Park Owned Mobile Homes


#1

How do you value park owned mobile homes? I am looking at a mobile home park with 42 spaces and 9 park owned mobile homes. Six of the homes are 1990 - 1997 however three are late 70’s and not in great shape.

Bill


#2

What are the homes worth in your area?

When we evaluate parks in our area we assign them the value that they are worth.(amazing huh?) Sometimes we will add 2k-3k to the price to make the price what it would actually cost to replace the unit. (move in new unit)

I could see adding a little more value for the homes that are rented out already. There are a few advantages to them already being rented. First of all you wont have to find a renter. Secondly you can talk to the tenant and confirm that everything works fine on the home. If the home is just empty with the utilities shut off this reduces the value.

The seventy’s homes may not be worth much at all. In fact they may need replaces in 5 years so be careful.

I see these types questions often on these boards. Its amazing that the answer is simple. You pay what the home is worth. Worth to you, worth to the market…maybe a mixture of both!

The deal your getting on the park will also influence the situation. Do you research!

Good luck. Briton (IN)