the mortgage on the park is payed off, and we own a share of the park,we own the land underneath our home.. most of the homes are 20-25 yrs old, we love the park and plan on staying but just want to know if it is cheaper to refurbish the old one we have or tear it down and have a new one put in, we do have a decent size lot and there are a few new ones in the park, but we dont want to have to shell out mega bucks. my husband spends all together about a month down there, I only get to go for a couple of weeks in december. thanks again for giving me info

[Dollydo]

Ok, I have several (inherited all), in diffierent parks. Two on rental lots and 1 coop owned, all were manufactured in the late 70's and are doublewides. All three have been renovated and the maximum I spent on any one was 15K. Personally, I would never buy a new one, they depreciate badly, and are a real lousy investment. Set up on new homes is a real rip off, between the county regulations and the "approved" park installers, one can get screwed big time.

The economy has really effected the market for mobilehomes, parks are being sold faster than I can blink, and the values have plumeted. All the homes I own are in Florida, there are homes being dumped daily for 1K, the owner dies, the remaining spouse cannot afford the place or no longer live alone and the family just wants to get rid of it.

My advice, spend more time at the park before you do anything, you have a long time to go before retirement, don't jump into anything.

[old_cold]

I was tempted not to reply at all because this jusy may not be at all helpful but first, how much renovating will cost depends entirely on what you want to end up with.New carpet or new flooring? Painting or dressing up the panelling or sheetrocking? Sounds like you want a complete rehab.
Replacing depends some on the same thing. New ones can range greatly in price and comparing to what others have spent can depend on when they did it.
New lots were listed at $50 to $65,000 when we came here and now are in the $10 to $25,000 range without adding in whatever county fees there might be.
One of the nicest newer homes that recently sold with about $200 invested overall, just sold for $90,000.
Your question is a bit broad for any good answer.

[grandmallie]

Sorry I get a bit scatter brained sometimes, Dolly Do yours was most appreciated.Old Cold I understand what your saying, I just ramble sometimes
in the last couple of years in our park , yes people have passed away and family without knowing just shuts off the utilities ,not knowing with that the weather and the mold takes over and it has to be demolished.I think there are about 5-6 new ones in the park.
I agree Dolly that I dont think we will do anything until we get down there , but our place isn't bad, we could just do a little at a time and by the time we get down there it will be done and we can enjoy it..
Thanks again for all of your replies and keep them coming

[southernnaturelover]

I'd never tear it down. Mobile homes are like cars, you can trade the old one in on a new one (but like a car, you probably won't get much for it). You would need to visit a dealer, but I believe most doublewides nowadays go for around $70-90k, depending on size of course. Palm Harbor, Horton, and Jacobsen are popular builders in Florida.

What type of siding is on the home now? Is any of it rotten? Maybe a good paint job is all that's needed?

[grandmallie]

it is the original vertical siding , would like horizontal siding, and definatly new windows, I think we will just fix it up a little at a time and deal with it that way