Currently, a series of myths and misconceptions about the structural integrity, construction quality, and safety of factory-built homes are still surrounding the prefabricated housing sector. However, prefab homes deliver one of the best housing options for a broad range of homeowners. That’s because, besides being considerably less expensive than site-built construction and providing a wide range of styles, modern factory-built housing options, including modular and manufactured homes, offer the same amount of protection and safety as traditional stick-built houses.
Manufactured Housing News
Unlike conventional site-built homes, which are constructed from building materials that are mixed and/or assembled on site, manufactured homes are built partially or completely in factories from different building materials and prefabricated components. Once completed, these homes are transported either in one piece or in multiple sections to their final sites for assembly and installation. Currently, all manufactured homes are built according to the latest HUD code, which ensures the quality and safety of their design and construction. When sited, manufactured homes can be placed on temporary or permanent foundations that must also meet the HUD standards.
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.