Are you thinking of buying a manufactured home? You’re not alone. Currently, 17 million Americans live in manufactured homes, and manufactured homes currently make up about 21 percent of all the new single-family homes that are sold. The availability of great manufactured home financing options plus the numerous other benefits of manufactured homes make them an ideal path to home ownership for millions of Americans. Learn more by checking out our list of the top 4 advantages of buying a manufactured home.
It’s no secret that manufactured (and mobile) homes are less expensive than site-built homes. In fact, a new manufactured home costs $41 per square foot on average, while a new site built home costs $84 per square foot on average. That’s a big difference that adds up to thousands of dollars off the purchase price.
There is a reason why manufactured homes are less expensive than site-built houses, and it isn’t because they are somehow inferior in quality. Manufactured homes are priced lower because they cost less to build.
Manufactured homes are built in controlled environments by professional tradesmen. Materials are purchased in volume, which means lower costs, and they are also protected from weather damage and theft. Avoiding damage and also having a structured, uniform assembly plan means fewer materials and 35-40 percent less waste. Also, because the weather does not interfere with the construction schedule, they can be built in one-fifth the time compared to site built homes. All of these factors contribute to lower selling prices, which makes buying a manufactured home an affordable choice.
2. Safe and Energy Efficient
The controlled environment in which a manufactured home is built contributes to the high quality of manufactured homes on the market today. In 1976, HUD set standards for manufactured housing which guide their construction, design, and performance. Strict standards mean that today’s manufactured homes are both safe and energy efficient.
While being built, manufactured homes are continually inspected. Afterwards, they must pass the same safety and building standards as site-built homes. There are also federal laws that require additional safety features, such as smoke detectors, escape windows, and limits on the amount of combustible materials found around heating sources. Systems including HVAC, plumbing and electrical must meet performance standards, and there are also requirements for energy efficiency.
If you are buying a manufactured home, it’s easy to look at the purchase price and assume that because it costs less than a site-built home, it is somehow inferior in quality. However, lower costs have to do with the cost- and time-efficient building methods. Safety and energy efficiency standards are upheld and on-par with site-built houses.
With a lower purchase price, you may also assume you will get fewer amenities in your manufactured home compared to those offered in a site-built house. Once again, this is not the case. Manufactured homes vary in size and price, and you can have just about anything you’d like in your new manufactured house.
If you’re buying a manufactured home, you should know there are a variety of floor plans available to suit your lifestyle and needs. The most desired features of site-built homes can also be incorporated into your manufactured home, including bathrooms with whirlpools, walk-in closets, bay windows, and fully-equipped kitchens. On the outside, you can choose your siding material and even build upgrades like patios, decks, and awnings.
In the end, buying a manufactured home can be just as exciting as building your own site-built home. Customizations are available so you can create the home of your dreams.
4. Availability of Mobile Home Financing
A final advantage of buying a manufactured home is the availability of mobile home loans, which makes manufactured houses more attainable than ever before.
Although the costs are considerably lower than site-built homes, manufactured homes are still a huge investment. Because of the strict quality and safety standards, a number of financial institutions now offer mobile home financing for those who are buying a manufactured home.
Mobile home financing options include FHA loans, VA loans, and USDA loans which are similar to mortgages for site-built homes. Each loan has its own requirements in terms of credit score requirements, down payments, loan limits, and interest rates. However, with so many financing options, there is mobile home financing available for most qualified home buyers today.
As you can see, there are many advantages of buying a manufactured home over a site-built home. For a lower price, you can get a home with all the amenities you need which is just as safe and energy-efficient. When you find the one you want, you can even choose from a range of mobile home financing options. For these reasons, buying a manufactured home is a wise choice and the perfect path to homeownership for millions of Americans.
If you would like to learn more contact us at 855-683-1732 to learn more about our VA modular and manufactured home loan programs, or get started right away by filling out our online prequalification.