At one point, many mobile home owners realize that their mobile home is aging and becoming obsolete. Then they wonder: should they repair or remodel the old unit, or should they replace it completely?
The first consideration would be how much work does the existing unit need? A lot or a little?
The second consideration is what do you want to change about your existing unit? Add more space? Add a piece? Rearrange the layout? Or does he just need paint and new appliances? Is the structure safe and sound?
The third, and most important, consideration is what you can afford? A lot or a little?
The fourth and final consideration is how long do you intend to live there? A little time or a long time?
Ok, here's the scoop: Never expect to put money into remodeling or repairing an old used mobile home and withdrawing money from it, ever!
Yes, if you took an old one and invested $ 20,000, it was worth more than it was before, but absolutely not what you put in – you lose money for everything remodeling or repair.
So, now consider your answers to the questions (considerations) above:
How long will you be at home? What is your budget? What do you want to change? How long would it take to do what you want (considering the money, the time, the effort)?
If you will be home for a very long time and you can afford it, seriously consider replacing the house. This is mainly due to the way new homes are built compared to older mobile homes. The new ones last longer and are better built. They are also much more enjoyable and will appreciate better (depreciate less) compared to a renovated old house.
If your budget allows, replace the house – no question about it. One consideration is the market value of an old mobile home installed in a space compared to a new prefabricated home installed. The new house can sell faster and for a price much higher than the cost of installation, plus the value of the land (space).
Here is an example of this comparison of market value:
Suppose you have an older mobile home, installed in a beautiful park, free of any mortgage or lien. Now, if you took $ 100,000.00 and completely renovated the old home to study and done "brand new" OR you spent the same $ 100,000 and installed a new home – the new home will sell more in the open market 9 times out of 10.
Continuing on, if you only want to change a few things in your existing home, but are happy with the rest, and you're not going to sell or need any equity out of your house soon, so just arrange the little things.
If you think a few things need to change, and you start remodeling a part of the house, then it might be that you thought then that another party will also need to be remodeled. Or, in the midst of a small renovation job, you may discover that there is more damage to the house and this could lead to more work. At this point, consider stopping and replacing the house completely.
Remember, we do not sell houses, so we are not biased.