Things that You Need to Know Before Purchasing a Manufactured Home
The first thing that you should consider is new or used manufactured homes. It is essential to note that manufactured homes are not purchased new alone but we also have used ones. In this case, you will have to decide on the one that is best for you before you start your search. You find that when you choose new homes you will benefit from maximum customization where you will choose the number of rooms you need among other things. On the other hand, used manufactured homes are good because they will save you a lot of money. But you should ensure that you have a thorough inspection completed before you purchase.
Apart from that, you should also consider 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 instance, chattel loans are used in purchasing homes that have no permanent foundation. Where they are placed on rental properties, privately owned land or land that buyers have already purchased. While conventional mortgage loans are used for homes that have a permanent foundation.
Also, consider the land requirements. For that matter, you can decide to put your home on a land that you already own, the land that you are planning to rent or you can go with the community. Before you purchase a manufactured home you should check the local zoning laws to confirm that manufactured home is allowed there. Besides, renting land will require you to pay a cheaper down payment. Not only that but when you live in the community you will get many amenities 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. 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.
Last but not least, you should consider warranties. You find that warranties only apply when you are purchasing a new manufactured home. You find that they always cover for retail and manufacturer issues and the appliance problems. For you to benefit from the warranty you will have to follow the homeowner’s manual.