Manufactured Housing News

As we prepare for a return to normalcy after the coronavirus pandemic, economic growth and consumer spending are following a positive trajectory. In the current socio-economic context, lower interest rates and specific home loan programs are offering unique opportunities that encourage more people to pursue homeownership. Considering all these, the positive consumer sentiment fueling a renewed interest in buying a home comes as no surprise, especially after many sellers, buyers, and real estate agents paused their home-buying activities last year. On the downside, the supply of new and pre-owned properties is shrinking fast amid the growing demand for housing. 

A manufactured home can be classified as personal or real property. This means that a manufactured homeowner can choose to continue to use the home as personal property and pay the annual license tax required or convert it to real property and pay real property taxes. A positive aspect of converting your manufactured home to real property is that you may be eligible for a series of tax exemptions and deductions. In order to better understand the tax benefits of owning a manufactured home, let’s take a look at the differences between tax exemptions and tax deductions. 

Whether you’re planning on buying a smaller home as a single person or a bigger home for your growing family, opting for a modular home instead of a traditional stick-built house can bring along a series of benefits you may not be aware of. But before discovering the advantages to buying such a home, let’s take a closer look at what exactly a modular home is.