Older mobile home upgraded but leary to purchase (Tampa, Orlando: HOA fees, how much)

[steiconi]

Originally Posted by mdc1022

Don't you worry about insuring it? IF we can't get insurance as time goes by, I risk losing my home and the inability to afford another... the insurance is a concern for us

Only one company would insure it. We had storm damage this year, they paid $5000. Our rates went up quite a bit, to $600 for next year.

Worst case, we paid cash for the house, and so don't need to make a mortgage company happy, and could just pay for any damage out of pocket. We're in Arizona, not Florida, no hurricanes here.

[harry chickpea]

Originally Posted by mdc1022

hello,
I am a senior (early 60s) and on a limited budget and want to live out the next 20 years (or however long I have) without worry of having huge bills. I managed to do ok and save enough so that IF I am careful, I should not have financial worries.
I currently live in a manufactured home on leased land & I am getting tired of the lot rent increases. Although as of now the rent is not too bad, but it goes up and up yearly,
I am considering moving into a co-op OR getting a new manufactured home on my own land. I want my mortgage or co-op payments with insurance to be under $400 a month, I have the resources to do that only IF I buy a older home with land in a co-op or find a piece of land cheap in a good area.
I found a well cared for 1983 home that has new windows, floors, appliances ,windows, a newer AC and the siding outside was redone so it resembles a newer model home. It has great curb appeal and looks new & modern.
I could get the home with the co-op for $140,000. Maybe a bit less as we try to present an offer. I can afford it BUT the fear is the age of the home, I would get it completely inspected. I know the plumbing if not already upgraded should be upgraded, the electrical needs to be checked & the vapor barrier under the home as well.
I wonder how much the home's insulation has degraded. It has an 11-year-old roof that I would replace because I am not comfortable with the shingle roof being able to last much longer.
I would want this to be the last move I would make IF Live in this home for 20 more years it will be 60 years old & I have no idea if a mobile home built in the 80s can last that long? Buying a new one and getting land would be a struggle financially because these new ones are over $150,000 then add your land & fees it becomes challenging.
I look forward to having a home that would allow me to live and pay well under $400 a month. It would relieve so much stress BUT is buying a home like this a nightmare? With my pension and social security I can save every month and live comfortable doing this, OR am I missing something?
Before I make the offer & pay for the home inspection, I was hopeful I can get some advice. Oh, last but not least, INSURANCE. I don't want to not be able to get insurance and then lose my home due to fire, hurricane or wind.
At this time I was quoted just over 2 grand a year for coverage that would give me $100,000 in total coverage that includes contents & the home its self. BUT what if that changes as the home gets even older, a hurricane comes AGAIN and I get dropped.

I want to make a sound decision I wish I could afford a new home BUT being over 300,000 it is out of reach and even with the down payments I would be stretching my money VERY THIN,
housing is ridiculously expensive.

No, no, and let me consider for a moment... NO.

I'll try to be brief here.

My father bought a park model near Ft. Myers. Costs went up, but he didn't have the park sold out from under him and he was able to keep pace. When he died, his second wife put it on the market. I think she ended up basically giving it away because she wanted to move, it sold at a low double digits price.

You can't do cheap in Florida anymore. Taxes and insurance and maintenance costs will get you.

I moved out years ago, and have zero regrets. What I did is not for everyone, but it works. It took a LOT of research, a number of investigatory trips, but I have what you want and more.

[Schuttzie]

Originally Posted by harry chickpea

No, no, and let me consider for a moment... NO.

I'll try to be brief here.

My father bought a park model near Ft. Myers. Costs went up, but he didn't have the park sold out from under him and he was able to keep pace. When he died, his second wife put it on the market. I think she ended up basically giving it away because she wanted to move, it sold at a low double digits price.

You can't do cheap in Florida anymore. Taxes and insurance and maintenance costs will get you.

I moved out years ago, and have zero regrets. What I did is not for everyone, but it works. It took a LOT of research, a number of investigatory trips, but I have what you want and more.

Harry, can you share what state you moved to?

[Tulippsy]

Originally Posted by mdc1022

I agree, the way I came up with this number is I looked at dozens of homes around this age in parks where you lease the land, and they sell anywhere from $12,000 to a high of 60,000. And the condition of the 60k ones had updated plumbing, electrical, new roofs and newer ac along with new windows and skirting. Now I figured take that high amount 60k and add 35 for the land share and there would be my highest offer. IF that home was not in a co-op, I cannot see how they could get anywhere near 149,000. Of course, I would get a 4 point inspection and make sure the plumbing was updated along with the electrical and all the necessary things to make it a sale worthwhile home.

I'm sorry, but I just cannot see paying more than that for a 41-year-old mobile home.


Yes, it is in a great area & a very desirable spot IF I didn't have to worry about insurance, and this home was all updated I can see a higher price. but 149,000.......... sorry no just my feeling.

Maybe I am cheap?? but 149 grand ??

You cannot use comps from a land lease park for a home in a coop. Entirely different animal. You can’t just sever the value of the home from the land on it. We live in a land lease park. There is a coop fifteen miles away. The homes are older and the park is not anywhere near as nice as the one we live in, but THEY OWN THE LAND. The old singlewides there command the same price as a newer doublewide in our park.

I would listen to your realtor. I assume the sellers have a realtor and used comps to come up with the asking price.

[harry chickpea]

Originally Posted by Schuttzie

Harry, can you share what state you moved to?

North Alabama.

[adjusterjack]

Originally Posted by mdc1022

The realtor said $85,000.00 could insult the owners, and it has been on the market 2 days and the market in central Florida supports their asking price, but she would write the offer.

Good. You never know whether the seller is desperate. There may be no other offers.

If the seller is insulted, who cares.

If the seller says no, ask for a counter-offer, don't bid against yourself.

[gemstone1]

"am I wrong here offering $40,000 for a 41-year-old trailer??"....not in my opinion....but when were the updates done ? Receipts available to peruse ?

"There are two ways to determine a mobile home's value -- market-based appraisals and the NADA book value." link What value was it appraised at ? What does NADA say ?

According to HUD, mobile homes built today have a life expectancy of 30 to 55 years.

And comparing Silicon Valley real estate/home pricing to So Florida is not even apples vs oranges, it's caviar to oranges.

Do Mobile homes depreciate ?

Are mobile homes a bad investment ?

Depreciation table
According to a table in this link, a 40 year old trailer in "as new" condition would have depreciated 72% from purchase price.

In the end, only you can negotiate and determine if the transaction is good for you.

[wrat]

I can tell you one thing my FIL lives in a trailer he bought around 1970 its in upstate NY very few upgrades throughout the years so they CAN last

[mdc1022]

Originally Posted by Tulippsy

You cannot use comps from a land lease park for a home in a coop. Entirely different animal. You can’t just sever the value of the home from the land on it. We live in a land lease park. There is a coop fifteen miles away. The homes are older and the park is not anywhere near as nice as the one we live in, but THEY OWN THE LAND. The old singlewides there command the same price as a newer doublewide in our park.

I would listen to your realtor. I assume the sellers have a realtor and used comps to come up with the asking price.

yes, that is how they came up with the asking price, I guess it is me thinking WOW that house in a land lease park is at best a 40 grand home. I am looking for a better deal BUT I am amazed that the house appears to look like it is much newer, the curb appeal is great. It also has no funky smells, it's furnished with very nice things BUT upon going back yesterday, I did see under the sink its rotted & had water damage. I still really like this home. Its age scares me, I would get a full inspection. I am looking at others too. But nothing so far as nice as this seems to be.

It is just hard to wrap my head around a 41-year-old manufactured home selling for over 100,000 The land it is on is 3600 sq ft lot..

You can probably tell I have not bought a home in years, so perhaps it's shock on how much everything has gone up.

[Ghost Town]

Originally Posted by mdc1022

hello,
I am a senior (early 60s) and on a limited budget and want to live out the next 20 years (or however long I have) without worry of having huge bills. I managed to do ok and save enough so that IF I am careful, I should not have financial worries.
I currently live in a manufactured home on leased land & I am getting tired of the lot rent increases. Although as of now the rent is not too bad, but it goes up and up yearly,
I am considering moving into a co-op OR getting a new manufactured home on my own land. I want my mortgage or co-op payments with insurance to be under $400 a month, I have the resources to do that only IF I buy a older home with land in a co-op or find a piece of land cheap in a good area.
I found a well cared for 1983 home that has new windows, floors, appliances ,windows, a newer AC and the siding outside was redone so it resembles a newer model home. It has great curb appeal and looks new & modern.
I could get the home with the co-op for $140,000. Maybe a bit less as we try to present an offer. I can afford it BUT the fear is the age of the home, I would get it completely inspected. I know the plumbing if not already upgraded should be upgraded, the electrical needs to be checked & the vapor barrier under the home as well.
I wonder how much the home's insulation has degraded. It has an 11-year-old roof that I would replace because I am not comfortable with the shingle roof being able to last much longer.
I would want this to be the last move I would make IF Live in this home for 20 more years it will be 60 years old & I have no idea if a mobile home built in the 80s can last that long? Buying a new one and getting land would be a struggle financially because these new ones are over $150,000 then add your land & fees it becomes challenging.
I look forward to having a home that would allow me to live and pay well under $400 a month. It would relieve so much stress BUT is buying a home like this a nightmare? With my pension and social security I can save every month and live comfortable doing this, OR am I missing something?
Before I make the offer & pay for the home inspection, I was hopeful I can get some advice. Oh, last but not least, INSURANCE. I don't want to not be able to get insurance and then lose my home due to fire, hurricane or wind.
At this time I was quoted just over 2 grand a year for coverage that would give me $100,000 in total coverage that includes contents & the home its self. BUT what if that changes as the home gets even older, a hurricane comes AGAIN and I get dropped.

I want to make a sound decision I wish I could afford a new home BUT being over 300,000 it is out of reach and even with the down payments I would be stretching my money VERY THIN,
housing is ridiculously expensive.

How much cash do you have?
From this description everything seems to be on a borderline.
But if you are already used to mobile home settings, why not to go off grid?
Just look for an off grid land for cheap and buy with cash.
Then get trailer or build more permanent structure for cash.