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Buy Mobile Homes With Real Estate

My first home was a mobile, and it doubled in value in the twelve years I lived in it. The home deteriorated a little (don't all houses?), but the value of the land rose. With a lower price than a "stick-built house, the mortgage payments were lower. Because of the shortened amortization (seven years), and lower loan amount, I built equity fast.

Buy Mobile Homes To Build Equity Fast

A house with a $100,000, 6%, 30-year mortgage loan gives you a payment of $599.60. $500 of the frst payment will go to interest, $99.60 to principal. You built equity of $99.60 (I'm ignoring appreciation for the moment).

A mobile home on land, with a $30,000, 8%, 10-year mortgage gives you a payment of $363.99. The higher interest rate is normal with mobiles. The shorter term is normal too, so you'll own the home free-and-clear in 10 years instead of 30. The first month, $200 will go to interest, meaning $163.99 goes to principal. You built more equity in this scenario.

A mobile home on land might appreciate more slowly than a "regular" house, but faster loan pay-down probably may cover this factor. Now, if you also chose to bank the difference in payments ($235.61 per month), you'd definitely be better off financially with the mobile home versus the more expensive home (Except during times of fast appreciation).

You can pay less per month and build more equity. Your real estate agent won't tell you this, and don't expect him to agree even after you explain it. Math skills aren't part of the licensing requirements (at least they weren't when I sold real estate).

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Appraisal is an inexact science. If you can only find houses sold over a year ago, you should probably estimate appreciation in the area, and add that. If one sold with seller financing, you have to adjust for how this affected the price. These complications make it tough to appraise your own home, so what if you need help?

There are other ways to find out what your house is worth. You can pay for a professional appraisal. This way you will also have something to show to prospective buyers who doubt the value. Be sure to tell the appraiser about anything she might miss, like a newer roof, or specially imported tiles.

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Are you wondering "how much is my house worth?" I have two answers for you. First, if you don't really need to move, it is worth whatever you say it is. If you think, "I wouldn't sell this house for less than $300,000," then it is worth that much to you. If you need to sell it, though, what it is worth to you is irrelevant.

Market value is the only relevant value once you are ready to sell. This is the value according to all the home buyers out there. They don't care what you spent renovating the house, or what you originally paid. Spend $50,000 adding a pool, and they may only pay $20,000 more for the home. Real estate is worth what the market says it is worth.

To estimate the market value of your home, use "comparables." This is how appraisers do it. Find at least three similar homes nearby that have sold within the last six or maybe twelve months (these are your comparables). This information is in county records (sometimes online now), or ask a real estate agent with access to the multiple listing service. Get the sales prices, terms of sale, description of the property, and other information.

Take your first comparable, write down the selling price, and review the description item by item. Add to the sales price of the comparable for each thing it doesn't have that your subject home has, and subtract for each thing it has that your subject home does have. This sounds confusing, but it will make sense once you try it a couple times.

For example, if your home has a second bathroom, and the comparable doesn't, add the value of the bathroom to the sales price of the comparable. If the comparable home has a blacktop driveway, and your's doesn't, take the value away. You'll have to estimate what these things are worth, or ask for professional help.