Hey everyone! I recently won an auction for a one-acre lake property in Alabama, which has a lot going for it, including 200 feet of lake frontage and a large grandfathered dock and boathouse. The property also has a 1982 manufactured home with a couple of additions, city water, and a connected septic system. We're considering splitting the property into two half-acre plots to boost its value. I'm wondering whether it's smarter to renovate the old trailer or demolish it and build something new.
I've got a few questions: Have any of you successfully renovated an 80s trailer? What are the costs like for renovating compared to tearing it down? Is there anything besides the septic system that I should keep in mind? I also want to know if splitting lakefront properties is a good way to increase value. Lastly, what should I consider when rehabbing a home that's over 40 years old? Would love your insights!
1 Answer
Before you make any decisions, it’s a good idea to consult with a home builder to get an estimated cost per square foot. You’ll definitely need separate septic systems for each lot if you're splitting, so keep that in mind. It sounds like you should have planned everything through a bit more before jumping into buying, but now you can work on your next steps to increase property value. It’s crucial that you have a builder's appointment lined up to further explore your options. Additionally, I’d focus on the structural integrity of the manufactured home if you’re leaning towards renovating.
Buying at auction doesn't allow much planning, I totally get that. As for the value, if fixing the dock and cleaning up the property can boost it significantly, then you're definitely on the right path. Just make sure to stick with your calculations for renovation vs. full rebuild!