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3 Bumps

are most appraisals focused on land? home? or is it 50/50?

I'd like to get the property I rent re-appraised because the landlords have offered us to lease it. It's a double wide MH about 34 years old, on almost 2 acres. The paperwork I have is from 2005 so it definately needs an update. I know MH's lose value so would that make the conclusion of the appraisal even cheaper than it was 6 years ago? Or would the appraisal mostly focus on the fact that it is on 2 acres? I know it also depends on the landlords if they will go with it or not, but I'm asking based on paperwork..... I hope my question makes sense.

 
Owl_Feather

Asked by Owl_Feather at 5:47 PM on Jan. 23, 2011 in Home & Garden

Level 22 (13,272 Credits)
This question is closed.
Answers (3)
  • Land can raise the value of a home for the selling price, but when we have had mortgage appraisals they have not counted the land for much of anything. One even told us that if you need the land to raise the value of your home, then your house isn't worth that much in the first place. I don't agree with that line of thought, but then again, I don't agree with much that comes from a mortgage company.

    scout_mom

    Answer by scout_mom at 7:44 PM on Jan. 23, 2011

  • From what I understand it will be based mostly on the home.
    kmath

    Answer by kmath at 5:55 PM on Jan. 23, 2011

  • when we bought our home they did it for both. We had no landscaping in the front when the house was done and after we landscaped the house value went up. But we are in a new development and there hasn't been much built lately and so our land value went down. So to answer they do both! But funny enough the home on the land does not make the land value go up. it has to do with where the land is and how it compares to other pieces of land around it.
    whitefamily

    Answer by whitefamily at 6:12 PM on Jan. 23, 2011

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