When searching for the perfect home for your family, it only makes sense that you want to get the best home for your money. A manufactured home is an excellent choice to maximize your budget. Check out a few things you should know about buying a manufactured home.
1. Financing is Available
There is an assortment of financing options available for individuals who wish to purchase manufactured homes. Some banks even have loan programs specifically designed for those purchasing manufactured housing.
It is also likely that the dealer who is selling the home will have financing programs available. When comparing different financing opportunities, look at more than just the payment. You also want to consider the length of the financing program and its interest rate when deciding which alternative is best for your budget.
2. You Can Customize the Home to Suit Your Tastes
Some potential buyers mistakenly believe that because manufactured homes are produced in factories that their interiors are all similar. This is not the case; when you purchase the home, you have the opportunity to personalize multiple aspects, such as the flooring, fixtures, kitchen cabinets, paint colors, and exterior siding.
If you choose to upgrade certain portions of the home, remember that this will increase the price. Have the dealer itemize all of the components that make up the final price for your manufactured home so that you understand exactly what you are paying for.
3. Used Manufactured Homes are Available
By selected a used manufactured home, you can stretch your housing budget even farther. Make sure to have your home thoroughly inspected to detect any potential problems. You should be aware that some loan programs have regulations that dictate how old a manufactured home can be, so make sure to check your financing for any specifications.
4. You Need to Account for the Cost of the Land That Will House the Home
Once your manufactured home is ready, you will need to move it the site of your choosing. You have a couple options when it comes to selecting land for your home.
One possibility is to rent a lot for your home. If you decide to rent your land, make sure to clarify what your rental fee includes. Some landlords include trash pickup and sewer service in the cost of the rent, while others require you to pay for these items on your own. Downsides of renting are the possibility for an increase in the rental fees and the chance that the landlord will decide to terminate your lease, causing you to have to locate a new spot fro your home.
An alternative is to purchase the land where you want to situate your home. You can buy the land using cash or you can take out a land loan. By buying, you ensure that your home has a permanent place and you can realize any appreciation in the land's value.