Buying a manufactured house often allows you to get more house for your money. Additionally, companies offer options that allow you to change the design of homes to suit your family’s needs. While there are more advantages that come with the purchase of a manufactured home, it’s important to know how this option differs from a traditional home purchase.
Buy Your Land
The first thing to know is that you’ll have to buy the land where you intend to install the manufactured home, unless you plan to pay lot rent. Any land you buy should be fairly level, and you will have to make sure there’s access to a public road. Other concerns you’ll need to address in buying a plot of land is whether or not it’s zoned for a residential construction, and if you’ll be able to get access to public utilities. If you fail to verify these factors, you could end up with a piece of land that can’t be developed for your manufactured home.
Build a Foundation
Once you own your land, it will be time to build a foundation for your manufactured home. You’ll have to have chosen your home, because you’ll need the dimensions of the home in order to build a foundation of the right size. Additionally, contractors will have to run pipes and wiring through the foundation, so your plumbing and electrical services can be connected to your new home.
Financing Your Home
Buying a manufactured home is different from buying a traditional home in getting financing as well. You may not be able to get a regular mortgage, because lenders don’t always view a manufactured home as real estate. Instead, it’s often considered private property, much like a boat or a car. This means you would have to qualify for a personal loan, unless you find a lender that offers loans tailored specifically for manufactured home purchases.
While you’ll need good credit to buy any type of real estate, your credit score will have to be higher to go through this process. From buying land to financing contractors and borrowing the money you’ll need to buy your home, this process can be complicated. However, it can also be very rewarding, once you’re living in your dream manufactured home.