My park is located in NY. It currently has 34 resident owned homes all age community. We will be purchasing 10 more homes to fill vacant lots. The current homes are all single wide 14x70 3br 2 bath and no vacancies. My question is regarding home size. We are considering adding 2 bedroom homes to our park vs 3 bedroom homes and we are unsure if that decision would help or hurt the value of our park. In short is it better to have all 3br homes or a mix of 2 br also?
It depends on your ultimate goal for your community. 2 bed homes will generally be best suited to empty nesters and single individuals (often senior’s). My community is exclusively 2 bed units and is a adult only community. Initially it was family community, primarily young families, and began the process of converting to adult only (55+) about 25 years ago. I do not allow tenants to bring in anything but 2 bed units. One came in last week, single senior female, and a second next month by a senior couple. New homes coming in are all 16’ X 68’ where the lot can fit a 68’.
Having a mix of homes will not diminish the value of the community it will simply open you up to a more diversified resident base. (in my personal opinion)
Thank you for your help.
This is a HUGE generalization … but very often a mix of unit configurations is a positive. Think of it as a type of diversification.