Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
What about mobile homes to live in? Are they a good investment?
Mobiles being factory built are constructed to a lower standard than a stick built home. They are not really a good investment - as they are taxed as vehicles and as such are depreciated just like cars and trucks. But, if said mobile is a crane set modular and is on a permanent foundation on land that you own, it would be treated as real estate and taxed as such.
No horrible, unless they are on pristine land, think beach.
Beach front properties are built to a higher standard than are mobiles - ie wind storm coverage. There are plenty of mobile home parks all over the State of Florida that don't meet the stick built standards. If in the case of a major hurricane this Summer, those homes would not be allowed to be placed again. The owners would be paid off and essentially told to go elsewhere. Those mobiles will not be replaced.
Beach front properties are built to a higher standard than are mobiles - ie wind storm coverage. There are plenty of mobile home parks all over the State of Florida that don't meet the stick built standards. If in the case of a major hurricane this Summer, those homes would not be allowed to be placed again. The owners would be paid off and essentially told to go elsewhere. Those mobiles will not be replaced.
Mobiles being factory built are constructed to a lower standard than a stick built home. They are not really a good investment - as they are taxed as vehicles and as such are depreciated just like cars and trucks. But, if said mobile is a crane set modular and is on a permanent foundation on land that you own, it would be treated as real estate and taxed as such.
Mattie, must disagree with some of your comments above.
Manufactured Homes are built to a federal building standard under the auspices of HUD and, in many ways, compare favorably to on-site stick built homes. Most MH are assembled inside temperature and humidity controlled facilities and are inspected by HUD-certified inspectors frequently throughout the construction process to ensure they meet HUD and, frequently, additional state standards, prior to being approved for shipment and sale.
To qualify for mortgage lending, the MH must be permanently affixed to a foundation structure. Most states have adopted the FHA foundation standards and most require a state engineering certification be issued prior to occupancy.
As far as taxation, MH are normally treated like any other residential structure. It is consider a site improvement to the land, must comply with any applicable zoning ordinances, and depreciates over time just like a site built home. They are most certainly NOT "taxed like vehicles". Your county millage rate applies to MH just as it does a stick built or modular home situated in the same county/municipality. Vehicles are taxed a personal property, not a real property.
Since the HUD standards were approved in the mid-1970s, the useful life of MH has continued to increase. Most now have a useful life span in excess of 40 years. For comparison, most site-built home have a useful life of 60 years (or 70 years, depending upon which depreciation reference is used). With the cost of purchasing and installing a MH being approximately 1/2 the cost of buying a stick-built home, a MH is a logical and acceptable housing choice.
BTW, if you haven't seen the inside of a MH recently, you might be surprise. Some are absolutely amazing with granite countertops, porcelain tile flooring, spa-like baths, etc. I inspect a couple of MH every month and the construction quality can be quite impressive.
A few I am sure. The specific place I had in mind, El Morro, In Laguna Beach was taken back by the State of CA. Trailers were nothing special but my gawd beachfront in OC.
Mattie, must disagree with some of your comments above.
Manufactured Homes are built to a federal building standard under the auspices of HUD and, in many ways, compare favorably to on-site stick built homes. Most MH are assembled inside temperature and humidity controlled facilities and are inspected by HUD-certified inspectors frequently throughout the construction process to ensure they meet HUD and, frequently, additional state standards, prior to being approved for shipment and sale.
Sorry HUD was the lowest in the three tier building codes. FEMA used HUD "quality" for purchases of mobile and travel trailers for disaster relief after hurricanes, earthquakes and tornadoes. As we've discovered, that "standard" allowed too much formaldehyde in the cabinets causing numerous illnesses.
HUD doesn't build the mobiles. HUD is part of the USDA program that does numerous disaster relief programs. The old UBC was replaced by the IBC and then they added the IRC for townhouses and finally the IEBC for existing homes.
Quote:
As far as taxation, MH are normally treated like any other residential structure. It is consider a site improvement to the land, must comply with any applicable zoning ordinances, and depreciates over time just like a site built home. They are most certainly NOT "taxed like vehicles". Your county millage rate applies to MH just as it does a stick built or modular home situated in the same county/municipality.
Don't know you're from but if MH is NOT on a PERMANENT foundation - it IS treated as a vehicle! And, most certainly if they are on LEASED land like they are in FL, WY, MT and NM. Look at the front window for the little sticker tag showing that they paid the annual registration.
BTW, if you haven't seen the inside of a MH recently, you might be surprise. Some are absolutely amazing with granite countertops, porcelain tile flooring, spa-like baths, etc. I inspect a couple of MH every month and the construction quality can be quite impressive.
I have delivered them, done the septics and water well connections and inspected a few also for buyers. Mostly they are krappy singles/doubles, built to the lowest standards on the Rez. Ndns get no down 15 yr loans vs their mineral payments. After five years, they trade them. I once asked why they didn't build a lasting home - was told the USDA wouldn't allow it. Since they are the controlling factor on the Rez, there's no reason to put them on a foundation. And, because of the formaldehyde and varnishes they burn pretty good.
I live in the Seattle area, and it's infinitely cheaper to buy than it is to rent. Unfortunately we are not in the position to buy right now, so we'll keep paying outrageous rental fees until our situation changes :-/
I was reading that single women are increasingly buying single family houses. They have a greater interest in setting down stakes in a place they like and are buying larger homes so they can rent out rooms if they want or need to do so. They are putting down bigger down payments and buying smart for stability. Maybe the "obsessed" women will save the market.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
