4 months ago
Justin Becker ·
Comments Off on The Average Rent In Grand Rapids, Michigan
This article addresses the topic of the average rent in Grand Rapids Michigan.
- Located in the ‘Wolverine State,’ the city of Grand Rapids is a fantastic, vibrant and forward-thinking cosmopolitan city to live and rent a property in 2021.
- The city is widely known as the ‘Furniture City’ due to its history, dating from many years ago, for being the go-to hub of furniture manufacturing. The city continues to follow its furniture manufacturing traditions today.
- It is a relatively affordable place to live. The Grand Rapids MI average rent price is $1,140, and the average size of an apartment in the city is 864 square foot.
- Visit websites online that showcase the wonderful properties on offer in the city through virtual 3D tours!
The city lies on the picturesque serene Grand River, blessing its residents with glistening riverfront views all year round. The city’s neighborhoods offer plenty of variety and character, from the trendy historic arty Heartside neighborhood in the Downtown area, to the leafy suburban areas such as East Grand Rapids. The neighborhood of East Grand Rapids is an ideal place for families to settle and the homes there offer residents plenty of living space. East Grand Rapids boasts a combination of both contemporary and historic architecture from centuries ago.
This is a large city with approximately 203,000 inhabitants today. However, fear not, the ‘Interurban Transit Partnership’ and ‘DASH’ (Downtown Area Shuttle) provide urban residents with an efficient public transport bus service, enabling people to move around the city at relative ease. In recent years, a special express bus lane has been opened to ensure buses are capable of transporting passengers around the city and to and from the surrounding suburban areas (such as East Grand Rapids) at a quicker rate without the time-consuming hassle of traffic.
Culture vultures, you are in luck! Grand Rapids MI is a hotbed of cultural heritage with many unmissable attractions for you to enjoy. The top museums to visit in the city include the Gerald R. Ford museum, whose collections pay homage to Ford’s time as president in the mid 1970s, and the impressive Grand Rapids Public Museum, which showcases exhibitions dedicated to science, history, and culture and is an educational fascinating day out for people of all ages.
We definitely recommend carrying out a sufficient amount of research before renting a Michigan Grand Rapids property. On real estate websites you will be able to use 3D tours online to get a good 3D view of the home and all of its rooms, giving you a better insight into what it is like to live in the Grand Rapids rental property and the living space it has available.
Average Rent In Grand Rapids Michigan
Studio apartments for rent at the moment are going at an affordable rate and offer very good value!
Studio living is ideal for young professionals or single individuals seeking to follow a minimalistic and simple way of life. The average monthly cost of renting a studio in Grand Rapids is currently $850. The rental price for a studio in the city has shot down by over 100 dollars, from $964 in March 2020. Are you seriously looking into renting a dreamy studio? Get yourself a bargain and dip into the Grand Rapids MI rent market now, and take advantage of the current low average rent prices of studio units in the city.
The cost of 1-bedroom apartments for rent
The average rent price for a 1 bedroom apartment in the city is currently $1,175. The average rent has increased by 10% in the past month alone. However, the cost of renting a 1 bedroom apartment in Grand Rapids MI is still considerably far more affordable than the national U.S. average of approximately $1,560 a month.
The cost of 2-bedroom apartments for rent
Do you require a bit more living space? Or are you hoping to be able to host guests in a spare room? Then renting a two-bedroom apartment may just well be the thing you are after.
Surprisingly, the cost of Grand Rapids MI rent for a two-bedroom apartment is scarcely more than renting a 1 bedroom apartment! The current average rent for a two bedroom apartment is $1,200 a month. Therefore, why not take the plunge and opt for a place which can offer you a handy extra bedroom at a reasonable price?
The cost of 3+ bedroom apartments for rent
For growing families looking for extra space and extra bedrooms, 3 or 4-bedroom properties may be the best fit to meet your needs. However, bear in mind that inevitably renting a 3+ bed property anywhere will work out more expensive every month in terms of rent costs.
Factors behind the rent trends in the local rental market
Grand Rapids MI is an increasingly popular city to move to, and it has experienced a steady population growth since 2010. As a result of the rise in the city’s population, the average apartment rent cost has also in tandem steadily increased, but not at an excessive or ridiculously high rate.
The median household income is $65,615, which is lower than the national U.S. average of $68,000. Therefore, in order to attract renters to invest in Grand Rapids apartments for rent and provide them with reasonably priced housing, landlords try as much as possible to keep rents at rates which are realistic and affordable for local residents.
Can I afford to rent? How much do I need to earn to comfortably afford to pay for rent in the city?
The average annual salary in Grand Rapids is $61,000, therefore an average one-bedroom apartment rent at $1,175 a month should be easily affordable and well within most working individuals’ budgets. Earning the average salary in the city of $61,000 a year, you should even find yourself the luxury of being able to afford to rent an average priced 3-bedroom apartment unit or home in the city at $1,365 a month.
The overall cost of living
When deciding whether to rent in a certain location, it is crucial to take into account the additional living expenses of being in the given neighborhood. Grand Rapids’ cost of living index score is 87.8, which is a whopping 12.2 percent lower than the national average cost of living! The cost of living is conveniently very much affordable.
Let’s break down the cost of some key expenses in Grand Rapids
- Housing: The cost of housing is an astounding 28.7% lower than the national average.
- Grocery Shopping: The cost of groceries is 4.8% lower than the national average
- Transportation: The cost of transportation is 4.9% lower than the national average.
- Utilities (electricity, heating, gas bills etc): The cost of utilities is 0.1% lower than the national average.
- Healthcare: The cost of healthcare is an impressive 26.6% lower than the national average cost of healthcare.
The most expensive neighborhoods in Grand Rapids
The most expensive neighborhoods to rent in this city in terms of average rent prices per month are Roosevelt Park ($1,393/month), South Hill ($1,393/month) and Southeast Grand Rapids ($1,393/month). These more expensive neighborhoods to rent in are all situated in central locations, closer to the downtown district. Living in one of these three neighborhoods, you will find yourself conveniently at a walking distance from the main popular downtown cultural sites, and the best neighborhoods in Grand Rapids for creatives and art enthusiasts, such as the Heartside area (averages based on renter occupied comps).
The most affordable neighborhoods in Grand Rapids MI
The most affordable neighborhoods to rent in terms of average rent prices per month are Garfield Park ($936/month), Baxter ($992/month), and Eastgate ($992/month). Therefore, if you are after a lower cost of living, we recommend looking into renting property in these neighborhoods in Grand Rapids in zip codes where rent prices are much cheaper (averages based on renter occupied comps).
Baxter has the double advantage of having cheaper rent prices as well as being a centrally located neighborhood, being a mere stone’s throw from the heart of the city.
Renting vs. Buying in Grand Rapids
45% of housing units in East Grand Rapids MI are renter occupied households.
Why choose to rent instead of purchasing a property in Grand Rapids? Well, here are some different benefits in opting for renter-occupied housing units.
- Access to amenities provided by the landlord/property management
- You do not need to pay a large down payment for a deposit, or worry about the burden of paying off an expensive mortgage
- A free maintenance service on hand to cover your repair costs
- Renting gives you flexibility of choosing where you want to live, all while allowing you the freedom to leave and move to another neighborhood at the end of your tenancy with relative ease.
Renting in Grand Rapids MI is fortunately an affordable option, which you should not hesitate to take advantage of. We suggest you go and visit websites such as realtor.com and apartments.com to carry out further research into homes or apartments in Grand Rapids, and get a better understanding of what living in a property is really like through virtual 3D tours online.
5 months ago
Justin Becker ·
Comments Off on Mobile Homes For Sale In Grand Rapids, MI: The Good & The Bad
Everything You Need To Know
Mobile homes are becoming increasingly popular in today’s property market, which is why the cost of buying one has been rising over the last few years. If you are selling a mobile home in Grand Rapids MI, you need to understand the entire process for a successful sale.
Apart from the process, there are some logistical challenges that require that the transaction be handled by a professional realtor. In Grand Rapids MI, there are some manufactured homes for sale that are amazingly done such that it is difficult to tell that it is a mobile home. Here are some of the things that you should know if you happen to have mobile homes for sale Grand Rapids MI.
Understand The Local Mobile Homes Real Estate Market
When selling your mobile home, the main objective is to close the deal as fast as possible. Some sellers often assume that potential buyers will be lining up to pay for their manufactured homes. Unfortunately, this is not the case unless your mobile home is the least expensive in the area, or the most attractive compared to any other property in Grand Rapids MI.
The local mobile manufactured homes market is such that there are two types of buyers. There are those who are willing to make cash payments for used modular homes. These are mostly people who have just cashed in on their tax refunds, downsizing or using some other form of savings to make the purchase. Then we have buyers who are potential buyers willing to make a down payment for your mobile home and make subsequent payments over a period of time.
You need to understand the local dynamics in the Grand Rapids MI real estate market so that you don’t end up selling to the wrong buyer. For starters, make sure that when selling to a payment buyer, collect as much rent as possible so that the buyer does not default in payments.
Understand Your Selling Options Before Making The Sale
Of course everyone is looking to sell and to sell fast. Now that you understand the difference between payment and cash buyers for manufactured homes in Grand Rapids MI, the next step is establishing how fast you need to sell the mobile home.
If you have been trying to sell your mobile home for some time with no results, there could be something that you are doing wrong, such as inflating the value of the mobile home. For example, one of the things that the buyer will look for is the location of the mobile home near Grand Rapids MI. A manufactured home in Alpine Meadows will not have the same value as one in Country Meadows Village. The reason for this is perhaps because Alpine Meadows is considered a much better neighborhood than the latter.
If you need to sell your mobile home in Grand Rapids MI fast, then you are most likely looking for a cash buyer. If you are fortunate enough to have the luxury of time when selling your Grand Rapids MI mobile home, then make sure that you market the house in the best way possible in order to get the maximum value for the property.
Take Advantage Of Your Marketing Options And Platforms
There are so many ways that you can advertise the sale of your Grand Rapids MI mobile home in order to get a buyer much faster. As the original seller or agent, always stay updated on the current trends in property market advertising options. For example, there are specialty apps geared towards real estate listings for both buyers and sellers. Having a common digital marketplace means that your mobile home listing in or near Grand Rapids MI will be viewed by the people who matter.
Social media has also emerged as one of the best advertising platforms for property. However, you should never ignore the hidden power of traditional advertising methods such as through print media. These strategies still have a huge impact in the real estate world and cannot be wished away. To maximize the exposure of your mobile home listing, you can choose to advertise in multiple platforms in order to have a wider audience reach.
Know What Your Mobile Home Is Worth
If you are selling a Grand Rapids MI mobile home, you probably know the area much better than a person from outside. If you are not sure about the value of your mobile home in Grand Rapids, then you should have the property appraised. This ensures that you sell the mobile home for what it is worth.
Selling the house at an inflated price might make it even more difficult for you to find a buyer. Considering how competitive the mobile home for sale market is, you cannot afford to over-quote the value of your beautiful home.
Undervaluing the property can also work to your detriment as it means that you will lose on the actual value of the property. Selling at a lower cost than the actual value of the house should only be done under unique circumstances such as when you need to sell the house fast or face eviction for various rent payment failures to a mobile home community in MI. A good rule of thumb is never to allow yourself to be buried into accepting an offer that will leave you feeling short-changed.
Verify The Buyer Has Funds, Follow Up And Close The Deal
Real estate agents and home sellers face a great challenge, which is that of buyers that are not genuine. Of course when selling mobile homes for sale near Grand Rapids MI, you will get many offers from prospective buyers. The problem is that you need to identify people who are actually serious about the deal.
Make sure that the buyer has funds to make the purchase so that you don’t end up wasting your time on a non-existent deal. Once you accept an offer from a prospective buyer, follow up with the person making the purchase so that the deal is completed within a set timeline.
Closing the deal allows you to focus on other issues such as finding a new place to live. Verifying whether the buyer has funds, following up and closing the deal should take place in a seamless manner. Make sure that you have all the documents required by the local and city authorities in Grand Rapids MI as well.
Mobile Homes For Sale Grand Rapids MI
Are These Grand Rapids MI Mobile Homes Worthy Investments?
With more people shifting their focus away from permanent properties, there are a lot of benefits that come with owning a mobile home in Grand Rapids MI. However, you need to understand that different areas and neighborhoods will yield different outcomes in the event that you decide to sell the mobile residence. More importantly, an understanding of the local property market and laws that apply to buying and selling of property is also required. It is this knowledge that gives homeowners an advantage when listing their mobile homes for sale Grand Rapids MI.
1 year ago
Justin Becker ·
Comments Off on Mobile Homes for Sale in Grand Rapids vs. Cedar Springs, MI
The mobile home industry has been booming in the past ten years, like never before. People have now resorted to either buying or renting manufactured homes, as opposed to stick-built homes.
This can be attributed to the fact that a mobile home is more affordable and has a higher speed of construction. You can also relocate with the home, from one place to another, if you find a new place of work in a different city.
If you reside in Michigan, two key places where you can find homes for sale are Cedar Springs and Grand Rapids, MI. Here, you’ll have several mobile home options to select from.
This article will compare what it’s like to live in a mobile home in Cedar Springs vs. Grand Rapids.
Mobile Homes for Sale in Grand Rapids
There are several homes that you can buy in Grand Rapids, MI. Let’s look at the pros and cons of purchasing a mobile home here.
Benefits of Settling in Grand Rapids Mobile Homes
Variety of Home Options
If there is something you’ll appreciate about buying a home in Grand Rapids, MI, it is that there are a variety of options to choose from. Most of the available home options are also affordable.
Below are the top 14 mobile home options you can consider, with their respective addresses and prices:
- Southwood Village, Grand Rapids, MI 49548: $85,995
- Brentwood Village, Grand Rapids, MI 49548: $104,995
- Pinebrook Village, Grand Rapids, MI 49548: $68,995
- Cutler Estate, Grand Rapids, MI 49548: $52,995
- Pinebrook Village, Grand Rapids, MI 49548: $68,995
- Champion Mobile Homes for Sale, 333 N. Edinburgh Grand Rapids, Mi 49548: $60,755
- Crest Homes, 321 Saber Grand Rapids, MI 49548: $44,995
- Clayton Homes, 286 N. Edinburg Grand Rapids, MI 49548: $62,900
- Cutler Estate, 196 Scabbard St SW, Grand Rapids, MI 49548: $42,995
- Alpine Meadows, Grand Rapids, MI 49544: $100, 995
- Clayton Mobile Home, 3628 Boyne Grand Rapids, MI 49544: $42,995
- Crest Homes, 3740 Sugar Loaf Grand Rapids, MI 49544: $40, 995
- Alpine Meadows, 3785 Stowe Ave NW, Grand Rapids, MI 49544: $34,995
- Alpine Meadows, 3503 Pineknob Grand Rapids, MI 49544: $41,995
An Impressive Downtown
The rise in mobile homes, and residents occupying these homes, has increased tourism in the area.
The downtown area offers various exciting avenues for activities such as sightseeing, entertainment, and shopping. All of this is within a 10-minute walk from any mobile home community.
The streets are also clean, and the people are friendly. A team of local citizens called Safety Ambassadors have dedicated themselves to ensuring that the Grand Rapids’ environment is always beautiful and eco-friendly.
The downtown area, therefore, offers a blend of new developments and a rich history. For instance, you can access the Gerald R Ford Presidential Museum, which boasts many great attractions.
Exquisite Gardens and Mobile Home Communities
Many people prefer to settle in Grand Rapids, MI 49544 due to the location’s beautiful landscapes and gardens.
For instance, the Meijer Gardens in Grand Rapids has become an international attraction for tourists. It features five indoor theme gardens, natural trails, outdoor gardens, Michigan’s largest tropical conservatory, sculpture galleries, education center, meeting rooms, a library, and a cafe.
The mobile home communities in the area also have some of the best features you’ll ever come across.
Although buying a manufactured home in Grand Rapids has its benefits, there is also a downside. If you don’t like settling in noisy neighborhoods, then Grand Rapids, MI 49544 isn’t the place for you.
There is always something noisy going on, including concerts at Rosa Parks Circle and loud music from the Polish Festivals. During winter, there are still noisy ice skating activities.
This makes it tough to buy a home and settle in a home park here.
Mobile Homes for Sale in Cedar Springs
Apart from buying a mobile home and settling in Grand Rapids, MI 49544, you can also settle about 20 miles away in Cedar Springs.
Cedar Springs is a small town that offers many features, especially as far as mobile home living is concerned.
If you’re here for some more convincing, let’s look at the benefits of living in one of Cedar Springs’ mobile homes.
Benefits of Settling in Cedar Springs Mobile Homes
If you expect to be traveling a lot within Kent County, then you should strongly consider one of the mobile homes in Cedar Springs. These mobile homes are strategically located in critical locations.
For instance, most places in the town are just about 20 miles from Grand Rapids, as mentioned before, and about 26 miles from Wyoming, Michigan. At the same time, Cedar Springs is only a few hours from Milwaukee, and 10 miles from Rockford.
Plenty of Fun Activities
Although Cedar Springs is a small town, there are many fun activities to engage in within the mobile home communities, or even outside of them. For instance, inside the communities, different activities are organized to bring people together.
The city is popular for the Red Flannel Festival, which is the longest-running and famous festival in the state of Michigan. The festival involves the display of arts and crafts, amazing parades, and a horseshoe throwing contest.
If you love nature, then Cedar Springs doesn’t disappoint. There are several parks within walking distances of Cedar’s mobile home communities where you can walk with pets or enjoy quality time with family.
If you love quality foods, there are more than enough restaurants for you. There are also various activities to entertain you and keep you occupied within the city limits.
Another great reason you should settle in Cedar Springs is its quality and affordable living. The average cost of living in Cedar Springs is 6.5% lower than the rest of the country.
Most of the available mobile home units are very affordable in this town. The real estate market here is also flexible. You’ll, therefore, be presented with plenty of options.
The mobile homes here have excellent features, including spacious floor plans, beautiful kitchens & bathrooms, quality parking, granite countertops, and more.
You will absolutely get the most bang for your buck here in Cedar Springs.
Security and Growth Opportunities
Most of the manufactured home communities in Cedar Springs guarantee the security of their tenants. For instance, the residential areas are appropriately lit. This keeps the crime rates lower than other parts of the county. The mobile homes here, therefore, are safe and secure.
Not to mention, Cedar Springs is currently experiencing an upswing in opportunities. There are so many business opportunities in the city that you can grab, so don’t let the size of this town fool you.
Difficult to Search for a Mobile Home
It isn’t easy to search for a mobile home in Cedar Springs, even though it’s a small town.
You may have to involve a realtor to assist you in looking for a home. However, even if a realtor helps you, you should acquaint yourself with your family dynamics and neighborhood characteristics.
If you do this, you’ll get a perfect manufactured home for yourself in Cedar Springs.
The Final Verdict
If you’d like to purchase a mobile home and settle in Michigan, Cedar Springs is the best place to consider living. This small town has affordable homes and is also secure, with plenty of opportunities and fun.
However, you can’t go wrong by settling in Grand Rapids, MI 49544, if the homes there meet your requirements.
2 years ago
Justin Becker ·
Comments Off on Things to Consider When Buying a Mobile Home
Mobile homes are the new trend in the world today. People are now looking for quality, but yet affordable, housing options.
There are at least two types of mobile homes that you should select from, manufactured homes and modular housing units. The difference between the two homes, primarily, is their foundation.
In most cases, when people have the thought to buy a mobile home, they aren’t sure whether it’s a good idea or not.
The truth is that buying a mobile home is an excellent idea. With that said, there are things that you should consider when purchasing your mobile home.
In this article, we’ll focus on what you need to consider while purchasing a mobile home.
Things to Consider When Buying a Mobile Home
Before we focus on what to consider while buying a mobile home, let’s look at what manufactured and modular homes involve.
What is a Modular Home?
Modular homes are mobile homes manufactured in a factory and then installed on permanent foundations. A home manufactured this way is sometimes known as a lit housing unit.
The factory environment abolishes potential challenges related to climatic conditions at the home construction sites, including snow, wind, rain, and mildew.
If you seek to buy a manufactured home, you should first have a contractor develop a foundation. You can then fix the house permanently on that foundation.
What is a Mobile or Manufactured Home?
A manufactured home is developed entirely in a factory and then transported to the site where they are fixed.
Factory built units are designed to make relocation feasible.
Instead of having manufactured homes on permanent foundations, it’s anchored to the ground after installation.
Even though these homes aren’t designed to be put on permanent foundations, it’s still possible to do so.
You can choose a permanent foundation for the reasons below:
● If you own the land where you want to put the house and see it being a permanent structure, just like a site-built home
● If you want a basement to offer storm shelter
● If you are afraid of strong wind and feel that your house is safe on permanent foundations
● If you want to set the manufactured home in a flood-prone location, a foundation will help elevate it
Building and Quality Standards
The Department of Housing and Urban Development introduced the HUD Code to guide the development of manufactured homes.
The HUD Code addresses the following issues:
● Fire resistance
● Construction standards
● Quality of building materials
● Durability and strength
● Design, such as relocation accommodations
● Electrical, plumbing, and electrical codes
Manufactured homes are built and assembled in environmentally controlled factories by professional workers.
It’s because of this that the modern manufactured homes, therefore, beat site-built homes both in durability and quality.
Defining Your Mobile Home
The best starting point to begin buying a manufactured home is to ask: “How will the home be used?”
● Who will stay in the house?
● How many bedrooms will you need?
● Will you need special accommodations?
● How many bathrooms will you require?
● Will you need a room either as a nursery or office
● Will any room have a minimum size requirement?
If you would like to live in a mobile unit for the long term, then you should define the housing unit from that perspective.
It would be better if your home meets your lifestyle and needs not only today, but into the future.
The good thing is that most manufacturers have several home mobile options that you can buy from.
If you are a patient buyer, you can participate in designing your house, including exterior and interior finishes and room dimensions.
Mobile homes are smaller in size compared to stick-built homes.
Therefore while thinking about the size of your house, it would be better to focus on the number of rooms, rather than the size of the room.
However, manufacturers offer generous floor plans, especially for triple-wide, single-wide and double-wide units.
For instance, a double-wide manufactured home can have a size of over 2,000 square feet.
You might need a storage room or office space. This could be just a bedroom that is dedicated to a special purpose.
The size of your rooms should depend on the profile of your family. For instance, if you have a family of four people, it can function well with a single living room.
It would help if you also considered your kitchen. If you like cooking, you should have a spacious and well-equipped kitchen.
You can also implement an open floor plan, where your kitchen flows continuously into your living room.
You will have several flooring options to select from, including tile, laminate, linoleum, and carpet.
There is even the possibility of designing unique floor coverings in every room.
You can improve the interior of your mobile unit by including a fireplace. This will be very helpful, especially during winter.
Most manufacturers have several siding options that you can select from.
If you invest in quality siding, you’ll achieve longer life, durability, and color retention for your mobile home.
There is also a wind zone option, with most homes being constructed in Wind Zone 1.
There are several exterior colors that you can select from.
You can also implement architectural features like gables.
Location of a Mobile Housing Unit
There are at least 6.8 million mobile homes, with about 17 million Americans living in these homes.
Almost half of the mobile homes are found in mobile home communities, where they pay monthly lot rent.
When deciding where you’ll locate your house, there are two options:
● On someone’s land
● On your land
Each of these options has its pros and cons.
If you own a piece of land, then your own land would be the best option to consider.
You can still consider this option even if you have a mortgage on the land.
In case your land has never hosted a mobile unit before, it would be best if you precisely determine where to place it.
The location you select should be flat.
If there are stumps or boulders on the land, you’ll have to remove them and grade the location.
It would also be best if you focused on the orientation of the structure, including the sun’s view and exposure.
You need to keep in mind that the cost of buying land varies throughout the United States.
With that said, if you choose to place your house in a manufactured home community, they’ll offer you enough space for what you pay for.
The lot rentals vary from one mobile home park to another, and from a real estate market to another.
The average rent in the country, for renting in a mobile home park, stands at $300 per month.
Although a mobile community will cost less for the first few months, it’s expensive in the long run.
This is because manufactured homes in home parks depreciate at a fast rate.
If you have a house on your own land, however, you’ll never see it depreciate.
With that said, many manufactured home communities have exciting amenities that you can consider, including:
● Social events
● Recreational facilities
● Swimming pools
However, there are risks associated with having a mobile home in a park:
● The landowner might decide to sell it to a property developer, which could put you in a tough spot if you need to relocate your house
● Your monthly rent might be increased, forcing you to pay more
● You might be forced to sell your house and fail to find a suitable buyer
Installation and Delivery
You should also consider the installation and delivery of your house. A mobile unit must never be installed on the ground that is thawing snow or softened by rain.
Delivery should at least wait until the ground hardens enough. The good thing is that a contractor can determine when it has hardened enough.
Home Financing Options
Most manufactured home buyers can finance their homes. However, unless the mobile home is on a permanent foundation, these homes are not considered equivalent to a site-built home, in the eyes of lenders.
They are viewed as personal property, thus mobile home loans have higher interest rates. The interest rate for the home loans is at least 5%, in most cases.
One common type of loan that you can select is the FHA loan. With these, some lenders could require up to 20% down.
There are also chattel loans, which are personal property mortgages that you can use to finance your house. They have a lower–interest rate than normal lendings, with the rates ranging anywhere from 1% to 5%, on average.
How to Purchase a Used Mobile Home
We’ve explored almost everything except how to buy a used mobile home.
As mentioned before, manufactured housing units are considered to be personal property.
On the contrary a mobile unit isn’t real property.
Because of this, these homes depreciate at a high rate over time.
A used house is cheaper compared to a new one, meaning that you should go for one if you are looking for the best bang for your buck.
You should also go for a used house if you aren’t so sure of the time you’ll live in the house.
You might be wondering how much a used mobile housing unit costs.
The price of these homes varies depending on several factors, including:
● the location
● available amenities
● and the current house condition
2 years ago
Justin Becker ·
Comments Off on Amazing Reasons To Live In Cedar Springs, MI
Cedar Springs is a Michigan town with a population of around 4 thousand. Cedar Springs is situated in Kent County and is just 20 minutes north of downtown Grand Rapids. Cedar Springs offers its residents a suburban and rural mix feel. Here, most of the residents own their homes.