https://m.trulia.com/property/3188350814-1085-Tasman-Dr-767-Sunnyvale-CA-94089 What's the deal with houses like this? Has anyone had experience with them or considered buying one? They are crazy cheap for this area. Yeah they only have a car port, but it seems feasible that you could buy one of these to live in during the week. Then you could buy a weekend house in Tahoe. All for less than a shitty old house in Sunnyvale.
You can’t get a mortgage on a manufactured home
you pay mortgage on the house and land rent which is usually around $1400 nowadays. interest rates are usually around 6.5%. you don't own the land beneath it. the house, given it is in Bay area appreciates but barely. anywhere else, it would depreciate. But the houses are usually big. So make a call based on that.
Many ppl in bay area can buy such house on cash without mortgage.. let's suppose the land rent is $1000 .. property tax would be around $200 ... the actual rent of similar house would be around $4000. So one would be saving $2800 per month ... Even after Assuming it doesn't appreciate ... Wouldn't it turn out to be cheaper !!!
agree, but land rent $1000 today is wishful thinking.
pretty sure you can also place a manufactured home on a piece of land you own
The price of land is what makes the market... If you already have land building a regular home is probably cheaper than this.
are you sure? i feel like contractors in the bay area have rates commensurate to the bay area. plus cost of materials. plus "unforeseen setbacks" that seem to always occur with contractors which increase cost of materials and time needed.
Any health concerns living in these houses? With conventional condos and SFHs, we know reasonably well that there's no asbestos etc... Are there health regulations governing health impact of living in manufactured homes?
The land rent is $2500/mo sand subject to increase. Mobile homes aren't worth it.
Also, commuting out of the bay on Friday is a nightmare
Can you move the home to another location? Can you settle it eventually on a piece of land that you own and sell it like regular home?
Sure you can. It’s very expensive to move though. What happen when people can’t afford the land rent anymore is that they often have to abandon the house or sell it for cheap. Landlords who own mobile home park will in some case increase rents just to get rid of tenants so they can resell the land for more valuable development (eg: condos)
A lot of what people are saying here is incorrect. Manufactured homes do not necessarily mean mobile homes. Manufactured homes are fabricated in a facility in separate components and individually shipped to the construction site. From there, the same process occurs as does with other homes when they're being built. The only difference being, these homes are modular at this point in the process. Yes, mobile homes exist and they will still pay rent on the land. No, manufactured homes aren't necessarily mobile homes and don't need to pay rent on the land so long as you own the land (just like any other home). In the listing you shared (looks beautiful by the way), there is space rent unfortunately which means you don't own the lot. Mobile homes and manufactured homes are put in the same category though for whatever reason.
Neighborhood and location... that’s driving the real estate prices the most. Go out to the address and check what make and year are the cars parking there. Figure out if you fit in or not.
Manufactured home means mobile home. They are cheaper. They are difficult to resell. You still need to pay some sort of rent for the land that it is on.