Essential Tips for Purchasing a Manufactured Home
Before you choose a manufactured home, you need to know the pros and cons that are associated with them. By the end of this topic, you will discover more important factors that you should put into consideration before you purchase a manufactured home.
The first thing that you should consider is new or used manufactured homes. One thing that you should understand is that we have both new and used manufactured home. Where you will have to know the one that you need 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. 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. 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. Like chattel loans are used for the home 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. Unlike conventional mortgage loans which are used on manufactured 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. 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.
Besides, 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.
Apart from that, you should concentrate on 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.