Retirement Subdivisions

Communities that cater to retirees are usually more stable than those that attract first-time homebuyers. They normally don’t have a threeto five-year selling bubble that can depress prices. These homeowners often stay until they move into a nursing home or die. This often results in a relatively stable home market with the number of homes for sale roughly equaling the number of buyers. In some upscale communities with a big demand, there can even be buyers circling and waiting for a home to come on the market. As a result of supply and demand, homes in these areas can consistently go up in value.
Even though you’re retiring and plan on staying in a home forever, it’s still important to buy in the best area possible. You’ll enjoy the community more, and if you decide to sell the home it will have appreciated in value.
To make sure you’ll like the community, walk around the lots or homes you’re interested in. Meet the neighbors on both sides and across the street. Ask questions about the area and read the restrictions and homeowners association rules. If there are problems, you’ll hear about them fast.
The bottom line in buying a manufactured home in a retirement community is to go for the best location you can afford. If it’s a new community, look at the area closely. Make sure there’s nothing in a master plan like a freeway, airport expansion, or planned rezoning in the works that could lower values.

Entry-Level Subdivisions

If you’re buying in a new subdivision that attracts entry-level buyers, chances are that when you’re ready to move up, so will others who bought at the same time. Condo projects that attract first-time home- The first five years were great for Brent and DeAnn, but as their family and income grew, so did their desire to move up to a bigger home closer to work. Three bedrooms were no longer enough, with their second baby on the way. When they decided to put their home on the market in the spring, about a dozen other ‘‘for sale’’ signs appeared around the community.
Some homeowners who were under pressure to sell because of job changes or because they had found a bigger home reduced their price. This created a downward price spiral, as realtors and appraisers priced homes based on what others had sold for the last few months. Because Brent and DeAnn had put a lot of effort into making their home attractive with good curb appeal, they were able to sell at close to a breakeven price. True, if they had been willing to stay for a few more years, they could have built up some equity. But, in their case they just wanted out so that they could move on with their life and were happy to walk away from closing with zero profit.

Site Improvement Checklist

In construction lingo, the gas/propane, electrical, sewer/septic, and water lines are called laterals. The cost of these lines is determined by size, type, and length (setback) from the house to the POC (point of connection).
Always get two or three bids if possible when considering a contractor. It’s also important to check references and several past jobs before you commit. A little homework up front can save you a lot of pain and money down the road.

Gas Line
Contact the gas company for the location of the gas line and if the line is stubbed on your side of the street. If it’s on the other side, you may have extra fees. Usually, you dig the trench and the gas company runs the line and sets the meter. Get any other costs that may be involved.
If you’re going with propane, call two or three propane companies and get pricing for the fuel, set tank, run line to home, and changing appliances to propane if needed.

Electrical
Call the power company and find out what the hookup costs will be.
Get bids from two or three electricians to run overhead and/or underground lines.

Sewer/Septic
Call the city office and find out what the connection fees will be.
Get two or three bids for running the sewer line from the street to the home site.
If you’re going with a septic system, call two or three contractors and get bids for the lines, fields, tank, and installation. Check on a percolation (perk) test. Sometime a perk test can take months, so check on this before you commit to buying the lot.

Water
Call the water company for connection fees, location, and size of lines. The contractor who does the other lines may be able to include the trenching for the water lines in the bid.
Get bids from a plumber, if needed, to run the water lines and do the hookups.
If you’re going with a well, get bids with a cost breakdown sheet from two or
three drilling companies.