What I Can Teach You About

April 3, 2019

real estate

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Essential Tips for Purchasing a Manufactured Home

It is essential to understand the pros and cons that come with manufactured homes before you commit to one. By the end of this topic, you will discover more important factors that you should put into consideration before you purchase a manufactured home.

When purchasing a manufactured home you have to know whether you want a new or used manufactured home. It is essential to note that manufactured homes are not purchased new alone but we also have used ones. Where you will have to know the one that you need before you start your search. You find that when you choose new homes you will benefit from maximum customization where you will choose the number of rooms you need among other things. Apart from that, we have used manufactured homes which will allow you to save a lot of cash in the long run. When you choose used you should make sure to have a thorough inspection completed before you buy it.

Another factor that you need to consider is financing. You find that FHA and VA loans are the available financing options for manufactured homes but it will depend whether your home is attached to the land or not. For example, we have chattel loans which are used on manufactured homes that do not have a permanent foundation. You find that in this case they are placed on rental properties, privately owned land or land that buyers have already purchased. On the other hand, traditional mortgage loans are used in homes that have a permanent foundation.

In addition, you should also consider the land requirements. Where you can put your home on a land that you already own, land that you want to rent or you can go with the community. But one thing that you will have to do is to check the local zoning laws to verify that the manufactured home is allowed there. Besides, renting land will require you to pay a cheaper down payment. Whereas living in the community is always beneficial but you will have to lease the land.

Apart from that, you should also think of the designs. Where you will choose a design with customization that meets your family needs. But as we said that used manufactured homes will not allow you a lot of customization but you will be free to choose the one with features that you need.

Last but not least, you should consider warranties. One thing that you should understand is that a warranty will only apply when you are buying a used manufactured home. Warranty always covers for retail and manufacturers issues and the appliance problems. For you to benefit from the warranty you will have to follow the homeowner’s manual.