{"id":1604,"date":"2020-11-16T16:28:17","date_gmt":"2020-11-16T16:28:17","guid":{"rendered":"https:\/\/www.khov.com\/blog\/?p=1604"},"modified":"2021-11-22T15:06:23","modified_gmt":"2021-11-22T15:06:23","slug":"what-is-a-manufactured-home-pros-and-cons","status":"publish","type":"post","link":"https:\/\/blog.khov.com\/blog\/what-is-a-manufactured-home-pros-and-cons\/","title":{"rendered":"What Is a Manufactured Home? The Pros and Cons"},"content":{"rendered":"\n

Homeownership has always been part of the\nAmerican dream. Today, we have numerous choices when it comes to home buying.\nFrom a modest condo to an imposing mansion, there is a type of home for\neveryone<\/a>. One of the choices available to U.S. home buyers is manufactured\nhomes. Typically priced much lower than traditional site-built homes,\nmanufactured homes are particularly attractive to young families just starting\nout or retirees looking to downsize.<\/p>\n\n\n\n

What Is a Manufactured Home?<\/strong><\/h2>\n\n\n\n

So, what is a manufactured home? Is it\njust a fancier term for a mobile home? Not quite. A manufactured home can be\ndescribed as a home formerly known as a mobile home, much improved. For a more\ntechnical definition, a\nmanufactured home is a factory-built home built after June 15, 1976<\/a>. It is on that date that the federal standards\nregulating the construction of mobile homes, set by the U.S. Department\nof Housing and Urban Development (HUD), went into\neffect. So if you are buying a prefabricated home built before 6\/15\/76, you are\nbuying a mobile home, but if your choice is a new prefabricated home or one\nbuilt after that date, it\u2019s a manufactured home.<\/p>\n\n\n\n

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Let\u2019s take a brief look at\nthe history of prefabricated homes and the fundamental differences between earlier\nmobile homes and modern manufactured homes.<\/p>\n\n\n\n

Mobile homes appeared on the\nscene in the early 1900s, when, in order to find jobs, people had to move\nfrequently to wherever they could find employment. The\nstructural designs of these mobile homes resembled what we might think of as a\nmodern-day camper. The home itself was generally built on steel I-beams which\nran from end-to-end and could be set up on concrete blocks, wooden blocks,\nmetal stands or a concrete foundation at the desired location. The home came\nwith an exposed trailer coupler and wheels, making it easily movable. These\nhomes were mass produced to satisfy the demand, with no uniform quality or\nsafety standards.<\/p>\n\n\n\n

Today\u2019s Manufactured Homes<\/strong><\/h2>\n\n\n\n

Today\u2019s manufactured\nhomes bear little resemblance to the mobile homes of yesterday. They usually\noffer a choice of floor plans and interior options and can range from basic\nmodels to elaborate designs featuring vaulted ceilings, drywall, fully equipped\nmodern kitchens, comfortable bedrooms with walk-in closets, and bathrooms with\nrecessed bathtubs and whirlpools.<\/p>\n\n\n\n

Another fact to\nconsider about today\u2019s manufactured homes is that they\u2019re not really mobile.\nThey are meant to be moved only once. So when purchasing a manufactured home,\nit\u2019s important to decide where you are going to put it. Your choices are buying\nor leasing a plot of land or leasing a lot in a manufactured home community. <\/p>\n\n\n\n

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Moving into an\nestablished community will give you access to the utilities and amenities of\nthe community, at an extra cost, and you will be bound by the community\u2019s rules\nand regulations. Setting your house on your own land, on the other hand, will\ngive you more freedom and help maintain, and potentially increase, the value of\nyour home. <\/p>\n\n\n\n

How to Buy a\nManufactured Home<\/strong><\/h2>\n\n\n\n

Most manufactured homes are sold through retailers<\/a>,\nwho offer new and pre-owned options. You may also find existing manufactured\nhomes through real estate agents, on some general real estate listing websites\nand through online manufactured home marketplaces. And in some states, you can\nbuy from the owner of a manufactured home development. <\/p>\n\n\n\n

Purchasing a manufactured home from\na retailer is not unlike buying a car. The dealer will have model homes to view\nat its sales center. You are likely to have a choice of a single-, double- or\ntriple-section floor plan ranging from one-bedroom, one-bath homes of less than\n500 square feet to four-bedroom, three-bath homes of more than 2,500 square\nfeet. You can select your floor plan, choose the customized features you want\nand apply for manufactured home financing all on the same day. The dealer will\nusually arrange the transport and installation.<\/p>\n\n\n\n

If you decide to live in\nmanufactured home community, you\u2019ll have to pay rent for the use of the land as\nwell as fees for shared amenities, services and utilities. Factor in those\ncosts when determining what home you can afford. If you want to place your\nmanufactured home on your own land, be sure to check with the local government\nabout zoning restrictions for manufactured homes. You will also have to check\non the local requirements for septic, electrical and building permits. <\/p>\n\n\n\n

When financing a manufactured home,\nyou may have more limited choices than financing a site-built home. Unless you\nown the land on which your home will sit, your purchase will be considered\npersonal property rather than real estate and you will have to take what\u2019s called\na chattel loan rather than a mortgage loan. Chattel loans typically come with\nhigher interest rates, shorter loan terms and fewer consumer protections.<\/p>\n\n\n\n

The Pros and Cons of Manufactured Homes<\/strong><\/h2>\n\n\n\n

So you think\nthat a manufactured home may be the right choice for you. Before you make your\nfinal decision, be sure to consider the pros and cons of manufactured homes.<\/p>\n\n\n\n

Pros:<\/strong><\/h3>\n\n\n\n