Manufactured Home

[vlane]

2nd August 2007 10:59

Hi all;
I'm considering buying a manufactured home on the west side just past the bridge, it's a newly developed mobile park. Was wondering if anyone knew the pros/cons of purchasing a mobile in this area (I wouldn't normally purchase this type of home, but it's within my budget at this time). It is on Native Land with pad fees.

I know the resale value for a mobile is not as high as with a house, but do mobiles still increase in value in Okanaghan??

Thanks and any advice would be greatly appreciated.

[Betalil]

3rd August 2007 01:24

Well, you buy what you can afford of course.

But buying a Modular/mobile/manufactured home that is not on it's own land is something like buying a vehicle, they do depreciate over time no matter how well they are maintained.

If you own the land it is on, and not in a rented/leased park, then it would appreciate just like a regular home, but traditionally not as much as a regularly built house. And when on it's own land, then improvements/upgrades can be made over time to the plot and the home which could give you a better return if/when you decide to re-sell.

I'm not sure that banks would issue a mortgage on a modular without it's own land. Something to inquire about.

I personally think, that if you are trying to get on the property ladder, then a better first option would be a townhome or secondary option a condo.

Good luck.

[Brell]

4th August 2007 08:45


Hi,

All the points above are good. Definitely ask about financing - especially with it being on reserve land. The Westside band is one of the most entrpreneurial and forward thinking in the country though - so I am sure that they will have a way for a mortgage - it may mean going through their lender.

Is the unit for sale through real estate or the developer? If it is on MLS then I can search the history of sales in the development / region if you like. I can also look back in the stats for manufactured homes in the Central Okanagan if you like. Jult let me know.

It is tempting for sure to get a nice new manufactured home for the price of a townhouse that is well used. If you are working with a Realtor ask them about the buying demographic forecast for the future.. it may be that a newer single level modular may be more in demand than a townhouse with stairs that is older if the buyers are "Mature Movers" ie over 55 - but then - they may want an Adult park... it really is quite consuming - isn't it!

Another question to consider is how long you would intend to own it with regard to depreciation... Lots to think about. Not sure I have helped at all!

[sgozali]

16th October 2007 18:40

Hi vlane,

I agree with both Betalil and Brell. Buying a mobile home is way different to buying a fixed house. In terms of the mortgage, the process is also more complicated. Unlike a regular house, financing a mobile home has to be insured regardless what the loan to value is, but I do know couple of lenders who would do mobile homes. Let me know if you need any help.

May I ask why you prefer mobile home? If budgeting is the problem, you should consider duplex.

Cheers,

Susan

[MisplacedCanadian]

18th October 2007 09:33

Hi vlane,

I live on the Westside, and you should also be aware that there is some controversy brewing here.

There are a number of news items in the Kelowna Daily Courier, and the Westside Review paper, regarding mobile home parks on native land. Some mobile home owners in the parks have been served with notices informing them that the use of the land is being examined by its native owners - which is perfectly fine - it's just that one of the options being considered is possibly allowing that land to be redeveloped by residential developers.

If the land that a mobile home sits on is subject to this, the mobile home owner must find another pad to move to. If the home on the pad is more than 5 years old, I understand, it can't be moved. A number of residents of the parks, both native and non-native, are concerned about this.

As you can imagine, with land and house prices in the valley being what they are, it's very difficult to find another mobile home park to move to.

On a personal note, I agree with Betalil. If at all possible a better investment might be to look at a condominium development or townhouse.

Best of luck,

MC

[Jason_B]

8th November 2007 22:14


forgive my ignorance, but would this style of home be similar to what we used to call prefabs here in the U.K?

[Colsgirl]

27th November 2007 16:57

I work with someone who has bought one on this side of the lake. The pad rent is about $500 month. You can get a mortgage but you have to take out extra insurances - basically to cover the lender if you up and move the home somewhere else.

If It is the ones on the reserve land near Shannon Lake, be careful. First nations land is another thing as they are not governed by the rules and reulations, planning permission etc that the rest of us are. They have their own laws and can pretty much do what they want - including blocking roads in some provinces. Most leases on First Nations land are only for 99 years, our realtor told us that. I think it is always suspect having a property on land that you don't own.

[vlane]

3rd December 2007 00:52

Hi all,
I want to thank everyone that has provided feedback to my questions, I have considered all.
I'm purchasing a manufactured home mainly because of price. I've lived in condos/townhouses and have often been surrounded by loud neighbours that drove me crazy. Also, I have 2 small dogs and don't want to be disturbing my neighbours.

The home is on Native land, it's a new development park on Westside Rd so I don't think I will need to worry about the lease at this point in time.

Just getting out of a relationship and don't want a huge mortgage. Just wanting a nice, new comfortable place to live and a LAKE!! Time to enjoy life more instead of paying a mortgage!

Thanks again for you responses.
V

[einselec]

22nd January 2008 12:13

Hi there

We started showing our house today and we had some people that came and had a look.

We will be renting for the first couple of months to get the feel for the town and the lay of the land, so to speak. We will also only be able to look at Manufactured Homes because of the weakness of our currency against the Canadian $.

Saw a beautifull home in Village Green Way for a decent price and I was wondering if anyone can tell me what the area is like?

Regards
Einstein

[PIG-WIG]

24th January 2008 06:40


HI Einselec,

If the Village Green Way is on the Westside, then I think it is off the Okanagan Highway. It is on First Nations land, which means you only lease the land it is on. The area itself is quite nice and you may well have views of the lake from there.

You are about 1 - 11/2 km from the town centre and I think you would probably be in the catchment area for Shannon Lake Elementary school.

Good Luck with your move