Manufactured Homes Are Affordable and Quality
If you’re on a budget but still want quality housing, manufactured homes may be more budget-friendly than you think. According to the Urban Institute, new manufactured home prices are up to 47% less per square foot than site-built homes – without taking into account land costs or other upfront expenses.
Manufactured homes are an attractive option for first-time home buyers and those looking to downsize, as they tend to be more cost-effective than traditional stick-built houses. Furthermore, according to the Manufactured Housing Institute – a trade organization – they tend to appreciate at the same rate as stick-built homes within the same neighborhood.
Modern manufactured home models provide all the same amenities as stick built homes, with a range of style options to suit any budget. From open floor plans to luxurious master baths, you are sure to find a model that meets your requirements.
Financing a manufactured or modular home can vary, depending on which lender you work with and your individual needs. Government-insured loans such as FHA and VA mortgages are popular options among manufactured home shoppers; other financing options, like conventional or chattel loans, provide more similar terms to traditional home mortgages.
Affordability & Quality
Manufactured homes offer great affordability, as they can be financed at lower interest rates than comparable site-built homes. Furthermore, lenders consider manufactured or modular homes as personal property instead of real estate so don’t require the same types of credit scores or down payments required for traditional home loans.
Manufactured homes typically meet the energy efficiency standards established by the federal HUD code, so they’re more energy-efficient than site-built ones. Upgrades such as insulated walls, a “belly wrap,” insulation under the floor and skirting, along with high-efficiency windows can all make a difference in energy efficiency.
Energy efficiency is increasingly important to many, so it’s wise to know what energy-saving features are available in your area before buying a home. Most manufacturers have websites that can inform you about these choices.
Some models even feature solar roofs, which can reduce your monthly electric bill. If you plan to live in a manufactured home community, be sure to account for ongoing ground rent and fees for shared amenities and services when setting your budget.
When shopping for a manufactured or modular home, it’s essential to research the models available in your area and visit a showroom to tour one before making a purchase. Furthermore, be sure to inquire about warranty details and customizing options available to you.