5 Things You Need to Know Before Purchasing a Manufactured Home

Written by Posted On Thursday, 28 February 2019 22:30

Are you thinking of purchasing a manufactured home? Make sure you understand the pros and cons. Here are the 5 most important things to know before jumping in.

It's time to detach the stigma attached to manufactured homes. Today's manufactured homes are incomparable to the older version trailer homes that come to mind. Manufactured homes closely resemble homes that are built on the land.

And they're a great alternative! They come with many benefits. But there are some cons to be factored into the equation before purchasing. 

Before making any big life decision, you should know all the pros and cons. And purchasing a manufactured home is no exception! Keep reading to get the scoop on the 5 most important factors to take into consideration before buying a manufactured home. 

1. New & Used

Manufactured homes aren't only purchased new. These homes can be bought used as well. Before owning a manufactured home, you should know if a new or used home is best for you. 

If buying new, then the world of customization is yours! Buying new is a great option for families that need maximized customization. You can choose how many rooms, walk-in closets, and more!

If buying used, then the world of savings is yours! Buying used manufactured homes is a great way to save some cash. But make sure to have a thorough inspection completed before the purchase. 

2. Financing

Because manufactured homes have come such a long way, the process for mobile home loans is beginning to resemble standard home loans. And FHA and VA loans are available financing options for these homes. Depending on if your manufactured home is attached to the land or not might determine what kind of loan you get.

Chattel loans are an option for homes that do not have permanent foundations. And they are placed on rental land properties, privately owned land, or land that the buyers have already purchased.

A conventional mortgage is an option for manufactured homes that have permanent foundations. These types of manufactured homes are considered real property. And if the land that they are placed on is not already owned by the purchaser, then the price of the land is added into the loans total. 

3. Land Requirements

Land requirement is a huge factor to consider when purchasing a manufactured home. You can decide to put your home on land that you already own, on land that you're planning to rent, or you can choose to go with a community.

Already owning land is a great start! But check local zoning laws to confirm that a manufactured home is allowed there. If deciding to rent the land, then you will have a cheaper downpayment. But keep in mind that it might be hard to acquire a standard mortgage this way. 

Choosing to live in a community offers plenty of amenities. But you'll be leasing the land.

4. Designs

Before making a final purchase, think about the design! Buying new means you have complete customization as an option. You can make the design to suit your family perfectly.

Add fireplaces, extra bathrooms, and closet space! But amazing design doesn't stop on the inside. You can have the exterior of your manufactured home mirror the style of any traditional home that you would like!

If you're wanting to purchase a used home, then don't worry! You can find what you need in a used manufactured home as well.

5. Warranties

Warranties only apply when purchasing a manufactured home that's new. So if you're wanting a warranty, then you'll need to buy new. The warranties on these homes normally cover retail and manufacture issues, and appliance problems. 

After purchasing the home, you'll receive a homeowner's manual. The manual will explain how to properly care for your home. It's important to note that if you don't follow the manual's homecare guidelines, then your warranty may be voided.

Be In The Know Before Purchasing A Manufactured Home

Purchasing a manufactured home is exciting. It's a time filled with happiness. But it can also be stressful.

Don't let the stress of becoming a new homeowner overpower you. Remember these five important factors! And you'll walk into the process knowing exactly what to do!

For more advice on purchasing a new home check out our blog

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