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Future Appraisal

Posted on: 12th Mar, 2010 12:19 pm
We had our 7 acres appraised. The appraisal came back at $75,000. The property has a 1965 park model trailer on it, a new pump house, a wood shed, a children's playhouse and another storage shed. These is no sewer and the well produces water with high acidity and lots of iron (not a factor in th appraisal). The propoerty is largely sloping.

We want to excavate by digging down at the back of the property and creating about 100 ft of flat ground at the top of the property. We want to put in the septic and a water filtration system and storage tank. We have been quoted $115,00 for a 2267 sq. ft. Marlette. It is is a 30 ft. x 61.5 ft double with a 15 x 29 bonus pod. The house will be 3 bedrooms (4 if you included the office) and 2 baths. If we were to purchase the same home from a dealer closer to our house the price was $135,000. We want to put the house on a concrete foundation with concrete stem walls. The house would become real property. We would like to landscape and put in sidewalks as well as a 36 x 48 shop on the other side of the driveway.

Okay, so very long story short. If we can get 80% of the future appraisal of the property, would the future value jus be the 75,000 plus the 115, 000 for the house? I don't think that would be enough to do all the things we want to do.

How does this all work?
First of all, the value will most likely not equal the cost. Take the 75,000+115,000 and throw that idea out the window. The market value would be based on recent sales of properties with manufactured homes already on them. So the value of the home itself becomes a contribution to the whole and does not have value on its own. I cannot speak for your area, but if you are here in GA, expect that the contributory value of a manufactured home will be about half of what it costs from the dealer.
My advice would be to talk to an appraiser in your area and figure out what the future value of the property would be. Not to mention our down markets all over the country, you may find the future value to be MUCH less than you anticipated!
Posted on: 13th Mar, 2010 09:29 am
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