I am thinking about buying some acreage and putting a super deluxe manufactured home on it. it is view-able online by googling "the patriot clayton homes". everything you see comes standard, there are no changes allowed. an amish company ( i think called dutch) makes the exact same home but will put it on a wooden base instead of a steel base. i would then have it permanently attached to a basement. my question is, with the base modification and being attached to a basement, would it appraise differently than a regular mobile home and would it appreciate in value over time like a regular house (maybe at a slightly lower percentage) so i wont be wasting the $85000 cost of the home? this will be in ohio, morrow county, close to mt gilead. i am looking at this option because there is nothing to chose from on the MLS and i dont think i can afford a stick built home. any advise is appreciated.
Here's the deal. I think "Marion" just posted in fun and wasn't trying to be helpful. Her information is absurdly inaccurate. This "djd09" character, well there is some question as to whether or not he (or she) is even a real RE appraiser. For the most part he/she is a bitter, anti-government political provocateur who seldom has anything rational, let alone helpful, to contribute to this forum.
"notrav" got it better than the others but I'd still take his advice with a grain of salt since there is clearly a bias against HUD Code Homes.
No improvement appreciates. RE goes up in pricing despite the improvements losing value from physical or functional depreciation. Factory built housing has a lesser economic life (on paper) but still will last 25 to 50 years or even a lot longer and still function as designed and provide a safe, comfortable place to live.
I accessed the website(s) for the Clayton home you're interested in (The Patriot.) I got an instant jaundiced feeling over the phony patriotism and attempt to mislead with regard to the type of construction and pricing ($85,000 - that doesn't include delivery (driving the trucks, the pilot cars, highway patrol in some ares, etc.), installation on a prepared foundation system, construction work to close up the halves, utility hook ups, permits, interior finishes - maybe even appliance upgrades instead of the crappy stuff that's included in the price..... you get the picture.)
1) A mobile home is a factory built home on a permanent steel chassis built to a local code (or no code) before June 15 1976. You can't get financing on these (maybe hard money loans)
2) A manufactured home is a factory built home on a permanent steel chassis where the National Manufactured Home Construction and Safety Standards (HUD Code) was followed during construction and displays a red certificatin label on the exterior of each transaportable section. This type of home is eligible for all types of financing.
3) A modular home is built in a factory in sections on transportable steel frames with axles. The sections are hooked up to a truck, hauled to the site, lifted off the frames with a crane and lowered onto the foundation. The frames are then returned to the factory for reuse. Eligible for all types of financing.
4) Some modulars are built just like mobile and manufactured homes. They have the permanent steel chassis. The are built following a building code other than the HUD code. They are not eligible for conventional lending (Fannie Mae/Freddie Mac.)
I would not be quick to dismiss thinking about buying a HUD code manufactured home if you have limited funds. Go for as big and as high quality as you can comfortable afford.
