With housing costs exploding and at an all time high mobile homes have become an attractive investment for people looking for affordable housing. However, this is America and everyone is looking for a leg up on the market or a way they can get the most bang for their buck. Mobile home seekers are doing just that. How?
By purchasing older mobile homes. Mobile homes are cheap! Old mobile homes and flipping them/renovating them though? They’re even cheaper!
But before you get excited, these are just like regular home improvement projects. What seems like a good idea can turn into an expensive morass. Here are some things to ask yourself before taking the plunge into an older mobile home renovation. Let’s jump right in!
Depends on what you want to do with the home
If you’re looking for a mobile home to live in – you can find manufactured homes at a fraction of what it costs to buy a site-built home. You can find older mobile homes in great condition for under $10,000.
Are you looking to rent it out? You can find older homes in parks or on land that are unsalable. In some cases those units can even be GIVEN to you. Yeah. That’s the truth. A small investment and your profit margins on sale, flip or rental can be enormous.
What needs repairing?
Ok so we’re gonna cut right to the chase – stay away from homes with water damage. Water is more damaging to a mobile home than quite literally any other, actual thing. Inspect your home for stains on the ceiling, soft spots on the floor and the like.
Inspect doors and cabinets and make sure they close properly. If they don’t – it’s not a sign so much that the cabinets are faulty – but that the house has settled – and you might have to do some foundational work.
Also look under the underbelly of the home. Look at the belly wrap – or the plastic that holds insulation in the floor. If animals have gotten under there – it can be damaged and you might need to add insulation.
All else aside – we advise this: if you put lipstick on a pig, it’s still a pig. You MUST do the fundamental, foundational repairs to a home before tending to the aesthetics. Know what repairs the home needs, understand the costs associated and if you can’t afford it – walk away. If you can – DO IT RIGHT.
If you’re thinking of a total gut-job…
Walk away. What’s even the point? Unless the property is literally being handed to you – you’re basically building an entirely new home. Just go buy a new one.
Hopefully you found today’s blog helpful. If you need help with your next mobile home renovation, give us a call today and we’ll be happy to help. Until then – good luck!