Buying a manufactured home is a little bit different from buying a traditional site-built home, but that doesn't mean it has to be more complicated. If you arm yourself with the facts, it will be a lot easier to know what you're looking at when you compare home options, and what to do when you are ready to find financing. Here are seven basic facts that will really help you during your home search.
Manufactured Homes Meet Federal Guidelines
One of the biggest misconceptions about manufactured homes is that they somehow fall short of traditional housing in terms of building quality. In truth, manufactured homes have been held to HUD standards since 1976, and must meet all federal guidelines when built at the factory.
Manufactured Homes are for Long-Term Housing
Many people believe that manufactured homes are only good for temporary living or regular movements. In truth, moving a manufactured home can be quite costly, in fact the home is usually placed on a permanent lot and secured for the rest of its life. Another unknown fact, many builders of manufacturing homes now offer advanced skirting products that make the home look exactly like a site-built home as well.
Manufactured Homes are Different from Modular Homes
A modular home shares some characteristics with a manufactured home in that the major components are all assembled at a factory and shipped to their final destination. However, with a modular home, the pieces arrive separate and must be connected and assembled individually. The pieces do not stay attached to a trailer chassis in the end.
Manufactured Homes are Environmentally Friendly
Manufactured homes typically produce far less waste than other housing types because of their size and structure. In addition, by meeting current HUD regulations, they also perform admirably when it comes to energy efficiency. Homeowners can feel confident that their manufactured home is a safe option for the environment that minimizes damage to our natural resources.
Manufactured Homes Are Easy to Customize
Among the greatest benefits of manufactured homes is the fact that you can fully customize any design you like. From the floor layout to the countertop materials, the sky is the limit. While some people believe that these homes are reserved only for low-income buyers, the truth is that there are many premium quality manufactured homes on the market that look just like traditional construction in terms of material and interior design. In addition, if you are comparing custom builds, a manufactured home can be completed in a fraction of the time of a site-built house.
Manufactured Homes Exist Outside of Parks
The negative stigma that has followed trailer parks can be readily washed away with today's modern manufactured homes. In fact, the vast majority of buyers today are placing their homes on independently owned land and installing the homes to look like any traditional neighborhood. While you can lease land in a park to place your home, it is certainly not the only option available to you.
Manufactured Homes are Easier to Finance with Land
Mortgage companies see manufactured homes in an odd way. If the home is not attached to a piece of land, it is not technically real estate. Instead, it is chattel, or private property. Loans for private property differ from mortgage loans in many ways. However, if you purchase a manufactured home that is already placed on land, or you purchase land at the same time that you purchase the home, with the intention of placing the home on that land permanently, you can qualify for a modified mortgage loan that may have better terms. Either way, financing these homes is not as difficult as one might think.
Now that you understand the benefits of manufactured homes, and how they differ from other housing options, you can head on out to find the perfect home for you. Just remember, these homes are built to meet all the same standards as a regular home, as well as some transportation standards, so you don't have to worry that you're missing out.