How to Purchase a Manufactured Home
You've been exploring your real estate possibilities and buying a manufactured home looks appealing. The homes are attractive and come in many attractive styles, sizes, and floor plans. They can be installed on your own land, in a subdivision or in a manufactured home community where you can enjoy a variety of amenities such as the use of recreational facilities, swimming pools, and fitness centers. If you decide that a manufactured home is right for you, it's important that you understand the process. Here's how you can prepare for the purchase of your manufactured home.
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Instructions
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How to Purchase a Manufactured Home
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For starters, decide whether you want to buy a new home, or one that is for sale in a manufactured home community. Shop around. Visit your desired location and look at manufactured homes for sale. If you decide to purchase a previously owned home, you may want to contact an experienced real estate agent. Depending on your lifestyle, there are small homes with nice, comfortable interiors, and larger designs where you'll find spacious living rooms, dining areas, kitchens that are fully equipped, bedrooms, family areas, and also utility rooms.
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Check out the real estate ads and manufactured homes websites to get an idea of prices. See Resources below for a link to this site. This will help you determine if the manufactured home you are considering buying is priced fairly. Depending on the size, which can range from 900 to 2,500 square feet (sometimes even more), a new manufactured home can cost anywhere from $20,000 to more than $100,000 without the land. Many manufactured homes are sold through retail sales centers, which offer a variety of services.
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There are a variety of financing options available. Once you find a manufactured home you want to buy, check with lenders in your area to find out what your down payment and loan terms would be. If you decide to place your home on land that you own or plan to buy, traditional financing is usually arranged. Be sure to research new home buyer programs. You may be able to take advance of some incentive programs such as the government's new home buyer tax credit of up to $8,000 that is now offered to first-time buyers.
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Research to get an idea of all other costs and charges if you are interested in a rental community. In addition to your mortgage payment, there are utility costs, rental fees and routine maintenance. You will have to follow all maintenance requirements that will be listed in your homeowner's manual. Know what your restrictions are, and who is responsible for snow removal, cutting the grass, garbage collection and any other maintenance. Be sure to refrain from buying the first home you find, no matter how much you like it. Compare services, amenities and the costs of others before making a decision.
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Consider zoning issues if you plan to buy land. In many cities and suburbs, there are certain requirements and restrictions, such as the size of the home or how the land will be used. Sometimes, the restrictions are hard to understand. It's best to get some advice from an experienced real estate attorney to avoid any problems. Even though manufactured homes come with plumbing, electrical and heating systems, they must be connected to utilities. Get in touch with your local utility company for information on connection fees. Also, know that some areas don't have local water lines, and you may have to drill a well. Contact your local health department about the water quality in that area.
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Tips & Warnings
Today, manufactured homes are built to meet the new federal construction and safety standards, as well as the national energy standards that are set by HUD, the U.S. Department of Housing and Urban Development.
