With continually rising real estate prices throughout much of Sarasota Florida, one may think if it is a good idea to purchase a mobile home that needs some work as a way to get into the market at a deep discount.
The rising real estate prices that we all are experiencing at the time of this writing do not seem to have an end in the near future and it is becoming harder and hard for Buyers to purchase a home in or around the Sarasota area.
Many of those looking to relocate to the area are finding quite a difficult time in obtaining a rental property to move into as many apartments have over a year waiting list, some of which haven’t even been finished being built yet!
With all of the focus being on moving to Florida the next logical step would be for these Buyers to entertain purchasing a mobile home on leased land as a way to own something tangible without paying inflated real estate prices or paying the rent with nothing to show for it after the rental lease ends.
Many mobile homes throughout the Sarasota Florida area are being sold fast-this can be seen by how quickly listings are coming available and being placed in a pending status within days.
This then leads to the question, should the Buyer who is looking at purchasing a mobile home on leased land that needs some updating as a way to get a home at a deep discount?
It’s no secret that buying any real estate property is stressful and expensive. However, if you are up to the challenge and willing to put the work in, you could end up purchasing a mobile home that is called a “fixer-upper” at a great discount below market price. This type of home buying needs serious decision making especially when the needed repair is major like roof or ceiling replacement.
If you are 100% sure that you need a fixer-upper mobile home then let’s discuss some things that you need to know.
We, here at The Mobile Home Dealer, get several homes each month to our inventory that are titled “fixer uppers”. In fact, we are quickly becoming known as the mobile home brokers in the Sarasota area who look to obtain these listings more so than any other team in the mobile home sales arena.
The reason for this is that we see a true value in these properties now more than ever.
Many mobile home Buyers will not look to purchase a mobile home that needs work.
Most of these Buyers are looking for a nice turn-key style home where they do not need to put any work into the property in order for it to be lived in. Like anything, if the Buyer is looking for something right out of the box that will meet all of their needs this will come with a price that, many times, is much higher than the price the Buyer would be paying if they were in a position to purchase a home that needs work.
When looking at a mobile home that needs work we suggest you look at the major structural components of a home in order to see if it is worth putting additional money in.
The first is the roof-are you seeing leaks or is the ceiling falling in on itself? If so, this will be a very costly repair, to the tune of several thousand dollars, which does not include all of the possible mold removals in the walls or flooring system.
Does the air conditioner work? If it is central air conditioning how old is the unit and has it been serviced? New central air conditioning systems can cost over $6,000 for a new unit so it is certainly worth your time to get all the information you can from the Seller on the air system.
Lastly, when was the last time the home has been treated for pests and termites? If the home has a termite problem then it may need full home tinting which could cost several thousand dollars to complete.
The three major structural components, the roof, the air system, and the pet control are three areas you as the mobile home Buyer will want to make sure you have all the information and full understanding of when you are buying a mobile home that needs some work done to it.
If all three components above check out well then you very well could be buying a home that will not only be a great investment but will save you tens of thousands of dollars in the future!
In addition, people with skills in carpentry and fond of DIYs are likely to be the first ones who want to buy a fixer-upper as they can easily estimate the needed repairs and cost of materials.
Buying a mobile home that needs repair always has its own pros and cons. A retired carpenter who wants to keep himself busy can buy a mobile home, make it a project and turn it into beauty. If, however, your purpose is just to get a discount and have zero knowledge of repair and maintenance, we do not recommend buying a fixer-upper. You may end up spending more money when the ceiling collapses.
This is Mark Kaiser with The Mobile Home Dealer and we help mobile home Buyers and Sellers get to a better place in life.