Over the past couple of years, manufactured homes have grown in popularity because of the inability of millennials to pay off their student loans and the lack of employment opportunities that pay well. The first manufactured home was recorded in 1764 while assembly in factories began in 1926.
Manufactured homes are the result of modular construction, where most of the parts of the house are largely assembled in factories before they are transported to the sites of use. Manufactured homes are used to be called trailer homes or mobile homes, but a change in the U.S. Department of Housing and Urban Development (HUD)’s code in 1976 characterized manufactured homes as different from trailer homes of the past.
With the change in design, size, durability, construction, and safety, manufactured homes have become the ideal alternatives for individuals and families who cannot afford homes built on-site.
New or Used?
Buying a new manufactured home will allow you to customize and personalize it according to your needs. You can choose the exact size and layout of the home, which is typically from 900 to 2,500 square feet. You also get to choose the amenities and features you want such as walk-in closets, bathtubs, fireplaces, patios, and more. For the exterior, it is up to you to customize the colours, decks, and awnings.
Used manufactured homes are lower in price. But that does not mean this is the wiser option. Before buying a secondhand manufactured home, check the gaps in the windows and doors, hinges, flooring, insulation, HVAC system, plumbing, and anchoring system.
Financing Manufactured Homes
The cost of a manufactured home will typically range from $15,000 up to $100,000. If you don’t have the cash to pay for it instantly, you can have it financed by banks and loan institutions. Historically, banks don’t consider manufactured homes as real estate but as personal properties. This means that they have a higher down payment, higher interest rates, and higher credit score requirement.
Thankfully, this changed over the years. Manufactured homes are now being financed much like on-site homes. Still, you still to take care of the transportation of your home, insurance, property taxes, and utility bills.
You need to secure the land where your manufactured homes will be located. The supplier will not provide the land for you. There are two options: Rent land in a manufactured home community, or put the home in a property you already own.
Living in a manufactured home park has a lot of benefits. It’s a vibrant community where you can establish life-long friendships. There are great amenities in a community like this, too. However, if you own a land, you can consider putting the manufactured home there so that you won’t have to pay the rent.
Remember, though, that states have different zoning and restriction laws. Make sure to check with your local office if you can place a manufactured home on your property. If your land is in a subdivision, there are stricter regulations there in terms of the value of your manufactured home, as well as the way it looks compared to other houses.
If you’re planning on buying a manufactured home, do thorough research of your options first. Also, ask yourself if this is going to be a long-term housing solution because that could greatly affect your choices in terms of location, size, and floor plan. By clearly understanding what you need, what you’re looking for, and what you can afford, you can have a truly great living situation in no time.