I own a 31 pad park that I love. It has been profitable since day one.
While the park is old (built in the 50s) it is in great working condition.
All of the homes are either pre hud or built shorty after. I dont think I have a home past 1980. And due to the lot sizes it really would be tough to fit in any new models.
My question is this:
How much longer can these old homes really last?
Heck, Im surprised the’yre still in good condition 50-60 years later.
I would like to keep this park for a long time but am wondering if it would be wiser to sell in the near future bc of the age of all the homes.
A lot of the homes from the 70’s and prior are very serviceable. Granted they require some updating over time - most notably putting PEX plumbing lines in them, roof maintenance every few years, etc.
But if you keep up the maintenance I don’t see why they won’t outlast you. I really love seeing people keep up the old Victors and Spartan Mansion type homes. They have this amazing wood paneling you just don’t see anymore. A lot of these homes are trendy again for younger folks looking at an alternative to the expensive tiny home fad.
This is a subjective thing for every owner, your mileage may vary.
I have a resident who recently redid his mid 70’s home. The home was generally ok looking for the era it was built in but he wanted something newer looking. He used a mobile home re-roof kit to give himself a pitched roof and he installed vinyl siding, shutters, and built a really nice deck. The home looks basically brand new even though it’s 40 years old. He also spent around $6,000 to do it but I suspect he did a lot of that work himself.
I have renovated several 70s vintage homes. Construction wise they are crap and electrical wise they are a fire hazard. If home owners do not take pride in ownership they will disintegrate into the ground from the inside out. To achieve the goal of maintaining the community the owner must first take pride in the community, upgrade for curb appeal and make specific rules regarding the resale of homes. As a example require vinyl siding be installed and peeked roofs upon sale of home. For existing tenants give a 5 year time line on siding and roof instillation. This will normally bring in a higher quality tenant.
As a community owner the best you can do is make rules that require homeowners to maintain and upgrade the exteriors. Force tenants to maintain skirting, paint metal homes and require vinyl siding be installed where exterior metal is not to standard. Make peeked roof construction mandatory.
This is a movement toward upgrading your community along with hopefully encouraging higher maintenance and renovation work on the interiors as well. IT prices out those that can not afford to maintain and evolves to a tenant base that want to upgrade their homes.
Higher quality tenants are required along with upgrading the community. In the case of C/D tenant bases the best you can usually do is milk the profits till the community dies. Whether it be parks or stick built homes the principal is the same.
Half of my community is pre 80s and every home has been renovated inside and out over the years. Tenant base has evolved from those with no other choice in housing to those that live there by choice.