You’ll enjoy several benefits from buying a manufactured home. They include affordable and high-quality housing, energy efficiency, diverse financing options, and convenience. Before making this life-changing investment, you must conduct thorough research to ensure the chosen home meets your needs.
6 Essential Aspects of Buying a Manufactured Home
You can either own or rent the property on which your manufactured home will rest. Owning is more beneficial for various reasons. It allows you the freedom to customize with additions such as a swimming pool, garage, and driveway. You also enjoy more privacy to pursue your preferred lifestyle.
Owning has a more favorable build value. By associating the land with your house, it may appreciate over time. Lenders are also more receptive to landowners. You’ll be eligible for more financing solutions than if you rent the land.
The land ownership status determines whether your lender will treat your home as real or personal property. If you want to qualify for a traditional mortgage, your new home should be real property. With current manufactured housing standards at par with those of site-built homes, more lenders are willing to finance them.
FHA loans are another popular financing option due to their fixed interest rates, low down payment, and other lenient conditions. Others include USDA, VA, and personal loans. If you’re placing your home on rented land, you’ll be eligible for chattel loans, which only finance the house.
The advantages of chattel loans include lower principal, faster processing, and lower loan facilitation fees. Before qualifying for any financing, your lender will consider various factors. They include your credit score, income, size and price of the manufactured home, debt-to-income ratio, and your down payment.
- Design Options
Before buying a manufactured home, you’ll undoubtedly have a few ideas about how it should look. Modern designs can match any traditional house style, making it increasingly harder to tell them apart. Examples include ranch, log cabins, coastal retreat, chalet, and contemporary styles.
Other than the floorplan, you can also customize the interior to your exact desire. These options include having kitchen islands, spacious living rooms and bedrooms, and walk-in closets.
- Site Prep and Placement
Whether you’re placing your manufactured home on your land or in a lot, you must address some legal issues first. These issues include utility connections, zoning requirements, and restrictive covenants. This process is longer if you own the land.
Other than permit applications, you’re responsible for ensuring the site is suitable for placement and utility connection. Site preparation involves the removal of debris and leveling. Sloping the exterior grade away from the house prevents damage caused by surface runoff when it rains.
Site preparation also includes ensuring adequate access for the transportation crew when your manufactured home is delivered. You might have to inform your neighbors about the delivery date, so they don’t obstruct the transportation crew.
- Licensed Retailers and Contractors
Buying a manufactured home from a state-licensed retailer such as Baird Homes comes with various benefits. You’re assured of high-quality craftsmanship and services because we adhere to all relevant regulations.
Working with experts increases the durability of your investment. Licensed retailers are also required to conform to bond and insurance regulations.
At Baird, we have professional partnerships with various skilled contractors around Indiana. We’re always willing to recommend them if we can’t provide some of the more specialized services you might need.
As with other assets you own, support plays a huge role in ensuring your precious investment lasts. Before buying a manufactured home, research on the most valuable preservation methods. After installation and occupation, be sure to follow these maintenance tips regularly:
Check the leveling at least once a year, or anytime you feel something’s off.
- Apply durable coating to the roof annually.
- Watch out for signs of rust.
- Recaulk any parts of the house that develop cracks and peeling.
- Clean vinyl siding with water and detergent or add chlorine bleach for stubborn stains.
- Clean your gutter system regularly to avoid roof, wall, and foundation damage.
- Clean or replace your manufactured home’s heating system filter once a year.
Baird Is Your Trusted Manufactured Home Retailer
If you’ve been thinking of buying a manufactured home, look no further than Baird Homes. With experience dating back to 1947, our expertise in building, delivering, and installing manufactured homes is unmatched. Our highly skilled designers, artisans, and contractors always strive for quality and integrity. We also assist with any queries regarding design, financing, home inspection, site preparation. Contact us today for more information.