Top 10 Reasons to Consider Buying a Manufactured Home
It’s safe to say that many of us have been on a wild ride with the economy in recent months. With expenses running higher and higher these days, anything we can do to save money is on the minds of many.
That’s why now, more than ever, manufactured homes may be a great choice for those looking to make their dream purchase, especially when trying to be budget conscious. Whether you’re a millennial, boomer, or someone in between, the affordability of manufactured homes is so enticing you may want to consider purchasing one in the very near future.
Here’s a look at the Top 10 reasons a manufactured home may make sense for you.
You simply can’t beat the price of a manufactured home. With the average cost running at about $75,000 dollars, excluding the land, this type of home is a far better deal when compared to conventional, stick-built homes, where the median cost nationally is about $300,000. For anyone considering a more cost-effective way to become a homeowner, this may be the way to go.
2. Great Option As Compared to Renting
Having a space to call your own – a space you own – is empowering. Instead of putting money in someone else’s pocket by paying rent, why not put your hard-earned money into an affordable home that won’t break the bank? Manufactured homes provide independence and can help you reach your financial goals with affordable monthly payments.
3. Customize It!
This isn’t your parents’ mobile home. Today’s modern manufactured homes offer a variety of quality design features you might have thought could only be found in a traditional stick-built home. With manufactured homes, you can choose your floor plan and customize your options, such as appliances, cabinets, countertops, as well as other amenities and decorative elements.
4. Smaller Loans Mean Smaller Payments
Typically, the lower cost of a manufactured home comes with a smaller monthly loan payment than what would generally be required for a stick-built home. Owners of manufactured homes, therefore, owe less and have more manageable monthly payments.
5. There’s Generally Less Maintenance
Strict safety and quality standards have revolutionized the manufactured housing industry. The homes, which are constructed inside a factory, are much safer and more reliable. Since they are built under controlled conditions, they are less likely to develop significant maintenance issues.
6. Outdoor Space
Owning a manufactured home allows you the opportunity to have your own yard space. When renting an apartment, you often don’t have access to a yard. So get outside and enjoy your special space – plant a garden or set up a swing set for your kids – whatever you decide, think of your yard as your oasis.
If you’re a pet owner, you know how difficult it can be to rent an apartment where the landlord also allows you to bring Fido and Fluffy. When you own a manufactured home, you don’t have to choose between a place to live and your beloved companions. They’ll love the new home and the backyard, too!
Renting an apartment or sharing a home can leave you to deal with close neighbors. Tight quarters can not only be uncomfortable but can also make you feel like your every move is being watched. With a manufactured home, you have your own walls, your own space, and privacy.
9. Design Freedom
Are you artistic? Do you like to hang artwork or paint bold colors on your walls? When you rent an apartment, your landlord may have strict rules about how you can and can’t change your living space. But when you own your own manufactured home, you’re the boss! After all, it’s your home. You have the freedom to make all the interior changes you want!
10. Build Equity
It’s no secret. When you rent, the money you pay every month goes into your landlord’s pocket, not your own. When you own a manufactured home, making your monthly loan payment helps you build equity. Thinking about upgrading? Renovations, especially in the kitchen and bathrooms, may also help boost the value of your manufactured home and, you guessed it, build more equity.
We hope you enjoyed learning about the many ways manufactured homes can help you live a comfortable and more independent life while also keeping your budget in check.
If you’d like to learn more about financing a manufactured home, contact the experienced team at Priority Funding today!
5 Ways to Add Value to Your Manufactured Home
Manufactured homes have grown in popularity, offering a more affordable and flexible way to live. We’re here to offer useful advice to increase your home’s value, from incorporating energy-efficient upgrades to adding curb appeal. Discover our five ways to add value to your manufactured home.
1. Make Energy-Efficient Updates
Energy-efficient updates not only increase your home’s value, but they also benefit the environment and the cost of your bills. Updated features may decrease air draft, and it’s estimated that people save an average of 12% on their household energy bills while reducing greenhouse gas emissions. Installing energy-efficient windows and doors is a wise investment because they not only increase the value and appearance of your home, but you receive extra money back in your pocket as well.
2. Upgrade Appliances and Accessories
Buying new appliances and light fixtures can be a more cost-effective way to increase your home’s worth. Updating a light fixture in your kitchen or installing modern cabinet knobs can go a long way in improving your home’s value and appearance. If you opt for a new refrigerator or washing machine, you can sell your old one to offset expenses while making your kitchen more desirable for future potential buyers.
3. Move to a Manufactured Home Community
If you don’t live in a manufactured home community, there are many benefits to doing so. There can be valuable amenities like playgrounds and swimming pools, in addition to not worrying about ground maintenance. With manufactured home financing options, it’s typically easier to sell your property within a community as well.
4. Add Curb Appeal to A Manufactured Home
Attention to curb appeal sets your manufactured home apart from others. You can make simple and inexpensive fixes, such as adding flower pots and a bird feeder or fixing a tiled walkway. These small additions make your home more appealing from an outsider’s perspective, and it’s easier for people to imagine building a life there.
5. Apply a Fresh Coat of Paint
An underestimated way of adding value to any manufactured home is simply adding a fresh coat of paint! Whether the exterior color looks a tad dull, or the inside needs a neutral color palette, a fresh paint job goes a long way. It’s harder for people to picture themselves living in your home if you have bright and bold walls or wallpaper, so it pays off to spruce up your home with a new paint color.
What Are The Advantages of a Manufactured Home?
Today’s manufactured homes are better than ever. In a time of soaring housing costs, they offer an affordable, high-quality alternative to traditional site-built homes. That’s why more and more Americans are happily choosing them for their housing needs. Here are a few major advantages of choosing to buy a manufactured home:
Manufactured Homes Cost Less
Let’s face it: site-built homes are expensive. The median sales price for a new residential home was $400,600 in February of 2022, compared to just $128,000 for manufactured homes. Because they’re built in a factory instead of outdoors, manufactured homes can save serious money on materials, process, and labor. The factory passes those savings on to you, resulting in an exceptional home at a fraction of the cost.
Manufactured Homes Are Faster To Build
For the same reasons they cost less, manufactured homes also come together much faster than site-built homes. You don’t have to worry about the weather or inspections slowing down the construction, because everything happens at the factory before the home arrives at the site. Thanks to the assembly line process, your new home could take only a few weeks or months to build, compared to a year or more for one that’s built on site.
Manufactured Homes Are Built Strong
The Department of Housing and Urban Development enforces building standards on all manufactured homes. That means you have a federal watchdog making sure that your home is built with quality materials and that it meets high safety benchmarks. Because manufactured homes have to withstand being transported to their destination, they’re often built even stronger than traditional homes.
Manufactured Homes Save Energy
New manufactured homes are often designed for increased energy efficiency. They’re better insulated, have tighter windows and doors, and come with more efficient heating and cooling systems. That means you use less energy — and pay less money! You can also rest assured that the building process is greener, with less material wasted and more of the scraps reused elsewhere.
You Can Customize Your Manufactured Home
Just because manufactured homes come off an assembly line doesn’t mean they have to be cookie-cutter. You can choose from a wide variety of base models and then personalize with the finishes and features of your dreams. Everything from countertops to floors to appliances can be decided by you!
When you’re ready to buy your manufactured home, the team at Priority Funding is ready to help. We make the loan process as straightforward as possible, with competitive rates and terms to fit your needs. Contact us today to get started!
Tips For First-Time Manufactured Home Buyers
There’s plenty of information out there for first-time home buyers when it comes to traditional site-built homes. But if you want to buy a manufactured home, you may feel like you’re in the dark. We’re here to offer you some useful advice as you begin your home-buying journey, from finding the right manufactured home and location to financing the purchase.
Know Your Credit Score
Before you buy, it’s a good idea to know where you stand with your credit score. A credit score predicts how likely you are to pay back a loan on time. Your score may impact the interest rate you receive in order to finance your purchase. Remember, the higher your score, the more attractive your interest rate may be. Your credit card company may share a credit score with you for free. Some companies will include credit scores on your monthly credit card statements.
Before you start looking for the right home, make sure you know how much “house” you can afford. Contact Priority Funding, a respected and professional lender, and we’ll help you get started. We’ll take a look at your income, expenses, and debts, and then calculate the amount we’ll lend to you. With that amount in hand, you can narrow down your price range and focus your search. Having that pre-approval directly from Priority Funding lets the seller know you’re serious about making a purchase. This may also speed up the buying process. Click here and apply for a pre-approval today!
Factor in Lot Rent
When you buy a manufactured home (either new or existing), you’re often buying just the home, not the land it sits on. That means you’ll pay a monthly lot rent to the community to cover utilities and maintenance. If your purchase does include the land, there may still be a homeowner’s association that looks after the property. Either way, consider these additional costs when you’re budgeting.
Choose the Right Site
If you plan to buy a new manufactured home, be sure you have a place to put it first! That can be a rental community or a piece of land that you own, but the location must be secured and ready before you buy the home. Research your local requirements and regulations so that you properly prepare the site. If you’re buying an existing home, know the rules of your new community or location before you finalize the purchase.
Decide On Your Priorities
The easiest way to narrow down your search is to decide what matters to you. Where do you want the home to be located? How many square feet of space do you need? What amenities do you want the home to have? Whether you’re buying an existing home or one that’s new from the factory, knowing what you want will help you to eliminate homes that don’t meet your needs.
When you’re ready to buy your first manufactured home, the team at Priority Funding can help. We’ve guided thousands of first-time buyers through the process, finding them loans that fit their needs. Contact us today, and we’ll work with you to make your homeownership dreams, a reality.