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    HUD Code for Mobile Homes: What You Need to Know

    3 weeks ago · · 0 comments

    HUD Code for Mobile Homes: What You Need to Know

    In the 1950s, after the second World War, the demand for manufactured housing skyrocketed since it was seen as the form of housing that most could afford.

    This resulted in the manufacturing industry building low-priced manufactured homes throughout the country, even in states where the regulations governing manufactured home construction and safety standards were virtually non-existent.

    Even though manufactured homes are so popular in the United States, most do not know that the building standards are vastly different from that of traditional homes.

    HUD Code for Mobile Homes

    The growth of manufactured homes as a primary form of housing resulted in the U.S. Congress passing legislation in 1976 to establish the construction standards for manufactured housing in order to guide home construction and safety standards.

    Mobile homes are built in a factory and placed on a trailer chassis to allow them to be moved. Before that, however, a manufacturer has to be compliant with the HUD building standard for manufactured housing.

    House Trailer on Interstate Highway

    What is the HUD Code?

    It’s just a building standard, that’s all. It overrides all local construction standards, therefore, all states and counties have to accept HUD standards, even if HUD’s codes conflict with local building codes.

    Here is what you need to know about the U.S. Department of Housing and Urban Development standards.

    Regulation and Federal Inspection Assures Quality and Safety

    Before the building standard came into effect in 1976, the quality of manufactured housing was a big concern. With that said, today’s manufactured homes are the most quality consistent in the United States.

    In fact, they are the only form of construction that is subject to the U.S. Department of Housing and Urban Development standard.

    With the federal enforcement, the mandatory inspection, and the use of advanced technology in building manufactured homes, homeowners enjoy manufactured homes that are equal to or better built than comparable site-built homes.

    During each phase of construction, inspections take place, which are carried out by few people for consistency purposes. Since all construction happens in a factory, this allows for thorough inspections to ensure quality standards are adhered to.

    It’s mandatory for inspection to start before production. Federal government enforcement begins through the watchful eye of a third party agency, the Design Approval Primary Inspection Agency (DAPIA).

    Certification Assures the Home Buyer

    The building standard label fixed on the exterior of the manufactured home assures the homeowner the house has been constructed in accordance with the standards set forth by the federal government.

    It’s a must for the construction of each manufactured home to be compliant to the U.S. Department of Housing and Urban Development, and affixed with a label on it, before leaving the factory.

    If all inspection parties are satisfied that the house complies with the standard, the house will then be affixed with the building standard label.

    Homes Built to HUD Standards are Faster and Less Expensive

    One of the biggest advantages of homes built to HUD standards is that they will get approved faster than IRC code homes.

    As a reminder, just because HUD code homes get approved and built faster doesn’t mean they are of low quality. In fact, they are strict with their inspection and quality standards during production in the factory.

    Here is the federal manufactured home construction and safety standards:

    Energy-Efficiency

    The building standard requires that manufactured homes be equipped with energy-efficient heating and air conditioning systems. With such standards in place, homeowners save money on utilities.

    Fire Resistance

    A manufactured home is built to a standard exceeding the flame spread retardation that is recommended for traditional homes.

    Manufactured Housing Design and Construction

    All manufactured homes must be pre-approved before construction begins. The Design Approval Primary Inspection Agency (DAPIA) must approve the design and engineering of each manufactured home.

    Transportability

    Despite the fact that the only time a manufactured home is transported is from the factory to the home site or the mobile home park, the manufactured home is built on a steel frame that assures the structural integrity of the house on-site, as well as during transport.

    Home Buyers Benefit from Federal Regulations

    Mobile homes, as it was called prior to the legislation coming into effect in 1976, are in no way similar to today’s manufactured homes.

    Homes constructed before the building standards legislation were full of inconsistencies since there was no federal oversight of the construction and, in particular, the health and safety aspects of a growing market.

    All the measures affected to date have resulted in the quality of manufactured housing that many house buyers enjoy today.

    Wrapping Up

    Even though manufactured housing strictly adheres to the U.S. Department of Housing and Urban Development (HUD) standards, it is important to understand that the house will also still need to follow the regulation of the areas that it is set to be installed.

    It is wise to extensively engage the mobile home dealer to learn the way forward on the regulations on housing construction and safety within your location.

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    Is A Mobile Home A Good Investment?

    3 months ago · · Comments Off on Is A Mobile Home A Good Investment?

    Is A Mobile Home A Good Investment?

    A mobile home is otherwise referred to as a trailer home, residential caravan, mobile home park, house trailer, static caravan or motorhome. It’s a prefabricated physical structure developed in a factory or industry on a chassis attached permanently and then transported to the site. It forms a part of real estate investments for most real estate investors in the United States. You can use it permanently as a residence or temporarily for holiday or accommodation purposes. It can be left semi-permanently or permanently at a certain location. However, for certain legal reasons, it might be moved from time to time and site to site.

    They have a similar historic origin to traveller trailers. However, the two have now acquired different furnishings and sizes. Travel trailers are mainly used for vacation or as temporary residences. In this article, we will explore what makes mobile the best investment and some of its relevant information.

    Is A Mobile Home A Good Investment?

    You might be asking yourself, is a mobile home a good investment? Well, there is no denying that it’s a unique investment. However, whether it’s the best investment will depend on several factors, including but not limited to:

    • The amount that you pay for your current rent
    • Whether you are seeking to purchase used or new homes
    • Whether you are planning to borrow money to buy the mobile house, and if that’s the case, what financial options are available for you
    • The long-term financial objectives and goals that you’re
    • The cost of space in your area

    Let’s look at the sizes of mobile homes and why it’s worth investing in.

    Construction and Sizes of Mobile Homes

    First, it’s important to clarify that a mobile home is very different from a manufactured home and a stick built home. However, they come in different sizes and constructions. Let’s explore these sizes:

    Singlewides (the 1980s and Newer)

    Single Wides are developed with less than 18 feet in width and 90 feet in length. With a single wide, we’re talking about an average of 14′ x 60′.

    Doublewides (the 1980s and Newer)

    The doublewides are designed with an average of 40 feet in width and 90 feet in length. Most of these double wides have an average of 24′ x 60′.

    Doublewides Mobile Homes

    Triplewides

    Triplewides are made up of three different sections of homes put together at the subject location. They are, however, less common compared to doublewides and singlewides.

    Benefits of Investing in a Mobile Home

    There are several reasons why real estate investors should shift to mobile homes:

    Affordability

    One benefit of buying a mobile home is that they are very affordable. Even if you were to buy them or rent them, they’d cost less. This can be attributed to the fact that they are mass-produced in industries and factories.

    More Luxurious Options

    You can access luxury items such as hardwood flooring, upgraded fixtures, and granite countertops with a mobile home. If you’re buying this option so that you rent to other people, you might be able to charge more for it thanks to the luxury options.

    Lower Repair and Maintenance Costs

    Nothing makes a buyer happy than knowing that their product will have a lower repair and maintenance cost. This is exactly what mobile homes offer. With these homes, the tenants will be responsible for any repair or maintenance issues. This will save you the time and resources of dealing with contractors.

    Safety

    Mobile homes are very safe and secure to live in. This is because it’s built under the ‘United States Department of Housing and Urban Development HUD code standards’. If you buy one of these houses, you won’t have to worry whether your property is situated in high-risk areas for storms, hurricanes and natural disasters.

    High Demand

    There is a rise in population not only in the United States but also in the whole world. This means that there is an increased demand for housing and affordable accommodation. If you invest in mobile homes, there will be high demand for them. They can therefore be instant cash flow properties if they are fully rented out.

    Lower Tenant Turnover

    Mobile homes have a lower turnover rate than other types of homes, including but not limited to stick built homes, manufactured homes, apartments, modular homes, multi-family homes and single-family homes.

    Less Competition

    Few people have invested in mobile homes. This limited competition would mean less competition for you if you decide to invest in a manufactured home.

    Downsides of Investing in Mobile Homes

    As much as these homes come with, which are clearly several benefits, there are also some downsides of investing in them that we should look at. It is upon you to interpret these downsides and devise ways that you can use to mitigate them. Let’s go through some of the downsides:

    Negative Stigma

    Many people have reported discrimination when they live in mobile homes. The majority of the middle-class population see them as options for the poor in society. Others think that these housing units are dangerous. Such discouragements could make it difficult for you to find tenants if you decide on investing in mobile houses.

    Caravan site park aerial view illuminated by summer sun

    Quick Depreciation

    It’s common knowledge that mobile homes depreciate quickly compared to traditional homes. While this is advantageous for paying taxes, it becomes disadvantageous as far as the resale value is concerned.

    Need for Land

    Mobile homes aren’t built in the air. You’ll have to acquire land where you need to set up your structure. A good alternative is to find space or land in mobile home parks which proves to be very difficult. However, with a mobile home park, you’ll set up such homes without pressure.

    Limited Financial Options

    As a potential real estate investor, there is a high chance that you want to develop mobile homes from homes. However, the sad news is that most traditional lenders won’t offer you loans for traditional homes. The situation is tough when you don’t buy a mobile home together with land. You’ll remain with chattel loans as your only option. However, these loans charge a very high-interest rate.

    Mobile Homes vs. Modular Homes vs. Manufactured Homes

    Now that we have looked at the benefits and downsides of mobile homes, you must understand how they differ from modular homes and manufactured homes. Some people use mobile homes interchangeably with manufactured homes and modular homes. However, they are very different. Manufactured homes and mobile homes were distinguished in 1974.

    Modern manufactured housing differs from mobile homes both in design and construction. A manufactured home is developed with very quality materials in a climate-controlled building facility. Manufactured homes also come in three sizes: triple, double and single sections.

    Manufactured housing differs from modular homes and mobile homes regarding the type of foundation used in each case. A manufactured home has a beam and pier foundation with skirting. A contractor who understands how to develop a manufactured home can relocate it easily.

    Modular homes are also constructed in a building facility and transported to their location. The major difference between modular homes and manufactured homes is that manufactured homes are built according to HUD codes, while modular homes are developed according to state and local codes. The codes of a modular home can vary with the state and locality involved.

    The Process of Buying a Mobile Home

    Follow through the guide below to achieve a successful investment:

    Understand the Types of Mobile Homes

    As we have seen above, there are two types of a manufactured home or mobile home; single-wide units and doublewide units. They differ mainly in size, with the single-wide homes being half the size of double wide units. There is also a difference in how rooms are arranged, with rooms in doublewide units being separated by a hallway while those in single-wide units having a back to back connection. Visiting mobile home parks will give you a good idea of these ideas. An ideal mobile home park has all types of homes.

    Choose between a Used or New One

    Which between a used and new home would work best for you? Depending on your needs, you should be able to answer this question with ease. Here, it would help if you understood both two options have their cons and pros. If you settle on a new one, ensure that you carry out enough research on different retailers.

    Take time to compare a minimum of three options before making a decision. Before you even reach out to a company, carry out an online search to check out their reviews. Please ask for recommendations from family members and friends on the best retailers.

    If you decide to go for a used mobile home, then consider working with a local agent to identify the best option available for sale.

    Look at Features

    It’s important to check out the features on a mobile home that would contribute to its resale value whether you’re buying a new or used house. Apart from stainless steel fittings and granite countertops, there are other factors to consider include:

    • Built-in water cutoff valves
    • Siding (preferably vinyl)
    • Insulation
    • Singled and/or pitched roofing
    • Wood Flooring

    Analyze Rental Potential

    After you’ve settled on certain rental properties to purchase, you can proceed to add their addresses on Mashvisor, which is a real estate rental investment property analysis software. The tool lets you input basic information for off or on market properties. After you’re done, the tool employs rental comps based on the location of that property to ascertain its performance once rented out. From it, you can acquire key numbers such as cash-on-cash return, cash flow and rental income.

    New manufactured home in a new community. The window on the far right on the front shows a reflection of the sunset at the top.

    Explore the Financing Options Available for Your Home

    You still have a chance of getting a traditional mortgage, only if you look for mobile homes that are considered ‘real properties’ by lenders. This includes properties that:

    • Exist on a permanent foundation
    • They are sold with the land on which they are established
    • Were developed after the current HUD standards came into existence

    If your mobile home of choice doesn’t achieve these requirements, there is still a possibility of getting financing through chattel loans.

    Have the Mobile Home Delivered and Set-Up

    Before you close on the income property, some retailers will offer you an option of including taxes, insurance, and warranties in the home’s final price. Though this offer looks good on the surface, it would be unwise to take it. It would be best if you instead secured extras from a local broker.

    After closing on a mobile home, contact a transporter to deliver the home to the site you wish it to be installed. It would be best if you shop around for different quotes. A complete installation would take you about 21 days.

    Conclusion

    There is no argument that mobile homes can be a good investment if you’re looking for an alternative real estate investment. The only thing you should prepare for is how to handle the downsides. For instance, it would be wise if you paid for your mobile home fully and in cash. When advertising the home for rent, look for the best outlets since traditional tenants would ignore your listings on any popular site. To ensure that you’re getting into a good investment, do the math and ensure that the property is a cash flow rental. If it doesn’t make economic sense, you either move to the next mobile home on sale or head back to the traditional apartment market. We hope that you succeed in your investment.

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    Mobile Homes For Sale In Grand Rapids, MI: The Good & The Bad

    5 months ago · · Comments Off on Mobile Homes For Sale In Grand Rapids, MI: The Good & The Bad

    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.

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    8 Tips To Finding Mobile Homes For Sale In Cedar Springs, MI

    11 months ago · · Comments Off on 8 Tips To Finding Mobile Homes For Sale In Cedar Springs, MI

    8 Tips To Finding Mobile Homes For Sale In Cedar Springs, MI

    Moving to Cedar Springs can be a big change for most people. However, Cedar Springs is a wholesome inviting town with more of a rural vibe, which can be a big change for people who are used to living in bustling cities.

    That said, Cedar Springs is still one of the fastest-growing communities around. Plus, this city has ample job opportunities, great schools, a wealth of entertainment, and affordable luxury mobile homes for sale.

    So, if you have been considering moving to Cedar Springs MI and purchasing a mobile home at Cedar Springs MI, then what are you waiting for? Follow these eight tips to finding a mobile home for sale in Cedar Springs, Michigan, and set your sights on your future dream home today.

    Mobile Homes For Sale Cedar Springs MI

    Start Looking ASAP

    One of the best things you can do when looking for a mobile home in Cedar Springs is to start looking as soon as possible. This means starting your search at least 60 days beforehand, if not more, before your plan move to Cedar Springs MI. Typically, having at least a two-month lead before you move in Cedar Springs MI will make the entire process more streamlined. In other words, purchasing any kind of home does take some work, requires research, plus involves a lot of paperwork, and that is after you have found the home you would like to purchase.

    So, as you can see, the early bird definitely catches the worm here. Note, if you are a first-time homebuyer in Cedar Springs MI and have no clue where to begin, that is perfectly okay; there are a variety of places you can start looking.

    Go Online

    For instance, the most popular method for finding anything these days is to search online—whether you are looking for new clothing or a car. Therefore, it makes sense that you would want to start your mobile home search in Cedar Springs MI this way. Moreover, with the ongoing pandemic, online home-shopping is pretty much the safest way to look for both you and your loved ones. With that said, a few notable sites to check out for mobile homes in Cedar Springs MI include MHVillage.com and https://cedarspringsme.com. You can also look on more traditional home search sites like Zillow, Realtor.com, and Craigslist—just to name a few real estate websites. Just remember to be smart when it comes to utilizing sites like Craigslist as people have been scammed in the past.

    Get Assistance

    Since you are looking to purchase a manufactured homes for sale or mobile residence in Cedar Springs MI, you can look for additional assistance, i.e., you do not have to go at it alone. Many people think just because you are looking for a mobile home in Cedar Springs MI that you cannot rely on the services of a realtor or real estate agent, but that is simply not true. In today’s market, working with an agent or realtor in Cedar Springs MI is actually beneficial because they can help make sure that you find exactly what you need and want. What’s more, working with someone who has your best interest in mind means you are free to focus on other aspects of moving in Cedar Springs MI. You can also check out local mobile home dealers/retailers in Cedar Springs MI for assistance as well. Note, you should find an agent that specializes in mobile homes.

    Utilize Social Media

    Yet another way to facilitate your manufactured homes for sale search or mobile home search is to use your social media platforms. There is actually more than one way you can utilize your social media sites here. The first way is to post to sites like Facebook, Instagram, and Twitter, to let your friends know that you are looking for a mobile/manufactured home to buy in Cedar Springs MI. The other way is to search these sites mentioned above to look for mobile home retailers or dealers’ pages and agent listings. Many mobile home dealers in Cedar Springs MI have full agent listings on Facebook and agents you can chat with. Think about it, how many people do you know that have found their next home or, at the very minimum, their agent on a social media platform?

    Be Smart

    As briefly mentioned, searching online and using social media can be very beneficial, but it is important to remember that there are some drawbacks to searching on unknown sites or pages. For instance, there has been an increase in scams on sites like Craigslist. So, you should try to stay clear of private sellers or deals that seem just too good to be true.

    Of course, that is not to say all private sellers are trying to scam you. Rather, most dealers or mobile home communities in Cedar Springs MI are less likely to try and pull something. This is also another reason you should seriously consider working with an agent/realtor since they will point you in the right direction and are skilled at knowing what deals are not in your best interest.

    Look at Both New & Used Manufactured Homes

    While conducting your manufactured home search in Cedar Springs MI, you should make it a point to look at both new and used mobile homes for sale in Cedar Springs. Obviously, you want to narrow down your search eventually, but that does not mean you need to limit your options.

    A used manufactured residence in Cedar Springs MI may be more budget-friendly or have the features you want at a more affordable price. Then again, you may prefer a brand new mobile residence with the latest in tech and home features. That being said, you will never know until you look at what is available.

    Consider Financing Options Thoroughly

    Once you have settled on a mobile home in Cedar Springs MI, the next step is applying for a loan or financing. If you have the funds to purchase your home, then, by all means, you do not need to look into financing options. However, if you are like most people, you will probably need to finance your manufactured residence.

    Here, the good news is that you have more than one option when it comes to funding—in-house financing and a mortgage. Thus, you should definitely take the time to consider both thoroughly. In-house financing is great if you have a low credit score and need something more affordable in the long run. If this does not sound like your situation, then obtaining financing through a mobile home lender might be the better choice.

    Take a Tour

    As you hone in on your future house in Cedar Springs MI, make sure you take a tour of the place first. Generally, when purchasing a home, the buyer is entitled to a final walk-through, but you should try to see your mobile residence before then. If you have done a virtual tour online, that may be acceptable in the early stages. Nevertheless, as you consider your financing options, you should also make an appointment for an in-person tour. Note, due to COVID-19, any mobile home tours should be scheduled in advance to ensure everyone’s safety.

    Final Note

    Overall, the mobile home market in Michigan is one of the hottest in the country. As a result, you need to know what you are doing or have the assistance of a real estate agent who understands this. By following the eight tips mentioned above, you can be a savvy buyer and are more likely to secure the mobile home that you want.

    Nevertheless, if you would like more tips or further guidance during your manufactured home search, that is perfectly understandable. Purchasing a mobile home is a big step and is really no different than buying a traditional house or residence. Thus, if you need help finding your forever manufactured residence, then you can go online or call a knowledgeable team member.

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    Rent-to-Own Mobile Homes: How Does it Work?

    12 months ago · · Comments Off on Rent-to-Own Mobile Homes: How Does it Work?

    Rent-to-Own Mobile Homes: How Does it Work?

    For most, securing manufactured housing means either renting or purchasing a manufactured home. However, there is a caveat, or rather a third option to consider — rent-to-own.

    Choosing rent-to-own mobile homes is a great way to become the homeowner you have always dreamt of being, without jumping the gun financially.

    Rent-to-Own Mobile Homes

    If you are considering whether or not to rent or purchase a mobile home, then now is the perfect time to see if renting with the option to buy is the better route for you and your family.

    What are Rent-to-Own Mobile Homes?

    Rent-to-own residences are mobile homes that are currently for rent. However, a rent-to-own lease includes an option for purchase or a possible requirement that you must buy the property after a certain period of time has passed.

    manufactured homes in home parks

    That said, the rent paid typically covers the current lease, and can be applied to your future down payment when you purchase the manufactured home.

    Usually, the rent-to-own option is a great way to build your credit up (credit score) while simultaneously saving up for a down payment. This is extremely beneficial for most people that simply cannot afford the average down payment, of which can often be as high as 5-20 percent of the price.

    Having a good credit score is really quite important in this case.

    How to Find One

    Finding rent-to-own mobile homes is not so easy. The truth is that rent-to-own listings are not that common.

    The reason these particular listings are so hard to find is that they typically only occur under a certain set of circumstances. In other words, if you have stumbled upon rent-to-own manufactured homes for sale that you are interested in, then you need to act fast.

    Generally, if mobile homes have been for sale/on the market for quite some time, then the owner may choose to list them as rent-to-own or vice versa (an interested party may have noticed that a manufactured home for sale has been on the market for a while and, thus, decide to approach the owner about a rent-to-own agreement).

    Then again, if a long-term tenant has expressed interest in purchasing the property, then the owner may agree to sell it as a rent-to-own.

    How Does it All Work?

    In order to get the ball rolling with rent-to-own manufactured homes, there are several things that must take place.

    Of course, a formal agreement needs to be made between the owner and the renter/buyer. Moreover, terms, fees, a price, and other pertinent details need to be figured out as well.

    Mobile home with American flag, front lawn and clear blue sky.

    Once all of the necessary paperwork has been handled, then, and only then, can the rent-to-own journey begin.

    Agreements

    There are two types of legal agreements/contracts that can be drawn up and signed by both parties, in terms of the rent-to-own agreement.

    Lease with Option to Purchase

    The first agreement is a lease agreement with an option to purchase. This particular contract essentially gives the tenant/renter the right to buy the manufactured housing unit, but not the obligation. Thus, at the end of the lease agreement, if you decide you do not want to purchase the manufactured home, then you can simply walk away.

    Note, you will lose out on any additional monies put towards the future down payment, so make sure to read the terms.

    Lease with Purchase Agreement

    The other contract is called a lease agreement with a purchase agreement. Here, you are legally obligated to purchase the mobile home or manufactured home as you signed with the rent-to-own contract.

    Consequently, with this rent-to-own agreement contract, you should ensure that a third-party inspection occurs, so there are no surprises down the road.

    You should also consider getting a possible pre-approval for a mortgage, just to make sure that you can qualify for one at the end of the agreed-upon term.

    Set Purchase Price

    In addition to a formal agreement, you should be aware of the purchase price upfront of the rent-to-own mobile home.

    Typically, the landlord or the real estate owner of manufactured homes for sale will set the price, and you can negotiate as you see fit.

    If you want to consult a real estate agent on a rent-to-own manufactured housing unit, you will likely have some difficulty finding an agent that deals with such real estate transactions. Therefore, you should do a little research of your own to figure out what the mobile homes or manufactured homes are going for in the area.

    Row of caravan trailers

    Tip: schedule your third-party inspection sooner rather than later, so you can reference it when negotiating the final price.

    Option Fee

    With this kind of real estate transaction, there is also an option fee. This fee is negotiable, but typically ranges from 1 to 5 percent, and is a one-time, non-refundable fee.

    This particular cost or fee allows you to purchase the manufactured housing unit for the agreed-upon price. The option fee is normally added onto the manufactured housing purchase, so you will not have to come up with any additional monies right away.

    Rental Term

    The standard rental term or period is three years, in most situations. However, as the renter or tenant, you can usually decide how long the rental portion of the program will be.

    Here, the point is to give yourself enough time to get your finances in order so that you can qualify for a mortgage or financing.

    Maintenance

    Since this is a rent-to-own situation, maintenance roles will need to be defined.

    As you may be aware, when renting a manufactured home, most maintenance issues are not the tenant’s responsibility, whereas when you purchase, then the upkeep falls to you.

    Unsurprisingly, this can make for a sticky situation when you are renting-to-own. Thus, you and the owner must come to some form of an agreement as to who will ultimately be responsible for the necessary repairs and upkeep of your new home.

    With a mobile home, however, the actual owner is still responsible for maintenance.

    Monthly Payment Covers More than Rent

    Your rent-to-own agreement should also clearly lay out what, or rather, how much of your monthly rent goes toward your new home down payment savings.

    Often, a rent-to-own tenant will pay above-market rent so that at least 25 to 30 percent of the monies paid goes toward the down payment fund.

    That said, the money that is being set aside from your rent is rarely enough to cover a full down payment; thus, you should be saving up in addition to this.

    If you would prefer to negotiate for a higher percentage, that is up to you, but most people tend to stick to the 25 to 30 percent.

    Applying for a Mortgage

    Last, but not least, once the rental period or term nears to a close, then it is time for you to apply for a mortgage or find financing.

    The good news here is that applying for a mortgage or financing is pretty straightforward. You will look to secure the standard funding and work with lenders in the area that typically finance manufactured homes.

    Clearly, you should still shop around, if at all possible, and continue to save where you can. Also, make sure that the lender abides by equal housing laws.

    Reminders

    If your rent-to-own manufactured homes are located in a mobile home community, then you will need to go over the standard park rules and regulations that apply to a regular in-park purchase.

    Likewise, it is important to remember that with a mobile home, you do not own the land that the house sits on, therefore, you will need to lease the lot or pay a lot rent.

    Ultimately, choosing rent-to-own manufactured homes are a great way to get your foot in the door of your dream home.

    Contact us for more information and schedule your appointment!

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    Top 5 Manufactured Homes: Cedar Springs, MI

    1 year ago · · Comments Off on Top 5 Manufactured Homes: Cedar Springs, MI

    Top 5 Manufactured Homes: Cedar Springs, MI

    Manufactured home living has countless benefits. Just ask anyone that resides in one.

    The freedom, flexibility, and financial advantages alone make renting or owning manufactured homes something to consider.

    If you have found yourself thinking about manufactured home living, you are not alone.

    Caravan site park aerial view

    Manufactured homes are very much a part of the tiny house movement that has been gaining momentum since the mid to late 2000s.

    With that being said, if you live in Cedar Springs, or would like to move to this fun little area of Michigan, we suggest you think long and hard about renting or buying a manufactured home this time around — we promise you won’t regret it!

    Manufactured Homes: Cedar Springs, MI

    So, now that you are on board, you probably would like some direction, right?

    Well, the good news is you have come to the right place. Here is a brief synopsis of what it is like to live in Cedar Springs, MI 49319 and a list of the top five manufactured homes for sale or rent in and around the city.

    #5. Cedarfield 55+ Community – 3592 17 Mile Rd. NE, Cedar Springs, MI 49319

    Number five on the list is Cedarfield 55+ Community. As the name states, this is an age-restricted community that offers luxury manufactured homes in Cedar Springs.

    Residential Mobile Homes

    Obviously, it is ideal for retirees, and those looking to enjoy life in a community setting of like minded individuals. This community is number five because it has a lot to offer, even if it is only to a select few, or, rather, a specific age bracket.

    There are generally several mobile homes for rent and manufactured homes for sale in the community at any given moment in time. Thus, regardless of your budget, you should have no trouble finding a new home here.

    Then again, if you are just looking for a location for your existing manufactured home, there are a handful of home/site lots that are worth checking out. These available sites for rent are ranging from $425 to $535 a month.

    There is also a wealth of communal amenities at Cedarfield, including a clubhouse, a billiard room, a boat/RV storage area, off-street parking, and more.

    #4. Timberline Estates – 260 Pin Oak Dr., Coopersville, MI 49404

    Coming in at number four is Timberline Estates. This mobile home park is located just outside of Grand Rapids and Cedar Springs, MI in Coopersville.

    These lovely manufactured homes in Cedar Springs are within a community that has a wealth of perks and amenities. Notable community features like tennis courts, basketball courts, playgrounds, a swimming pool, and a clubhouse make this park an excellent choice for growing families.

    Blue Manufactured Home

    One of the Timberline Estates’ homes for sale worth considering is a sizable 2-bed/1-bath, 16×66, 1,056 square foot contemporary manufactured residence. This beautiful residence has an open layout, all black appliances, including a dishwasher, walk-in closets, and more.

    This particular mobile home is available now for just $899 a month. This is just one of the available manufactured homes for rent, but it is definitely one of the top available mobile trailers in the area.

    #3. Apple Carr Village – 516 Courtland Ln., Muskegon, MI 49442

    Number three on our list is Apple Carr Village. This particular manufactured home community is actually located closer to Muskegon, but still made it onto the list.

    The reason being that this cozy mobile home park has a welcoming atmosphere, convenient access to nearby attractions, close proximity to great public schools, and, of course, who could forget the amenities. This family-friendly mobile park has recreational facilities, a pool, a clubhouse, a playground, and allows one pet per household.

    Apple Carr Village

    A must-see manufactured home for rent at Apple Carr Village is a contemporary 3-bed/2-bath, 16×76, 1,216 square foot, mobile home, with all appliances included, for only $799 a month.

    This residence has a modern layout, a dining room, a spacious living room, a private laundry room, a storage shed, and much more. Thus, if you do not mind the location being a little further out, then this manufactured home might just be for you.

    #2. Pinebrook Village – 444 Bellewood Dr. SE, Kentwood, MI 49548

    Pinebrook Village holds down the number two spot, thanks to its ample amenities and newly built mobile homes for sale and rent. Pinebrook Village is closer to Kentwood and Grand Rapids, which is just south of Cedar Springs, MI.

    Here, residents enjoy mid-luxury manufactured homes with full-sized appliances, custom kitchens with granite countertops, upscale bathrooms, and recessed lighting.

    Communal amenities are also quite fancy at Pinebrook Village and include features like a high-end clubhouse, a playground, neighborhood sidewalks, plus a nearby golf course and swimming pool.

    A remarkable mobile home for rent here is the lovely 2-bed/1-bath, 24×56, 1,344 square foot trailer for $1,249 a month. This new home has a modern layout, custom kitchen and bathroom, a full-size washer/dryer, and off-street parking.

    Wow Kitchen

    #1. Cedar Springs Mobile Estates – 400 Susan, Cedar Springs, MI 49319

    The top mobile home community in Cedar Springs is, unsurprisingly, Cedar Springs Mobile Estates. This fantastic community offers affordable luxury, unique layouts, and dozens of mobile home community perks.

    These estates are centrally located, thus getting around this area of Michigan is never a problem. Moreover, this manufactured home community is only minutes away from downtown Cedar Springs. Consequently, there is a wealth of entertainment, shopping, restaurants, and more just around the corner.

    home white bricks

    The community itself has great features and amenities, including recreational basketball courts, an overall quiet/peaceful atmosphere, and custom homes with various design options.

    Cedar Springs Mobile Estates’ homes come in single or double-wide dimensions, offer 2 to 4 bedrooms, 1+ bathrooms, and anywhere from 1,000 to 2,500 square feet of living space.

    Here, manufactured homes have custom oak kitchens, stone fireplaces, spa-like bathroom suites, and more.

    Residential mobile park home

    Mobile homes are available for lease or purchase in this community, and pets are allowed.

    If you would like more information on the available manufactured homes for rent and sale at Cedar Springs Mobile Estates, then you can stop by or call and schedule an appointment. It is safe to say that you will find the remaining top mobile homes for rent and for sale here.

    The Area of Cedar Springs

    The town of Cedar Springs is an exciting place to live. You will find a true sense of community, a bustling downtown, a rich history, fun festivals, outdoor recreation activities galore, parks, and much more.

    Besides the excitement and a wealth of entertainment options, Cedar Springs has a booming economy, a diverse population, numerous employment opportunities, and an overall low crime rate. Plus, this delightful town is only minutes away from wonderful cities like Grand Rapids, Muskegon, Coopersville, and Kentwood.

    Caravans

    Manufactured home communities are robust in the Cedar Springs, MI 49319 area. In fact, there are actually quite a few communities in this region that are absolutely worth considering. That said, the five listed above are the must-see mobile home parks, in our opinion, that should be at the top of your list.

    Take Away

    Manufactured home living is definitely not what it used to be.

    Today’s mobile homes are spacious, high-end, energy-efficient, and offer tons of incredible features.

    Therefore, you should embrace the trend and save yourself the headache of having to get a 30-year mortgage.

    home park

    Then again, maybe you have always been a die-hard apartment renter.

    If that is the case, step outside your comfort zone — not only do you get more living space, at a fraction of the price, but you also do not have to deal with being right on top of your loud neighbors.

    Ultimately, the decision is yours to make.

    However, you really cannot go wrong with manufactured housing, especially if you are looking to rent or buy a new home at Cedar Springs Mobile Estates.

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    The Benefits of Living In A Mobile Home Community

    1 year ago · · Comments Off on The Benefits of Living In A Mobile Home Community

    The Benefits of Living In A Mobile Home Community

    So, you are looking at mobile home living and want to know a little more about what that entails. Well, you came to the right place. In general, purchasing or renting a mobile home is an excellent decision that benefits the whole family.

    Since you are here, you have probably noticed that the tiny home movement is more than just a fad. People are seeing the benefits of affordable, mobile housing, and a minimalist lifestyle. Think about it, you get the best of both worlds—the flexibility of apartment living, with all the perks of home living.

    Furthermore, with a mobile home, you have several options for where to park/place your new home. Of course, this is a bonus for those who like to move around a lot. However, if you are interested in putting down roots in a mobile home community, there are a few advantages to it. In fact, there at least eight benefits of living in a mobile home community.

    Affordable, Quality Living

    Being a part of a manufactured home district means you have access to a lot—amenities, open green spaces (playgrounds, dog parks, picnic/barbeque areas, etc.), and more. This is also ideal for growing families on a budget, ambitious millennials, or retirees on a fixed income.

    At a mobile home community, you have access to houses with the latest in home design, modern layouts, and all the comfort of everyday home living—all within your budget. As a result, you can have a high quality, affordable, and customizable home, whether you are leasing or buying. Plus, you can enjoy your community, not worry about major repairs or regular maintenance, and still have a little extra money left over each month. Your utility costs tend to be lower as well since mobile homes have less square footage to power or heat.

    More Privacy and Space

    In addition to quality living that will not break the bank, mobile home districts offer you more privacy than you would get if you were living in an apartment complex. As great as apartment living can be, you still have shared walls, noisy neighbors, and common areas. This means you are likely privy to all your neighbors’ conversations, whether you like it or not.

    In contrast, the amount of noise pollution is significantly reduced in a manufactured home community ie. you are not on top of your neighbor, and you do not have shared walls. Moreover, there is more living space available overall than your traditional apartment unit, so there is room to stretch your legs out, grill in your very own backyard, or detail your car.

    Speaking of vehicles, if you have multiple vehicles or guests over, no one is fighting for a parking space.  Overall, parking or lack thereof is not a problem in manufactured home communities, like it often is in apartment complexes.

    A Sense of Community

    There is also a sense of belonging that comes with living in a mobile home park. As people, we are social creatures who need to feel connected to others and a part of something bigger than ourselves. Thus, it is only natural to crave a sense of community anywhere you live. A person’s manufactured home tends to feel a little homier when they feel a part of a well-maintained and robust community. Clearly, manufactured home communities allow you to have more privacy without losing that much-needed connection with your neighbors and others within the area.

    Rules and Regulations

    Of course, it is not always smooth sailing with your neighbors. Yet, if you find yourself having an issue with one of your neighbors, there is generally a rule or regulation that will solve your problem without any conflict. For instance, if your neighbor throws loud or disrupted parties on a regular basis, then onsite management is there to step in on your behalf.  With other housing situations, you need to file formal complaints and speak with someone regarding your neighbor’s disruptive behavior. In a mobile home community, management stays on top of issues like these to ensure that everyone can enjoy the community.

    Freedom and Flexibility

    Though there are regulations as to what you can do in your manufactured home park, that does not mean you do not have any freedom or flexibility. For instance, when it comes to interior décor or outside curb appeal, residents in these kinds of communities tend to have more of a say as to how things will look. So, if you have a rebellious teen who wants a black wall or you want to put a bed of flowers out front, you more than likely can.

    What’s more, pet policies at mobile home parks tend to be a bit more inclusive, which is great if you have multiple family pets. Finally, renting a manufactured home means you have the look and feel of a house without a 30-year mortgage. As a result, you are free to roam without this type of financial restriction weighing you down.

    Onsite Amenities

    Other amazing benefits of living in a mobile home community include the wealth of onsite amenities. Much like luxurious master-planned neighborhoods, mobile home parks offer their residents incredible communal perks. For example, many of these parks have playgrounds, splash pads, open outdoor spaces for pets, and picnic areas. Plus, some manufactured home communities even have onsite daycare, swimming pools, and much more.

    Obviously, mobile home parks have come a long way. Today’s mobile parks/communities, as you can see, allow their residents to build more than just a home with all these perks.

    Lower Taxes

    Mobile home communities provide their residents with the opportunity to become homeowners while they rent the land their home sits on. Again, this allows for freedom and flexibility.

    Another benefit is that you pay less or fewer taxes. In fact, when you choose to live in a mobile/manufactured home community, you are often not responsible for property taxes. Ask any homeowner, and they will tell you that property taxes are a thorn in their side; but the good news is you do not have to share in their pain as a mobile homeowner.

    Welcoming Management Team and Efficient Maintenance Staff

    Lastly, one of the main benefits of living in a mobile home community is its managers and staff’s dedication. You will likely find that mobile home parks prioritize the look and feel of the overall area. As a result, you will enjoy a well-maintained neighborhood and be able to take pride in its appearance/curb appeal.

    Likewise, many parks offer 24-hour maintenance staff and emergency hotlines so that any issues or repairs can be taken care of ASAP. Some management teams even take it a step further and organize events for residents. The end result is everyone feels they are a part of an amazing, welcoming, and gorgeous-looking community.

    Take Away

    Ultimately, thanks to these benefits, there has been an increase in the popularity of mobile home parks and communities across the country. The reality is people like feeling financially independent, but do not want to lose the small town community feel or the chance to own a home.

    These manufactured home communities understand this; thus, they continually strive to make their communities everything a homeowner could ever need, and then some.

    Don’t just take our word for it; there are likely a few amazing mobile home communities in your area. So, what are you waiting for exactly? Check out what these mobile home areas have to offer today!

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    Chattel Mobile Home Financing: Best Options

    1 year ago · · Comments Off on Chattel Mobile Home Financing: Best Options

    Chattel Mobile Home Financing: Best Options

    If you have ever purchased a manufactured unit, then you understand that it offers more flexibility, at a lower cost, than traditional homes. However, this does not mean that the expense is minimal.

    The cost of manufactured housing units ranges between $60,000 to $100,000. However, this amount is likely more than you would be willing to pay directly out of your pocket.

    If you wish to buy a manufactured home, it would be best if you secured financing. Since manufactured housing units aren’t like stick-built homes, being that they are considered personal property, it becomes more difficult to secure a chattel mortgage on them.

    Most lenders won’t provide you chattel mortgages to purchase a manufactured home, but there are other available options.

    Here, we focus on chattel mortgages that are available for manufactured housing units.

    Chattel Mobile Home Financing

    Before we look at the available chattel mortgages, let’s focus on the differences between manufactured, modular, and mobile homes.

    Differences in Modular Homes, Manufactured Homes, and Mobile Homes

    Although there are many similarities between mobile, manufactured and modular homes, there are also some key differences:

    Mobile Homes

    These homes are designed and developed in a factory before being brought to a rented or personal property for installation and setup. It’s, therefore, a movable property.

    The difference between these homes and a manufactured home depends on the time it was built. Homes that were developed in a factory before 1976 are technically mobile homes.

    This is the time when HUD (the U.S. Department of Housing and Urban Development) enacted the Construction and Safety Standards Act.

    Manufactured Homes

    These homes are also developed in factories. You can set them up at a permanent location on metal piers, blocks, or permanent foundations.

    However, they aren’t intended to be transferred from location to location after installation.

    All homes developed in factories after 1976 are referred to as manufactured homes. The HUD Code and standards regulate the development of these homes.

    Modular Homes

    Modular homes are also developed in a factory, and then moved to a land where they’ll be located. With that said, these homes are more related to traditional homes. They aren’t, therefore, movable property.

    Modular units have basements and crawl spaces, and they employ a traditional foundation.

    They can also be delivered in two or more modules, then they are assembled onsite in your desired arrangement.

    Modular homes are subjected to the same regional, local, and state building codes as stick-built homes.

    Different Ways of Getting Manufactured Home Unit Financing

    Once you have settled on the home’s features you want, and the exact location you’re going to put it, you should start thinking about how you’ll pay for it.

    Residential mobile park home estate.

    There are several options to select from when choosing the right financing option for your home:

    FHA Loans

    HUD gives loans for manufactured housing units via the Federal Housing Administration loan program. These loans include Title II and Title I loans.

    Title I Loans

    These loans are available to finance a used or new manufactured home, along with repairing, altering, or improving one.

    You can get these loans from lenders even when you aren’t planning to buy the land that your manufactured home is located on. A home can be in a home park or manufactured home community.

    However, there is a maximum loan amount, depending on your unit:

    • Manufactured home only: $69,678
    • Manufactured home lot: $23,226
    • Manufactured home and lot: $92,904

    Title II Loans

    This chattel loan involves loans that someone can use to a qualifying manufactured home, along with the land, as long as the requirements are met.

    For instance, a Title II loan can only be used if someone plans to live in a manufactured home as their primary residence. Real estate investors can’t apply for this loan.

    There are also some requirements for this loan, which include:

    • The home must have been built after 1976
    • The home should have at least 400 square feet
    • Your home should be classified as real estate
    • The loan should cover both the home and land

    Fannie Mae Loans

    Some lenders provide borrowers with the Fannie Mae Mortgages via the MH Advantage program.

    Before you qualify for this loan, there are certain things that you should meet. For instance, you should install a detached garage, a carport, a sidewalk, and a driveway in your home.

    The manufactured home should also meet the same energy-efficiency, architectural design, and construction standards as stick-built homes do.

    The interest rates on these loans happen to be lower compared to other chattel loan financing options. Fannie Mae has 30-year financing.

    Freddie Mac Loans

    The Freddie Mac mortgage program can offer you a conventional financing option for a home.

    As a qualified borrower, you can select between a 10/1 or 7/1 adjustable-rate mortgage, or fixed-rate mortgages (30, 20, or 15 years).

    Here, you can get a loan with as low as a three percent down payment. You can also use grant or gift money to cover your down payment.

    VA Loans (Veterans Affairs Loans)

    This is a loan offered by the Department of Veterans Affairs and is for those who were in the military. Here, lenders provide up to 100% financing on home loans.

    However, before you get this loan, you’ll need to provide an affidavit of affixture.

    Chattel Mortgage Loans

    A chattel loan involves a special personal property loan that you can use to buy a manufactured home. Apart from financing manufactured homes, these chattel mortgage loans are also used to finance the purchase of expensive items, such as boats, planes, or farm equipment.

    Chattel mortgages are still available even if you don’t own any private property to place your home.

    Chattel mortgage loans are, therefore, the most reputable options for people who want to buy a personal property in a manufactured home community.

    Some lenders only offer chattel loans for home purchases that are insured by the RHS (Rural Housing Service), VA (U.S. Department of Veteran Affairs), or the FHA (Federal Housing Administration).

    Even though you can find lenders who provide traditional mortgages and chattel loans, the two have certain differences.

    Chattel mortgage loans have higher interest rates of between 0.5% to 5% higher than traditional mortgage rates. A traditional mortgage also has longer-terms than chattel loans.

    This could translate to a higher monthly payment, which could assist you in paying off your debt sooner.

    Chattel loans also have a less restrictive and a faster closing process than what you’ll see in traditional mortgages.

    Personal Loans

    Since manufactured homes are cheaper than site-built homes, you can purchase them using personal loans.

    Personal loans are very flexible, and you can use them for almost anything. However, their interest rate happens to be higher than those of other loan options, such as a chattel mortgage or VA loan.

    The application process for these loans is shorter, and you don’t have to give any collateral to get the loan.

    Another advantage of personal loans, over chattel mortgages, is that they are free, or cheap, to set up. You won’t incur any appraisal or escrow fees.

    Since the loan isn’t secured, the lender will have zero interest or control over your home.

    Steps for Acquiring Your Own Home Through Home Funding Options

    You should follow a few steps if you want to buy a manufactured housing unit with the best funding options:

    1. Check your credit report: Any lender considers your credit report before giving you a chattel mortgage. A solid credit score and clean credit history makes it easier for you to get a chattel mortgage.
    2. Decide whether you want a home with the land: If the land is your own personal property, you stand a chance of getting a high chattel mortgage loan amount.
    3. Find out the specifics of the home that you wish to buy: The home you will buy will determine the amount and type of loan or chattel mortgage you get. For instance, if you want to buy a home that costs at least $100,000, you won’t qualify for an FHA loan.
    4. Begin to look for financing options: Select the type of loan or chattel mortgage you would like, and compare between different lenders. Some of the loans include personal loans, chattel loans, conventional, and FHA loans. The interest rates differ, depending on the lender you select.
    5. Please submit your application for the chattel mortgage loan: Complete a transparent application and then submit it to your lender of choice.

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    Should I Buy a Mobile Home or Rent?

    1 year ago · · Comments Off on Should I Buy a Mobile Home or Rent?

    Should I Buy a Mobile Home or Rent?

    There is no hiding the fact that mobile homes have become very popular in the real estate industry over the last decade. Many adventurous people prefer to buy these homes since they can relocate to wherever they want to go.

    For instance, a manufactured home is much more affordable compared to a site-built home. Many middle-class families can afford these mobile units.

    However, many people prefer renting apartments or other types of housing.

    If a traditional site-built home isn’t the right fit for you, then you’ll have the option of either buying a manufactured home or renting an apartment. Both options come with pros and cons, which you should thoroughly examine.

    A modern luxury static caravan.

    Here, we examine the best option you should consider, depending on your situation.

    Should I Buy a Mobile Home or Rent?

    Having apartments for rent offers community amenities and eliminates maintenance concerns. On the other hand, a mobile home will allow you to own properties, along with offering you customization options and privacy.

    Let’s look at the benefits of each option:

    Benefits of Renting

    At least two-thirds of the American population own their own houses. After all, home ownership forms a critical component of the “American Dream.”

    However, many people don’t know that renting carries several benefits that can make it the perfect option, depending on your situation.

    Let’s go through these benefits:

    It Offers You a Lower Monthly Cost

    If you decide to rent an apartment, you’ll incur a lower monthly cost, when compared to buying a manufactured home.

    When you add your property taxes, insurance, and mortgage, rentals offer a cheaper option than the low-down-payment mortgages that carry private mortgage insurance.

    Even after the rental charges rose when house prices and interest rates dropped in 2012, the rental option was still the most affordable option. This is true, especially if you want to spend at least more than ten years in a home that is located in a large city.

    It Presents Lower Ownership Expenses

    Renting does more than just lowering your mortgage costs per month. It has proven to save money in several other ways.

    Ownership Expenses

    If you buy a mobile home, you will have to pay your own money to have some services, such as cooling, heating, maintaining lawns, and other regular maintenance.

    The additional repair costs may cost hundreds of dollars if you’re not careful.

    For a rented apartment, however, the landlord is in charge of everything, including fixing faulty appliances and other maintenance tasks. The landlord must make the apartment habitable.

    You Can Conserve Your Down Payment

    If you want to purchase any home, including a mobile home, you’ll be required to pay a down payment of about 20 percent.

    If you take that large amount of money and divert it into another investment, you might end up earning more money.

    Homes have proven to be unwise investments since they increase in value at or slightly ahead of the inflation rate.

    Renting Offers Great Flexibility

    It offers you great flexibility that you’ll never find when you buy a mobile home.

    What will happen if you get a new job in a new city over 500 miles away? What if you have a child and the single-wide or double-wide unit that you bought becomes too small?

    If any of the above situations happen when you’re in a rental unit, you can easily move as soon as your lease expires. You can also downgrade or upgrade to a new apartment without any problem.

    With a mobile home, you’ll be forced to transport it to a new location, which is also very expensive.

    Even though there is another option of selling it, getting a willing buyer might be difficult.

    Benefits of Buying a Mobile Home

    If you like the idea of living for less, then a mobile unit is the best option for you. As stated before, a mobile unit is much cheaper, compared to a site-built home.

    However, one main challenge you could face is that you’ll have to pay a lot rent per month for a mobile home park space, where you’ll place your home, especially if you don’t have a personal piece of land.

    manufactured homes in home parks

    Let’s look at the benefits of buying a mobile home:

    Mobile Homes are More Affordable Compared to Most Alternatives

    The most exciting thing about manufactured homes is their affordable price. These homes are built on the assembly line and mass-produced, therefore costing less in the long term.

    For instance, in 2018, the average price of a sitebuilt home in the U.S. was $225,700. Ofcourse, the actual price of a particular mobile home could be much higher or lower.

    During this same period, the average price of a mobile unit was $87,100. You’ll, therefore, expect to save at least 20% compared to if you were to invest in a site-built home.

    Lenders can only offer a mortgage to those who want to buy real property. This includes land and anything attached to it permanently.

    You can, therefore, still secure loans on your manufactured unit if you fix it on a permanent structure or own the lot on which it’s placed.

    You Can Enjoy Luxury for Less

    Although something like $300,000 could get you a starter housing unit in most parts of the country, you can buy a very luxurious manufactured unit for half of that amount.

    The lower base price can allow you to make additional upgrades to the home, which you can’t with traditional site-built homes.

    Enjoy Luxury for Less

    Some luxurious upgrades that you can add include granite countertops, a fireplace, and a soaking tub.

    Your Home Will Increase in Value if You Own the Land

    Manufactured homes will appreciate when you own the lot on which the house sits. This means that you stand a chance of selling the housing unit at a higher price than the one you bought it for.

    This can be linked to the rise in the value of the lot that your housing unit is placed on.

    Buying a Mobile Home can be Financed

    Many people have always thought that they can’t finance a manufactured housing unit with a mortgage.

    Buying a Mobile Home

    However, this is not true since the HUD Code allows banks to offer loans of up to $69,678 if your manufactured unit is on a rented lot, and $92,904 if it’s attached to your lot.

    You can also get money from family members to finance your mobile home, if you so choose.

    Mobile Homes are Safe

    These homes are now designed and developed in the factories with safety in mind. After 1976, there were HUD Codes that were passed which provided for strict standards, including safety regulations.

    Mobile Homes are Safe

    If you buy a mobile home, expect it to come with the same features as those found in site-built homes. Modern mobile homes even have better features.

    You Can Still Rent the Home

    When you decide to buy a mobile home, you can still decide to use it to get further income by renting it out.

    Many people in the real estate market prefer renting mobile homes to apartments due to their low rent costs.

    You’ll, therefore, have nothing to lose if you decide later in life to move to a stick-built home.

    Conclusion

    Although there are benefits to both living in a rented apartment and buying a mobile home, we recommend that you go with the latter option.

    Buying a mobile home is much more affordable and allows you to own a housing unit, all while having lower overall monthly payments.

    However, renting also comes with several benefits, as we have seen above. You should, therefore, make the best decision for you and your family.

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    Mobile Home Amenities to Consider When Looking to Purchase

    1 year ago · · Comments Off on Mobile Home Amenities to Consider When Looking to Purchase

    Mobile Home Amenities to Consider When Looking to Purchase

    When the time comes for firsttime homebuyers to list what they desire in a home, many only have general requirements and are not fully aware of all the features and amenity options.

    Understanding which features means the most will help eliminate mobile homes that won’t work for you, and compare the homes that will. Undoubtedly, everyone wants a mobile home that comes with luxurious amenities.

    Luxurious community amenities give people the chance to live their dream and comfortable life.

    Mobile homebuyers can enjoy a range of amenities, such as pet-friendly neighborhoods to waterfront views.

    Mobile Home Amenities

    The term manufactured home typically conjures up mental images of rundown trailer parks, complete with nutty neighbors and a colony of stray cats.

    Manufactured homes have come a long way from rusty RVs up on blocks. Today’s manufactured homes offer quality amenities inside the house, just like a modern traditional home does.

    manufactured housing Aerial view looking down on vast trailer park, mobile homes.

    You can hardly tell you are inside a manufactured home, since it strikes a similar resemblance with a site-built home.

    When choosing between an apartment, house, or community, many residents weigh the value of the grounds, facilities, services, and even event gatherings against a more solo way of life.

    Manufactured home parks have a lot to offer, but what exactly do residents find most appealing about living in them?

    This article will look at amenities you, as a homebuyer, should consider when buying a manufactured home.

    Pet-Friendly Living

    Many apartment complexes might not provide an ideal home for your pet. It’s common to find restrictions on the number or types of pets you can keep around the premises. Even in some instances, you will have to pay steep fees for your beloved pets.

    Living in a manufactured home community will offer you a pet-friendly environment, without the need to pay steep fees like a lot of apartments for rent that you will find around the city.

    The best thing about manufactured home parks is that you will get plenty of space for walks around the neighborhood. Your pet will, therefore, get enough exercise to stay fit and healthy.

    If you consider living in a mobile home park, you typically are not limited to the type of pet you want to keep within the community.

    Recreational Facilities & Events

    Residents in these manufactured home communities get together to build connections with a strong sense of friendship and camaraderie.

    Manufactured homes are just more than a series of homes within one location. In community parks, you get to meet friends that become family, unlike in an apartment complex where you hardly interact with the neighbor next door.

    Often, manufactured home communities organize events that bring the residents together, in a bid to improve social engagement. Also, these mobile home parks include central common places where residents can gather and enjoy one another’s company.

    You’ll find playgrounds and sports courts in these communities. Such facilities will give your family more room to enjoy the environment, unlike apartment complexes.

    Many retirees often downsize to live in mobile home communities since it feels warmer than other forms of housing.

    Availability of Critical Infrastructure

    In mobile home communities, residents don’t have to worry about simple things such as electricity, water, gas, and sewer lines, because the community management provides such amenities. However, you may be asked to pay some fees in return.

    The communities also include essential infrastructure, like roads.

    The best thing about these manufactured home communities is that they provide maintenance services, a dedicated team that will be at your service, even at midnight. Staff members go through vetting to ensure residents get nothing but high-quality services.

    Living in parks gives residents peace of mind when it comes to such infrastructures.

    Security Around the Community

    Safety is one of the top priorities when looking for your next home. You will want to ensure the location has a low crime rate and is safe for bringing up your children.

    Mobile home communities offer a secure living environment and, therefore, residents can move about their business without worrying about safety.

    It is ideal to know that some extra security features might cost a couple of dollars. The upside is that you will have a secure home.

    When searching for the right mobile home community to join, it is often recommended to research the crime rate around the area before settling in and calling it home. Prior research will avoid wasting time and resources.

    High-Quality Pools

    Nothing beats a quality pool when it comes to relaxation. The comfort you get from deck chairs during a hot summer day can wipe out your all-day worries.

    Manufactured home communities offer luxurious pools that are ideal for large families and get-together parties.

    While living in a mobile home community, you don’t have to worry about crowding that public pool. You will also avoid the hassle of maintenance, as the qualified staff often takes care of that.

    In addition, the shared pool is often cleaned by professionals and, therefore, you shouldn’t worry about hygiene.

    Why You Should Move to a Mobile Home

    Mobile home communities are growing in popularity for all good reasons. If you are looking for a place to call home, a mobile home community will be an ideal location.

    Here is why you need to move to a manufactured home:

    Affordable Housing

    Manufactured homes are cheaper than stick-built homes by almost 20 to 30 percent. According to the Manufactured Housing Institute, over 22 million Americans Live in Mobile Homes.

    For example, a single family home is less expensive, has a smaller footprint, has no property taxes, and requires a lower down payment.

    Decreased Operating Expense

    Unlike traditional site-built homes, you will spend less living in manufactured homes, when it comes to maintenance.

    It is typically accepted that the average operating expenses for a mobile home park are usually around 35-40% of the gross income, compared to apartments in the 50-60% expense ratio.

    Another reason for the lower operating expense ratio for mobile home parks is that you are not responsible for painting, cleaning carpets, fixing windows, and all the fun jobs of the apartment maintenance personnel.

    Today’s Mobile Homes are Safe and Quality-Controlled

    The term “mobile home” is often associated with a home of poor quality, which is a complete misconception.

    Today’s homes are built to HUD Code, which is administered by the U.S. Department of Housing and Urban Development.

    Safety, among other features, was part of the newly built home, after 1976, when the bill came into effect.

    Besides, today’s manufactured homes are engineered for wind safety and energy-efficiency, based on the geographic region in which they are sold. Therefore, among other locations, you shouldn’t worry about buying a manufactured home if you live in Florida.

    Final Thought

    A manufactured home is an excellent choice of housing for any family looking for a place to call home. It is affordable and comes along with the needed amenities.

    Please note, you should always be keen to consider the type of amenities offered within the mobile home community before joining them.

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