Should you repair or replace your mobile or manufactured home?
Many mobile home owners at some point realize that their mobile home is getting old and outdated. Then they wonder: should they repair or remodel the old unit, or just replace it entirely?
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 room? Rearrange layout? Or do you just need a little paint and some new accessories? Is the structure safe and sound?
The third and most important consideration is how much can you afford? A lot or a little?
The fourth and final consideration is how long do you plan to live there? Short time or long time?
Ok, here’s the scoop: never expect to invest money in remodeling or repairing an old, used mobile home and get that money out – ever!
Yes, if you take an old one and put $20,000 on it, it will be worth more than it was before, but not what you put in it – you’ll lose money on all remodels or repairs.
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 much work would it take to do what you want (considering money, time, effort)?
If you are going to be living in the house for a long time and can afford it, strongly 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 nicer and will appreciate better (depreciate less) compared to a remodeled old house.
If your budget allows, replace the house, no question about it. One consideration is the market value of an older mobile home installed in a space vs. a new manufactured home installed. The new house can sell faster and at a price much higher than the cost to install it plus the value of the land (space).
Here is an example of this market value comparison:
Suppose you own an older mobile home, sitting in a nice park, free of mortgages or liens. Now if you took $100,000.00 and completely remodeled the old house down to the studs and made it “brand new” OR if you spent the same $100,000.00 and installed a new house, the new house would sell for more on the open market 9 times out of every 10
Moving on, if you only want to change a few things in your existing home, but you’re happy with the rest, and you’re not going to sell or need equity in your home anytime soon, then just fix the little things. .
If you think that only a few things need changing and you start to remodel one part of the house, then you might later think that another part will need remodeling as well. Or, in the middle of a small remodeling job, you may discover that there is more damage to the house and that could lead to more work. At this point, consider stopping and replacing the house entirely.
Remember, we don’t sell houses, so we’re not biased.
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