Mfg Home - Lakefront
I have been kicking around the idea of a lake front property but also thought they were very expensive. I have found a couple listings ( I am a realtor btw) that show a few mfg homes on Corp property that the homeowner leases directly thru the marina. The homes are truly waterfront and include all water, and all boat storage and each has its own private dock. The restrictions are very tight and you can basically can make interior improvements or perhaps add vinyl siding but you cannot in any way add any permenant structure to the home. The homes basically all look like older mobile homes with additions built on. They are relatively inexpensive ($50k-$75K) but you do have to pay $500 a month for the lease of the corp property. I would use it as a weekend getaway as it is very close to my primary residence.
Also, most of the houses in this marina are kinda run down but the area is fantastic and the lake and its views are awesome...walking out my back door to my dock is a pretty attractive feature. I am not really looking at it as some huge return on the investment but would like to get a little appreciation while enjoying the benefits of the lake from time to time. Note, rentals are not permitted. Is this a bad investment? I have never owned anything on the water and this is a chance to for pretty cheap, but I also know you get what you pay for. What do you guys think?
Thanks in advance.
BTO1836
Furthermore, would there be any financing issues or limitations due to the manufactured origin?
>>>>Would this house be valued similar to the stick built comparables on that street and in that neighborhood?>>>>
Not in central Virginia. It would be significantly less.
I should add that my answer assumes the unit was a manufactured not a modular house
Jim[ Edited by jimandlacy on Date 05/11/2006 ]
The concrete slab is probably not relevant to the structure of the home foundation. That is a wild guess, assuming there is a series of piers under the I-beam Frame. The piers should have some sort of proper footer that is recognized by local code and/or the home manufacturer.
Also assuming the slab is not tied into the footers for the piers in a manner specified by code or a structural engineer, but the slab just lays on the ground.
A permanent foundation with brick underpinning around the perimeter will help a HUD code home retain value better than a unit that is slapped up on piers and little or no skirting.
But the value is still less than conventional, without significant appreciation, except possibly for the land, and financing is still more expensive and less readily available.
[addsig]