How much would access to a 6 acre lake from a mobile home & 1 1/2 acres of land increase its value?
Have a 1977 mobile home in good condition with many repairs with 1 1/2 acres of land that is near and with access to a 6 acre fishing lake. How much value would the lake add to the property?
near any 6 acre lake
- Coffee DrinkerLv 74 weeks agoFavourite answer
There are places in this world where 1/4 of an acre of land is worth $500,000 and there are places where you can buy land for $5,000 per acre or less. so we have no idea how much value your 1.5 acres brings to the equation.
1977 is old for a mobile home - even if its in good condition its nearly impossible for someone to get traditional bank financing for a mobile home that old. That limits your potential buyers to investors who can pay cash, or people willing to take re-hab or construction loans with plans to demolish the mobile and build a permanent structure. A smaller pool of potential buyers means less demand which means a lower price.
Also what do you mean "access" to a lake? is the property actually ON the lake, or just in a neighborhood where you can go to a community park that is on the lake? BIG BIG difference. And what exactly can you do at that lake? 6 acres is a small lake so I'd imagine there are no motorboats allowed which means no waterskiing. its not exactly hard to find small lakes where you can take a paddle boat or electric fishing boat out and fish for trout or whatever. So that probably doesn't add a ton of value either.
Bottom line is that you need a local realtor who specializes in selling land & larger properties, not just any realtor who sells cookie-cutter neighborhood homes. Let them do a comparative market analysis and determine what its worth.
- Landlord365Lv 54 weeks ago
This is an INTERNATIONAL site. You need to ask a LOCAL realtor. Nobody here knows where in the world you are or what your local market is like.
- realtor.sailorLv 74 weeks ago
If it only has access, not frontage, it doesn't add anything.
- No MercyLv 74 weeks ago
mobile home does not add any value, it actually decreases the value and if u sell the land they will probably require u to remove it from the property. and it depends where the lake is - if it is near a big city and in a wanted area then it will increase, if it is remote and there is nothing around it i doubt it will cost much
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- A HunchLv 74 weeks ago
That would depend on what lake you are near.