Tuesday, May 18, 2010

Terminology Tuesday - Carport

(Note: I think it's important to know the terminology and words used when learning any new business including mobile home investing. I came up with 'Terminology Tuesday' as a way to go over the terminology used in the mobile home business. It's important to know the terminology when talking to people in the business so you're all on the same page).

Video Link

As defined in Wikipedia:

"A carport is a covered structure used to offer limited protection to vehicles, primarily cars, from the elements. The structure can either be free standing or attached to a wall. Unlike most structures a carport does not have four walls, and usually has one or two. Carports offer less protection than garages but allow for more ventilation."

Source Definition Link

Most times, carports can be found in more high end parks. Typically, carports found in the parks are made of metal material and cost quite a bit of money - many I've heard cost around $1000 and up. Usually, it will be the homeowner (not the park) who will foot the bill and pay for their own carport (if they desire one).

Here's an example of a typical carport from The Home Depot:

(Note: Most mobile home parks will have rules and specifications on what they allow/don't allow. If you find yourself working in a park that allows car ports, make sure you know what the specifications are before you buy (not after) just in case there may be a specification and/or conflict issue).

When talking and negotiating with sellers, I've found some have tried to up sell the fact that they have a carport (if they have one) attempting to add value to the home and justifying a higher price.

However, in my experience it's usually the mobile home itself (as well as the park) that give value in the eyes of buyers. Usually, something like a carport (or a shed) would just be something extra but would not be the main factor in determining the ultimate value of the home. In most cases, it's not going to make or break a deal - it's just an extra bonus.

My general rule of thumb:

Look around at the other homes in the park. As long as the home I'm looking at blends in (with or without a carport), it's decent. Same thing goes for a shed and/or an awning. As long as the home blends in with the rest of the neighborhood, it's fine in my book.

Happy investing!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!


Anonymous said...

Hi Rachel,
Just read your article in Rev N You. I am interested in learning more about mobile homes and will visit your blog later to learn more. I liked what you wrote. Keep up the great work.

Mobile Home Gurl said...

Glad you enjoyed the article, thanks for the note and for stopping by!