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. By the way, structures do not appreciate EVER. Land appreciates.
Inflation, cost of building materials and labor costs, definitely cause structures to increase in value it they are maintained. Not to mention craftsmanship, which degrades over time.
Just look at how insurance replacement values of homes (on the same land) go up continually. Land value and structure value on insurance is separated out, both increase over time.
Inflation, cost of building materials and labor costs, definitely cause structures to increase in value it they are maintained. Not to mention craftsmanship, which degrades over time.
Just look at how insurance replacement values of homes (on the same land) go up continually. Land value and structure value on insurance is separated out, both increase over time.
Say what?
Insurance REPLACEMENT costs go up because the cost of replacing a structure goes up. Structures naturally depreciate over time unless significant renovations and upgrades are made. This generally slows the rate of depreciation down or sometimes even stops it.
It's, as they say, all about location, location, location.
When I was in Western Montana, property and homes were at such a premium, that even an old, run-down trailor, if it came with it's own little smidgen of land, could sell for $100k.
It's, as they say, all about location, location, location.
When I was in Western Montana, property and homes were at such a premium, that even an old, run-down trailor, if it came with it's own little smidgen of land, could sell for $100k.
If by manufactured homes you mean the type that are assembled in modules and then have final assembly on a foundation on-site the answer is yes.
There are more and more applications being done with these, including some high end ones.
That's usually referred to as "modular", not "manufactured". Modular construction can be used to build anything up to a multi-story office building. They vary in quality, but some have construction standards exceeded standard "stick-built" houses. They can appreciate, although there is still some prejudice against them in the single-family house market.
A manufactured home is often called a "trailer"; a single-story metal-framed building in either single-wide, double-wide, or triple-wide. These depreciate rapidly.
great point. mobile homes arent actually classified as homes but as vehicles sort of. they are subject to repossession not foreclosure
And a double-wide has a different VIN number for each half. Found that out the hard way when a co-worker only placed the lien on half the home after we lent money for a secured loan.
That's usually referred to as "modular", not "manufactured". Modular construction can be used to build anything up to a multi-story office building. They vary in quality, but some have construction standards exceeded standard "stick-built" houses. They can appreciate, although there is still some prejudice against them in the single-family house market.
A manufactured home is often called a "trailer"; a single-story metal-framed building in either single-wide, double-wide, or triple-wide. These depreciate rapidly.
Yes, I know that. I felt it necessary to tie it down since others use the terms interchangeably.
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Not so . . .
