Manufactured Homes: Everything You Need to Know

Manufactured Homes: Everything You Need to Know

Today, the options available when it comes to homeownership and property ownership are vast and varied. There’s something out there to suit any need, preference and purpose – from sweet, compact apartments for rental use to big, standalone homes for your family to live in.

Manufactured homes are just one of the many options available to future homeowners in America. Scratch out the old-fashioned idea in your head that you may have about mobile homes. In 2022, this is a great housing option that shouldn’t be sneered at.

If you’re unsure what manufactured homes are or what they might offer you as a homebuyer, here’s a quick guide to everything you need to know.

What is a Manufactured Home?

If you’re familiar with the concept of a mobile home, it’s easy to understand that manufactured homes are quite simply vastly improved versions of this type of accommodation.

Manufactured homes are more strictly regulated, safer and more durably built, as well as more modern and aesthetically pleasing, whilst still being far more affordable than your traditional home built in the USA.

Most manufactured homes today, which are built in sections and assembled on a selected plot of land, are beautifully designed and modern with a selection of different floor plans and finishings to choose from.

How Do You Buy One?

Some people are aware of the risks of investing in mobile home parks, but few recognise the massive benefits. Whether you’re buying manufactured homes to rent out or to live in yourself, they’re a great investment opportunity for any potential homeowner.

Your options for buying a manufactured home are also wide. You could purchase (or rent) a home from an estate agent just like you would with any other home.

However, you also have the option of buying your manufactured home from a retailer, and having it assembled and installed on a plot of land that you’ve rented or purchased yourself. Buying a manufactured home from a retailer will give you the option to look at different models, sizes and layouts and choose what best suits your needs.

What is it Like to Live in One?

Living in a manufactured home isn’t all that different from the traditional site-built house or apartment. In fact, they can even be considered quieter and more comfortable than your standard home.

Since manufactured homes are typically placed within a community, the neighbourhoods are often very family-oriented and safe, with friendly neighbours. The homes are also often trendy and modern, making the living experience comfortable and pleasing to the eye, no matter what your personal style is.

Your cost of living is also typically lower as a manufactured home resident, allowing for more space in your budget for other expenses you might need or want to enjoy.

What Are the Advantages?

Purchasing a manufactured home usually offers you a high level of personalisation and control over the final look and layout of your home, but with far less hassle and financial strain than building a traditional home from the ground up, since they’re much cheaper.

Manufactured homes are also built and installed far quicker than the time it would take to design and build a traditional home. Since the home is built at a facility, it is controlled and regulated and the process won’t be interrupted by weather and other unplanned circumstances. This will allow you to have a clear and set date for when your home will be finished and ready for you.

What Are the Disadvantages?

Unfortunately, you might be faced with more limited financing options than with a traditionally built home. This comes down to the legal considerations of what constitutes ‘property’ and ‘real estate’. You’ll need to do some research in order to understand the finer details of this factor.

Another disadvantage is that these homes seldom appreciate in value as a site-built home would do. This is due to the nature of the construction and could relate to the stigma that still exists surrounding mobile homes, despite the fact that manufactured homes are not technically mobile.

Conclusion

It’s important to consider all the pros and cons of such an investment, whilst also taking into account your personal plans and desired uses for the manufactured home. There are many considerations to make and various factors that should play a role in your decision.

All in all, manufactured homes are definitely an affordable and exciting option for potential homeowners and investors looking to get into the property market.

Manufactured Homes: Everything You Need to Know
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Manufactured Homes: Everything You Need to Know
BDC July 2022 issue - 294

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