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My dad's mobile home is approximately 42 years old. It is a triple wide, nice condition, in a 55+ gated mobile home community. He paid $5000 for it, but says he only got it that cheap because they family was desperate to sell. He thinks because his tax assessment has it valued at $25000 he should be able to sell it for that amount. He says he has put $5000 into it and he wants to recoup that. I think if he gets $4500 for it he will be lucky! What is the answer?
The tax assessment means nothing. It will sell for what its worth. What it is worth is determined by the price of what others that are similar are selling for.
Does your father own the dirt it sits on or is it a rented lot? If he owns the land, maybe worth $25,000, depending on how desirable the location is. If he's renting the lot, maybe he'll get back what he has in it or maybe not. My friend in Ocala just paid $55,000 for a 40-year-old double wide on 7 very nice acres set up for horses and including a second singlewide home for rental income.
Last edited by FloridaHappy; 04-17-2014 at 05:59 PM..
Reason: can't spell
Tell your father this: had he been RENTING that home for even $500 per month, it would have cost him $252,000 over 42 years. Subtract the $5,000 he paid to own it. That means he saved $247,000 over the course of his residency. Even if you also subtract park fees, property taxes, and anything else, he got far more than his money's worth out of the purchase already. Anything he sells it for is gravy in my book.
Aside from that, what are the comps for similar mobile homes sold in that park? Figure a comparison of condition and consider the demand (if any) for the land it sits on. That's your current value. Tax assessments are irrelevant to anyone except a bank who might be mortgaging the property. As the article Suzy linked to states, mobile homes do not appreciate the way brick and mortar houses do. They appreciate the way cars do. Or don't. It doesn't mean the home (especially if the land is included) has no value. But it does not have he value of a house of the same age.
No one here can tell you what the mobile home is worth. But we can tell you that tax assessments are not reliable indicators of market value (even though in some cases they may be close).
Quote:
Originally Posted by Jukesgrrl
Tell your father this: had he been RENTING that home for even $500 per month, it would have cost him $252,000 over 42 years. Subtract the $5,000 he paid to own it. That means he saved $247,000 over the course of his residency.
The OP wrote that the mobile home was 42 years old--not that his Dad had lived there for 42 years.
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