Anonymous asked in Business & FinanceRenting & Real Estate · 5 years ago

How much does a Double wide manufactured home depreciate in 10 years?


Me and my husband are tyring to buy a manufactured home on 10 acres of land. We were just told that there could be a problem because they will not loan on a property where the land is worth more than 40% of the property.

Update 2:

This property has an acre of grapes and several out buildings so it very well could be worth more than the home. The only reason we want the place is for the land.The home is a 9 year old 1350 sqft double wide with a poured foundation, everything works, it's very nice inside, new carpet, nothing needs fixed, has been very well taken care of, crawlspace and central heating and air conditioning 3 bedroom and 2 bathrooms. It needs to be worth $75,000 do you think it could be?

Update 3:

Seriously, you understand what I am asking. The land cannot be worth more than the home, the land can only be worth 40% of the loan. So in this instance, the structure needs to be worth 75,000 or they will not loan on this property.

Update 4:

The loan is only so much, the land can be worth a whole lot but the price of the home has to be worth a certain amount. Honestly the purchase price is a deal considering we are getting 10 acres. But we cannot qualify for the loan if the home part is not worth enough. So the land could be worth 75,000 itself but if our loan is lets say 100,000 and the home is only worth 50,000, that is 1/2 of the value of the loan and we would not qualify. The home has to be worth 60% of the loan.

Update 5:

Well we want privacy is the main reason, second reason is for a Hobby farm. We cannot afford a house with 10 acres otherwise. We have a relator We were reassured it would go FHA, it was after we made a offer that our lender started asking this question. Utilities are cheap, it's on rural water just outside of a small town, has a septic tank and the people still live in it.

4 Answers

  • 5 years ago

    first start with "why do you need 10 acres, what do you plan to use it for?"

    Usually mobile homes are purchased with cash only but so is land so I'm thinking you'd need to talk with a broker/realtor who is knowledgeable about this piece of land. All mobile homes last around 18 years before they need lots of work and it would be better to buy a new one at that point. A MH can replace another MH, but what are the utilities like there? So does it have city/county water or is it a well? Could be these people left either because they were flooded out or because of drought and they lost their shirt. In situations of large pieces of land the land could be divided up. Any land though you'd probably have to live on it and can't live on it without utilities. there's lots to think about on this but we are not who you should be asking for information from. Find that knowledgeable realtor/broker in that farm area who is trying to sell it and get the scoop. Also ask for the tax records and particulars on that piece of land.

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  • R P
    Lv 7
    5 years ago

    A 10 YO doublewide manufactured home is not going to be worth anywhere near $75,000. What it is worth depends on the brand and your location.

    In 2007, I purchased a brand new Fleetwood double wide manufactured home the same size as the one you are looking at. I paid $59K for the house (the land and required upgrades to the property were in addition to the cost of the house)

    Source(s): FL landlord
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  • 5 years ago

    The land is the property. I think you mean the land is worth more than 40% of the structure. You can't "depreciate," a double wide. It's possible that is has appreciated. You're talking bout comps and without the critical detail of location, it's impossible to know.

    After non-sense update:

    Seriously, I understand how confused you are. A double wide in San Francisco is worth many times one in the swamps of Alabama. Without out location, no one can answer. That you don't understand comps indicates you should not be involved in real estate.

    Source(s): If you don't know the importance of location as it relates to real estate, you're probably shouldn't be speculating.
  • 5 years ago

    10 acres of land is probably worth more than any double wide you could put on it, even a brand new one.

    The value of the home is dependent on recent comps, location, etc. It could be worth $75K, it could be worth $20K, it could be worth $150K.

    It is highly doubtful that the trailer is worth 60% of the total value.

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