Factors that You Need to Consider Before Purchasing a Manufactured Home
Before you choose a manufactured home, you need to know the pros and cons that are associated with them. If you are looking forward to purchasing a manufactured home you should read more here to learn more about the essential factors that you should put into consideration.
One of the things that you should consider is whether you want new or used manufactured home. It is essential to note that manufactured homes are not purchased new alone but we also have used ones. Of which you need to know the one that you want before you start your search. Starting with new manufactured homes they are good for families that require greater customization. While when you buy used manufactured homes you will be in a position to save a lot of cash. Remember to have the house thoroughly inspected before you move in.
Another factor that you need to consider is financing. It is essential to note that FHA and VA are the available financing options for manufactured homes but the type of loan will depend with 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. Where they are placed on rental properties, privately owned land or land that buyers have already purchased. Unlike conventional mortgage loans which are used on manufactured homes that have a permanent foundation.
Also, consider the land requirements. In this case, you can decide to put your home on a land that you already own, a land that you are planning to rent or you can go with the community. It is essential to check the local zoning laws to confirm that manufactured home is allowed there. On the other hand when you rent a land you will pay a cheaper down payment. Whereas living in the community is always beneficial but you will have to lease the land.
In addition, you will also have to think of the designs. In this case, you will have to go with the design with customization that meets the requirements of your family members. Even though most used manufactured homes will not allow several customizations but you will have the opportunity to choose one with features that you need.
Last but not least, you should consider warranties. You find that warranties only apply when you are purchasing a new manufactured home. With a warranty, they will be able to cover for retail and manufacturer problems as well as the appliance issues. But it is essential to follow the homeowner’s manual so that you can benefit from warranty.