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we are looking at several homes, I have heard a few things about modular homes, do they maintain or increase in value like site built homes or do they lose value?any help would be greatly appreciated.
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October 15 2010 - Lexington
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Modular homes are generally built to the same specs as a site built home in a factory then brought out and put on a permanent foundation. They are not relocatable and are permanent once in place. Since modulars are built in a controlled environment, they are not subject to the elements during construction. From what I understand they appraise the same as a site built home. Here is a link that compares manufactured, modular and stick built homes http://www.modulartoday.com/comparison.html
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October 15 2010
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I would NOT want a doublewide (mobile home). They are made like a trailer (only 2 times as wide) which is not very good. They also go down in value in a good market. And you are likely to have financing problems once they get past about 5 years old. 

I would not object to either a modular or a stick built house. A modular is built with precision. Every nail is where it should be. Every piece of lumber is precision cut. Once on your new foundation the only difference between it and a stick built house is a little connector in the basement where the electrical wires go together between the two halves. 

As far as value goes a modular does go up (or down) as much as a site built house does.

You have a very good idea of the quality that goes into a modular house. In fact, you have a higher likelihood of having good quality than a stick built house. The factory takes no shortcuts but could a contractor have?
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October 15 2010
Both Christine and Dan gave great insights! From a lender's perspective, a modular is treated the same as a site built home for mortgage and appraisal purposes. So as Dan said, it will appreciate and depreciate just like any other home. Getting financing on a modular is no different than a site built. Manufactured homes have limited financing available, higher rates and higher homeowner's insurance. Modular is definitely a better long term investment.
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October 16 2010
Lisa, thanks for tuning in.  It is so great to have a lenders insight on a lot of these issues.
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October 16 2010
I concur with what has already been said.  Just want to add a cautionary note.  When given the choice between stick built and modular most buyers with whom I have worked prefer stick built.  So in this market of over abundant inventory, I could make a case to a seller that his modular should be more compelling in price than a nearly identical stick built home.  Why is probably a function of fear.
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October 18 2010
 
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