What You Need to Know About Manufactured Home Property Value
There is a widely held belief that manufactured homes or mobile homes adversely affect the property values of the real estate around them. The primary reason this myth is so widely held has to do with manufactured homes being built in factories and transported to sites before being set on their foundations.
Many manufactured home buyers presume that building a house on site is preferable to buying from the factory. They are under the mistaken impression that site built houses are more valuable and safer. They also assume manufactured home property value always decreases rather than increasing in the way traditional housing values normally do. Studies show these assumptions are for the most part baseless.
Hear What Home Experts Say
A Harvard University and Massachusetts Institute of Technology cooperative think tank studied a New Hampshire town to assess the impact of manufactured homes on property values. Since the town had no zoning regulations factory built and site built homes were intermixed in the community. The authors of the study did not find any notable evidence that mobile home property value adversely affected the surrounding real estate.
Another study done by the University of Michigan’s College of Architecture and Planning examined three Michigan mobile home communities and how mobile home property value impacted surrounding residential real estate values. It found the market value of mobile homes appreciated at approximately the same rate as the traditional site built houses.
According to the study, the real estate adjacent to the mobile home communities appreciated significantly and at a similar rate to comparable real estate not located adjacent to any manufactured homes. The study also concluded neither private appraisers nor local officials differentiated between properties located next to manufactured homes and those properties located in other areas when determining valuation levels.
Manufactured Home Property Values Are Not Endangered
The pattern that emerges is one in which the value of comparable residential homes whether factory or site built depends largely on location and maintenance. Appraisers don’t evaluate homes differently because of the manner in which they were constructed. A manufactured home that is taken care of will retain its value and increase substantially in value over a comparable site built home that is not well maintained.
If you are looking at mobile homes for sale in Jackson or mobile homes for sale in Willis, you can rest assured that you will have the same home ownership advantages as those looking at traditional construction. It is a myth that a home built in a factory and transported to its set up location is automatically less valuable than one built onsite. The type of home you choose should be based on what works for you and your family’s financial situation and current lifestyle.
For helpful information about our Michigan manufactured homes and their property value, contact our team at HomeFirst Certified today.