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Manufactured homes, most often referred to as mobile homes, gained exposure in the 1950s when they were marketed as inexpensive properties that could help Americans attain the American dream of owning a home without spending a fortune. Today, mobile homes are still a popular choice not only as primary residences, but also as vacation homes, hunting retreats, and more. How a person uses a mobile home is as varied as the people who purchase these properties. If you’re purchasing a mobile home for the first time, here are some points to ponder before you commit to a purchase. Research the Dealers and Manufacturers in Your Area It isn’t enough to call one dealer or manufacturer and call it a day. When it comes to pre-fabricated homes, there are many different styles and designs to choose from. Some manufacturers specialize in single-wide mobile homes, while others offer spacious double-wide designs and even 2-story models. There are simple models, while other mobile homes can be built on masonry foundations, come with wood-burning fireplaces, and even wrap-around porches. Spend some time researching various manufacturers to find the best plan that fits your particular needs. Learn more about Property Restrictions If you’re putting a mobile home on land that you own, you’ll likely not have any problems purchasing a mobile unit. However, if you’re planning on putting a mobile home in a planned community, there may be certain restrictions that could limit the type of home you can purchase. For example, some planned communities only allow double-wide models with particular exterior features in order to keep a uniform appearance throughout the neighborhood. Before you spend such a large amount of money on a new mobile unit, make sure your home complies with your neighborhood’s specific requirements. Research Financing and Lender Requirements Financing a mobile home purchase can be tricky. Not all lenders are willing to lend money for this type of home purchase. Sometimes lenders pass because the purchase price is too low to qualify for the financing products they offer. Some lenders refuse to issue mortgages for mobile homes because they feel that these homes are a liability. If you have poor credit, it may be difficult to find a lender because there is a fear that it’s easier for a person in financial trouble to walk away from their obligations when they’re living in a mobile home instead of a traditional property. Although it may seem absurd that lenders are squeamish about lending money for mobile home purchases, it is what it is. Therefore, if you don’t have a large sum of cash to put down as a down payment or to outright purchase the property, you may have to spend a little extra time finding a lender who specializes in these types of home purchases. Work with a Real Estate Agent If you’re buying a used mobile home, you’ll have the best experience if you hire a real estate agent to help you with your home search and the buying process. Real estate agents are not just for buyers who are purchasing traditional properties. A real estate agent is a wonderful addition to your team, as they can assist you with determining if you’re paying too much for a particular property. He or she can also help you set a rental price and find renters if your mobile home purchase is an investment property. Manufactured homes can be functional, beautiful properties for everyday living or a vacation home or retreat. Although these properties tend to be considerably cheaper than traditional homes, make sure you treat the buying the process the same to ensure that you get the best deal possible.
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