cptlo
Pursuit Driver
Opinion question....
I was talking to my cousin yesterday and she asked my opinion on what she should do. She inherited three acres of land with a small double wide mobile home. She wants to retire on the land and either:
1. Build a small new house (1000 or so square feet)
2. Get rid of the existing double wide and replace it with a new one
3. Completely remodel the existing double wide (take it down to the studs and rebuild it, new plumbing, electrical, HVAC)
Obviously, option 1 is the best but would also cost the most. I'm guessing option 2 would be cheaper than option 1 but I question if the savings in cost would be worth the lower quality home. Option 3 is interesting....the existing mobile home is not in terrible shape but she says it could definitely use updating and remodeling. I have no idea what this would cost but I'm guessing it would be much cheaper than either option 1 or option 2 and the end result would likely be somewhere in between a new mobile home and a site built home in terms of quality as long as she uses a good contractor that uses 'real house' materials.
Also, she doesn't have a ton of money. I threw out a wild guess on the remodel cost of $50K (no idea if that is a reasonable amount) and she said could probably pay most of that from savings but would definitely need to get a mortgage for a new site built home or a new mobile home.
So, with all that said, anyone have an opinion on what she should do?
P.S. Also note that this is in south Georgia where mobile homes are very common and not looked down upon as much as they would be up here in the big city!
I was talking to my cousin yesterday and she asked my opinion on what she should do. She inherited three acres of land with a small double wide mobile home. She wants to retire on the land and either:
1. Build a small new house (1000 or so square feet)
2. Get rid of the existing double wide and replace it with a new one
3. Completely remodel the existing double wide (take it down to the studs and rebuild it, new plumbing, electrical, HVAC)
Obviously, option 1 is the best but would also cost the most. I'm guessing option 2 would be cheaper than option 1 but I question if the savings in cost would be worth the lower quality home. Option 3 is interesting....the existing mobile home is not in terrible shape but she says it could definitely use updating and remodeling. I have no idea what this would cost but I'm guessing it would be much cheaper than either option 1 or option 2 and the end result would likely be somewhere in between a new mobile home and a site built home in terms of quality as long as she uses a good contractor that uses 'real house' materials.
Also, she doesn't have a ton of money. I threw out a wild guess on the remodel cost of $50K (no idea if that is a reasonable amount) and she said could probably pay most of that from savings but would definitely need to get a mortgage for a new site built home or a new mobile home.
So, with all that said, anyone have an opinion on what she should do?
P.S. Also note that this is in south Georgia where mobile homes are very common and not looked down upon as much as they would be up here in the big city!