How you can Value a Mobile Home Park
Like most property the Seller usually wants too much and the purchaser wants to pay too little for any mobile home school. Certain buyers may have different motivations for purchasing certain park (1031 money, ability obtain better financing, conversions to other uses, and location to where they live). In this book we will only look only at the value of a mobile home park for the typical buyer who continue to operate because a mobile home park.
Anyone that has seen an appraisal on a house or most varieties of real estate will have heard mention of the 3 approaches to determining the value of that real estate. They are the Cost, Sales, and Income Decide on.
Unless you are coming up light and portable value of a brand name new mobile home park or 1 which is predominately vacant, I do avoid seeing any reason get a the cost concept. It is not likely that a new mobile home park will be built nearby and what it would cost to build the most current park does not even take into account the amount of time, effort, and funds it takes to fill that park up with occupied and paying home-owners.
As far given that Sales or Market Comparison approach to value, this one other highly suspect. This is based on comparing the sale of the subject property along recent sales and adjusting for differences that you may or may not know about. Problems with this approach include varying expenses, rents, and management. Pc an investor or appraiser I would certainly use this approach as potential information and not draw any conclusions as a result !.
Lago Vista RV Park
2871 Hwy 72 W, Three Rivers, TX 78071
(361) 436-0845
