manufactured homes….?

September 25th, 2009

Can you tell me the pros and cons of purchasing a manufactured home and the pros and cons of purchasing a used one thank you

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7 Responses to “manufactured homes….?”

chika Says:
September 25th, 2009 at 8:24 pm

Pros

cheaper than stick built homes
if you buy new, manufacturers will help with financing
"good cents" homes are energy efficient

Cons

don’t appreciate in value at the same rate as conventional
the materials they are built with are usually cheaper, substandard and irregular, so replacement is sometimes difficult
impossible to re-fi if it is a non owner occupied property
smaller buyer market when trying to sell (many won’t live in them)
architecturally limited

joy bell Says:
September 25th, 2009 at 8:24 pm

cons:

RESALE VALUE !!!!!!!!!

James O Says:
September 25th, 2009 at 8:24 pm

Pros: cheap to obtain
easily moved
easy to upgrade

Cons: No banks will finance one
value never goes up unless in a 5 plus market
tornadoes love them
they are the first to go in a storm
energy bills are outrageous
You can never just make payments on one, you have to rent a lot and sometimes pay other park fees.

Upbeat Says:
September 25th, 2009 at 8:24 pm

Pros: Climate controlled building. Less cost per square foot. Wide range of styles and floorplans that can usually be customixed. High quality insulation.
Cons: Image

I’ve lived in manufactured homes for over 20 years. If your manufactured home is on a private lot instead of in a park, appreciation is almost on a level with stick-built homes. I bought my last manufactured home for $105, 000 on a private lot, sold it a couple years ago for exactly $200,000. Of course that was in an expensive part of the country.
In the area I live now, manufactured homes are allowed on city lots. You can hardly tell the difference if they are sited right and well landscaped. The homes are in most neighborhoods and hold value well.

And when they are on private lots, most banks will finance them like a stick-built.

educated guess Says:
September 25th, 2009 at 8:24 pm

Pro-Less money to buy. I bought a 1998 Oakwood with a georgeous kitchen with an Island. All the upgrades-hardwoods,ceramic sinks, etc. for only $10K. The reason for this purchase was the person it was for wanted a yard for their dog. Also beats living in an Apt. Almost anything beats living in an apt in the DFW area.

CON-you always have to pay lot rent. $400 a month for this one in DFW.

organizeyourbiz Says:
September 25th, 2009 at 8:24 pm

I have also lived in manufactured homes for about 5 years. The cons are that you will pay rent space, which use to vary greatly due to the park.

They are also the FIRST to go up in value when the market is doing well. I love these people who say they don’t go up in value. It shows they don’t know what they’re talking about.

You also have to check the park rules, i.e., pets, guests, etc.

The pros are affordability, utilities, safety, location, and you CAN get loans on them; if they are older than 25-30 years is where you run into problems getting financing.

Normally they more affordable than an apartment, as taxes, insurance and payments are much lower.

In housing such as this, it would be a good move if you’re planning to stay there for awhile.

I owned a triple wide – bought for 78K and sold for 105K; so they do go up in value.

Ed Atun Says:
September 25th, 2009 at 8:24 pm

Pro: cheap price, a great place to live and you own it.
Con: they are more like refrigerators than houses, they go down in value

Pro: brand new comes with a warranty and probably special financing
Con: the lived in ones are ready to move in with no money for miniblinds

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