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 more than $100,000, without land. To help you out, here are 5 things to know before buying a manufactured home.
Manufactured homes can be installed on your own land, in a rental community, or in a planned subdivision. Mobile homes are factory-built to meet the federal Manufactured Home Construction and Safety Standards, also known as the HUD Code. The Code, 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.
This guide will 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.
5 Things to Know Before Buying a Manufactured Home
Before paying for a mobile home, here are what you should know:
1. 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 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.
2. 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 materials including metal, vinyl, wood and hardboard. Awnings, enclosures around the crawl space, patio covers, decks and steps also are available.
3. Potential Cost of the Mobile Home
Depending on the size, floor plans and features, a new home initial cost can be from $35,000 to more than $150,000. This doesn’t include the land. It involves more than just the initial price, encompassing factors such as financing, insurance, and ongoing maintenance expenses. Assessing these costs helps prospective buyers establish a realistic budget, ensuring financial stability throughout the homeownership journey. By gaining clarity on the overall investment required, individuals can make informed decisions, avoiding financial strain and ensuring a smooth transition into mobile home ownership.
4. Financing options 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. Down payments 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.
5. 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.
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