How to buy a Manufactured Home
Thinking about BUYING A MANUFACTURED HOME?
Buying a home may be the most expensive purchase you will ever
make. A manufactured home may be an appealing option for you.
These homes come in a variety of styles, sizes, and floor plans, and range
in price from about $15,000 to more than $100,000, without land.
Manufactured homes can be installed on your own land, in a rental
community, or in a planned subdivision.
Manufactured homes are factory-built to meet the federal Manufactured
Home Construction and Safety Standards, also known as the HUD
Code. The Code, which is administered by the U.S. Department of
Housing and Urban Development (HUD), regulates the home’s design
and construction, strength and durability, transportability, fire resistance,
and energy efficiency. It also sets performance standards for the heating,
air conditioning, plumbing, thermal and electrical systems.
The Manufactured Housing Institute and the Federal Trade Commission
have developed this guide to help you through the home-buying process.
You’ll learn about purchasing a home and its construction, transportation,
installation, and important warranty protections. The retailer of your
new home can provide additional information.
BEFORE CHOOSING A MANUFACTURED HOME
If you have decided that a manufactured home is right for you, consider
the following issues:
WHAT SIZE HOME AND FLOOR PLAN DO I WANT?
Manufactured homes come in a variety of sizes and floor plans that
include spacious living rooms, dining rooms, fully-equipped kitchens,
bedrooms, family rooms, and utility areas. Depending on the size of
your home site, you can choose a single-section or larger multi-section
design. Homes range in size from 900 to 2,500 square feet and can be
customized to meet your needs and preferences.
WHAT FEATURES ARE AVAILABLE ?
The interior design of your home can include custom cabinets; walk-in
closets; bathrooms with recessed tubs and whirlpools; and wood-burning
fireplaces. Because most manufacturers use computer-assisted design,
you’ll have flexibility in choosing variations to floor plans and decor.
You can choose from a variety of exterior designs, depending on your
taste and budget. Exterior siding comes in an array of colors and materi-
als including metal, vinyl, wood and hardboard. Awnings, enclosures
around the crawl space, patio covers, decks and steps also are available.
HOW MUCH CAN I EXPECT TO PAY FOR A MOBILE/MANUFACTURED HOME?
Depending on the size, floor plans and features, a new home can cost any-
where from $15,000 to more than $100,000. This doesn’t include the land.
WHAT FINANCING OPTIONS ARE AVAILABLE?
Your retailer usually can provide information about financing. You can
also check with lenders in your area. Just as there are choices when you
buy a site-built home, there are a variety of financing options when you
buy a manufactured home. Downpayments and loan terms are similar —
5 to 10 percent of the manufactured home’s sales price, and loan terms
from 15 to 30 years. Most lenders offer fixed and variable rate loans and
most have programs that allow you to “buy the rate down.” If you own
or plan to purchase the land where you will place your home, traditional
mortgage financing can usually be arranged.
MOBILE HOME INSPECTION
Conduct an organized inspection before you move in to your Mobile Home/Manufactured home. Move from the
exterior to the interior, carefully checking each room. Many manufacturers provide a checklist in the owner’s manual. Fill it out, date it, include additional items that need servicing and promptly return it to the manufacturer. Keep copies for yourself. A delay could jeopardize your warranty
This article originally posted by the Manufactured Housing Institute.