Real Estate Peas or any one, Value of manufactured home?
Post ReplyPost New TopicPosted 2/8/2013 by susans sister in NSBR Board
 

susans sister
PeaFixture

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Posted: 2/8/2013 10:12:25 AM
We live in a modular home that is 19 years old. Our tax value continues to increase and I am wondering if I should apeal? Doesn't the value of a manufactured home decrease rather than increase? The land it is on is not a factor in the value.

Pretty In PeaNK

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Posted: 2/8/2013 10:17:46 AM
You're right, manufactured homes, modular homes, and trailer homes decrease in value. When's the last time you had the property assessed?


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Pretty In PeaNK

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Posted: 2/8/2013 10:18:52 AM
And just curious, why isn't land a factor?


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susans sister
PeaFixture

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Posted: 2/8/2013 10:22:41 AM
We were just assessed this month and I am trying to decide if I should apeal the valuation.

eebud
Doxie Pea Mom

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Posted: 2/8/2013 10:57:16 AM

And just curious, why isn't land a factor?

Maybe she doesn't own the land it is sitting on. Many people in manufactured homes don't.

Are you in an area with other modular homes? Can you look up the county tax appraisal for those around you? If you can, see what others that are similar to yours are valued at. Also, you might be able to contact whoever manufactured yours and get an estimated value of the home.

I would definitely fight it if you believe it is valued too high. I know in my area, it doesn't cost me anything to fight an appraisal other than some of my time to do some research to try to determine what I believe is a fair value. I take that research into the appraisal office for their review.





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Ouiser
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Posted: 2/8/2013 11:05:46 AM
There is a big difference between the two you listed. In your thread title, you said it is a manufactured home, but in the post, it was listed as a modular. A modular can increase. It is built like a home but in sections and does not have "wheels" so does not have a title. I could insure modulars thru our company but would have to outsource mobiles.


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beanbuddymom
StuckOnPeas

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Posted: 2/8/2013 12:20:16 PM
Hold the phone... what? Modular homes decrease in value? I have never heard that.

A manufactured home (aka mobile home), yes, but a modular?

A modular home is built in sections just like a regular onsite stick built house just off site, and later put together on site. It is made of the same materials as a stickbuilt home.

Is that true that modulars are supposed to decrease in value?



tracylynn
StuckOnPeas

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Posted: 2/8/2013 1:30:01 PM
My modular home increased in 5 years (2000-2005) over $50,000.

It was built in a warehouse, shipped to my property, and "installed" with footings like a stick built house.

So, depending on your question, it's absolutely possible.




susans sister
PeaFixture

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Posted: 2/8/2013 4:13:34 PM
It is a modular, I didnot know there is a difference. The Peas really do know everything. Thanks.

perumbula
oooh, what you said!

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Posted: 2/8/2013 5:06:57 PM
If it has a permanent foundation it will increase in value. Whether or not it will increase at the same rate as a traditional home depends on the home, the land, and your area.

If it's on a temporary foundation it will almost always decrease.

However, I would do some research on home values in your area and current home sales. Take those numbers with you and see if you can get your value reduced. We were able to get our assessment reduced by $10k once using a current appraisal.


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