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About Manufactured Homes
While More and more Millennials are struggling with their student loans and Boomers are looking for ways to cut down on their expenses, manufactured homes have captured the imaginations of the newer sect of Americans.
Manufactured homes represent affordability, customization, and low maintenance and act as a boon to Americans looking to break free from the cost of a traditional single-family home, and still need more space than a small home offers.
Now many people are shifting to manufactured and modular homes the occupant needs to consider the unique requirements before deciding to buy.
When choosing a manufactured home right from getting a mortgage to choosing the land and home maintenance considerations will be different from the traditional homes.
Let us look into all the information needed to make an informed decision about buying a manufactured or modular home.
What are Manufactured homes?
Prefabricated homes built off-site in a factory and then transported to their final destination are called Manufactured homes.
The HUD code authorizes the construction of these homes, and they’re the modern development of mobile homes.
The distinct difference between manufactured homes from normal homes is that they can be placed on a temporary or permanent foundation.
Buying a Manufactured Home
The process of financing a manufactured home is different from that of a single-family home or townhome.
Manufactured homes are considered personal property and not real estate by lenders.
The manufactured and modular home loans are more like a car loan than a mortgage with the requirement of higher credit scores, higher down payments, and higher interest rates.
With changing times even the lender’s views on helping with finance for home shoppers of manufactured homes are changing.
The modern-day quality of manufactured homes is increasing the longevity of the dwelling compared to the manufactured homes earlier.
In contrast, buyers are more interested in traditional home loans than the manufactured homes.
The HUD-backed FHA loans and VA loans, which are Government-insured loans, also have financing options for manufactured or modular homes.
Similarly, home shoppers can get help from banks and home manufacturers who offer more traditional chattel loans and mortgages.
The finance you are eligible for depends on the property conditions. If you invest in a quality home, have your own land, and fix the home on a permanent foundation then you stand a stronger chance to get a traditional mortgage and lower interest rates. If the manufactured home is “homey” then the financing options are better for the owners.
The senior mortgage loan officer for Warsaw Federal Savings & Loan in Cincinnati, Ohio, Zachary Fugate, says that for most standard bank financing prospective buyers should meet certain benchmarks, like, the manufactured home must be on a permanent foundation and the land should be titled as real property.
You can seek finance for your manufactured homes whether it is a principal residence or it is a second home.
He adds that standard bank financing does not support single-wide homes. Also to be eligible for financing the manufactured home must have the HUD Data Plate.
Land for Your Manufactured Home
As people want to live in a comfortable and beautiful space the builders of manufactured homes offer deluxe fixtures and upgrades, like a granite counter or hardwood floors.
But as the manufacturers do not sell the house with the land so the homeowners need to have land and a foundation to put their new house on, before going ahead to buying a manufactured home.
Then the homeowners can place their new home on land leased from a manufactured home community or on the land they own.
A manufactured home park furnishes families with a vibrant community, and with very good amenities, in their home.
To take care of the initial down payment needed to secure financing, homeowners can rent the land but that would not make getting a traditional mortgage easier.
When one is renting the land then the homeowners have to manage the mortgage, rent, and also the landlord.
It may cost you more when you are buying land to place a manufactured home, you would also need to do extensive research into local deed restrictions and zoning laws.
When you own land it helps to secure a traditional mortgage and lower interest rates.
When families own the land that the manufactured homes are placed on they are sheltered from the depreciation in the value of their manufactured homes and when the value of the land appreciates they can also build meaningful equity in their home.
The CEO of Studio 16 Architecture in Staten Island, N.Y., David Businelli, said that .la manufactured home can be set down in any residential zone of any city or town as long as it complies with the applicable regulations of minimum lot area, lot width, and lot depth also the building code consideration needs to be studied before deciding if a manufactured home will work on a lot.
Businelli has himself designed a manufactured home development.
Maintaining a Manufactured Home
manufactured homes like any other home, need tender love and care to make sure they remain a safe, long-lasting living space.
Once it is placed on its foundation, keep examining your manufactured home for rust and leaks on regular basis.
The vents and windows should get retouched with caulking as and when necessary.
Once a year a durable roof coating should be applied and check the foundation regularly.
Manufactured homes can be kept comfortable and clean with regular cleaning of siding, HVAC systems, gutters, and interiors.
Designing a Manufactured Home
Compared to the dark trailers of the olden days the design of manufactured and modular homes has improved a lot.
Right from traditional ranch homes to cozy log cabins to chalets or cool coastal retreats a manufactured home exterior can match any style.
Homeowners can run their creativity inside their manufactured homes, by designing their beautiful homes.
As manufactured home floor plans are created to maximize space, you do not need to sacrifice the things love by having to fit into a tiny home or apartment.
Conclusion
Before buying land for a manufactured home the homeowners must understand local zoning and deed restriction laws.
Just like any other home, manufactured homes give you an opportunity to express yourself through design and decor.
Home shoppers need to do their research before buying a manufactured home to be sure that they have made a wise decision in investing in a home that they are comfortable in.
Homeownership is possible for many homebuyers when they understand how to shop for it, invest in and maintain a manufactured home.
If you seek help with lot selection for a manufactured home, it is ideal to contact a local building professional.
Thanks for letting me know that manufactured home parks can provide me with a lease where I can set up my home and live there. I’m planning on selling my house and retiring soon so that I can make my money last throughout my retirement. I’ve never lived in a home like this before so I’m not exactly sure what to expect. I’ll be sure to look for a good way to find a good manufactured home park to settle down in for my twilight years, and hopefully, the money I’ve saved up lasts me the rest of my life.