Manufactured homes are perfect for retirement living because they’re affordable, easy to maintain, and flexible. These homes are also referred to as mobile homes, modular housing, or CONVENTIONS.
They come in a wide variety of styles from tiny tiny homes to huge park models that offer plenty of space for you and your loved ones. Manufactured home living is an excellent option if you want affordable housing without sacrificing the luxuries of home ownership like a yard, private garage, or a designated entrance.
Manufactured homes are some of the most affordable rental options available, which makes them even more appealing as investment properties. With prices ranging from under $200 to above $1000 per month depending on the model and location, these properties make great secondary residences and retirement communities.
Here are some reasons and information on Manufactured homes and why they are the best option for retirement.
1) Types of Manufactured Homes
There are many different types of manufactured homes. Manufactured homes can fall into one of two categories: attached and detached. An attached manufactured home is built on a permanent foundation.
The foundation is usually concrete, but other types of foundations are sometimes used for mobile homes, especially when the home is intended for seasonal use. A detached manufactured home has no connection to the foundation and is typically built on a 27” x 50” x 8’ to 12’ platform. Exterior walls are usually made of vinyl or wood and may be insulated.
2) Who Built Manufactured Homes?
Manufactured homes are built by one of two companies: manufactured home builders and trailer manufacturers. Manufactured home builders create the foundation and interior of the home, and then contract with other companies to paint the exterior, add flooring and appliances, put in wall and ceiling insulation, and put in electrical hookups.
Manufactured home dealers, on the other hand, sell these homes. Many manufactured home dealers are part of national networks that coordinate sales between dealers and buyers. This network makes it easier for you to find the right home at the right price because the network will aggregate all the available inventory in your area.
3) Advantages of Purchasing a Manufactured Home
When purchasing a manufactured home, you’ll likely find the prices for new construction to be much lower than renting an apartment. Because the demand for manufactured homes is so high, you’ll typically be able to get your foot in the door and negotiate a lower price.
You’ll also find that manufactured home prices fluctuate much less from month to month than a rental. That means you won’t have to be concerned about a rental market correction that might cause you to lose a lot of money in a short amount of time.
4) Disadvantages of Purchasing a Manufactured Home
While manufactured home ownership is certainly a very attractive option, there are some potential issues to consider. Most manufactured home dealers charge a variety of hefty fees, such as a down payment, processing fee, title insurance, and more. And with interest rates being what they are, you could easily end up with a substantial mortgage payment.
Additionally, manufactured homes are subject to wear and tear that rental units simply aren’t subjected to. That means they’re more likely to require significant repairs, which could end up costing you.
5) Buying New Construction Manufactured Homes
New construction manufactured homes are typically much more expensive than those that are secondhand. There are, of course, exceptions to this rule. The best way to purchase new construction manufactured homes is to start with an initial list of desired features. This will help you narrow down the list of model and builder options so you can make your final decision on which home to buy.
6) Tips for Finding a New Construction Home
– Ask for help – Manufactured home dealers are a great place to start your search, but it’s good to remember that they represent just one part of the manufactured home industry. You’ll need to get help from a realtor who specializes in manufactured homes, as well as a contractor.
– Look online – The internet has made finding the perfect home much easier, and there are plenty of websites out there that let you search for new construction and existing models of manufactured homes.
– Look for financing – If you have bad credit or no credit, you’ll likely have trouble finding financing for a home purchase, including financing for a manufactured home.
– Look for government programs – Manufactured home buyers can benefit from several government programs designed to help people who lack adequate credit or assets to purchase homes.
– Look at plenty of options – There’s more to finding the perfect retirement home than just one option. Be sure to visit several different options in your area.
– Speak with realtors before giving up – When you first look at the homes you like, make a note of the address, model, and other details so you can quickly find them later.
– Keep your eyes open – While you’re driving around, keep your eyes open for homes that meet the requirements you’ve set.
– Be the first to act – Manufactured homes tend to sell quickly, so don’t be afraid to make an offer on the first home you like.
7) Finding an Existing Property
New construction manufactured homes are usually listed for sale by a real estate agent. You can usually find out who the sellers are by looking up the property listing in the local paper or online.
Once you’ve identified a potential home, contact the seller and offer to buy the property. Offer to pay a reduced price or even a shorter period than the seller is asking for in exchange for the right to buy the home.