Itâ€™s a mobile home. Itâ€™s a depreciating asset â€“ just like a car. In fact, itâ€™s registered with the DMV, not the county.
Normally in real estate, the actual value of any house goes down while you own it, but the value of the land goes up. In other words, the house depreciates while the land appreciates. This is why you often see very old and decrepit houses being torn down and replaced with new ones â€“ the value of the old home has depreciated to almost nothing, but the value of the land has gone up enough to sustain a new building being built on it.
In the case of a mobile home, you have the worst of both worlds:
â€¢ The value of the actual structure depreciates yearly â€“ in this case, itâ€™s now very old for a mobile home AND the price is now very low. It will only get lower.
â€¢ Since you do not own the land under a mobile home, you donâ€™t have anything to appreciate. In fact, you actually rent the land so, instead of the property value â€œpaying inâ€ as the land appreciates, you are actually â€œpaying outâ€ every month when you pay the space rent. And â€¦ the rent will only increase.
Value decreasing, rent increasing â€¦ not a very good deal in my books.
Are you in the market for a mobile home?
Debra Tsai Realty â€“ Meeting Your Real Estate Needs
Debra Tsai, Broker
Short Sale Specialist
Certified Broker Price Opinion Resource
RE #: 01332243
The rent on this home is approximately $1027 per month according to the listing on the MLS. Depending on your credit, the overall payment might not be too bad considering you would have a 4bed/2bath in the bay area with 1344 square feet of living space.
I sell this type of housing all the time. Only YOU can decide what is right for you.
Realtor/Manufactured Home Specialist
(408) 472-5582 Cell
That is a mobile home built in 1973.
Remember that with a mobile home, you do not get any land with it. The land is what has value, not the mobile home itself.
That is particularly true of a mobile home that is almost 40 years old.
Charles Butterfield MBA
Real Estate Broker/REALTOR
Cell Phone: (408)509-6218
Email Address: firstname.lastname@example.org