I am looking at buying a modular home that is less then a year old, is this a good idea or should I buy a stick home?

does the value of a modular home drop in years or would it be worth more when the market comes back up?   

Hi Jeff,

Although I have to say this is not the market I work in, I found your question interesting and decided to do some research on it. Modular homes are treated much like stick homes as far as banks, insurance companies, and, in your case importantly, appraisers are concerned. Also, because they are factory built, they are very energy efficient, which can save you money on heat and energy expended cooling the home. You should asses both the condition of the home and compare it to both recent sales prices and value assessments of stick and module homes in your area to make sure that you are getting a good deal. You should also look at an analysis of the value of homes in the neighborhood you choose to live in over time so that you can see whether the overall trend has been positive or negative. That being said, because of the condition of the economy, purchasing a home that works for you is likely to bring a good return on your investment because of both the satisfaction that ownership brings and an appreciation in value of the residence as the market recovers.

Best of luck,

Alessandra Marx
alessandra@elikaassociates.com
http://www.elikaassociates.com