Monday May 8, 2017
“Home sweet home” comes in all sizes, locations, and budgets: urban brownstones, modern high-rise apartments, suburban ranch homes, rustic farmhouses, manufactured homes … That’s right. A manufactured home is the perfect option for many. If that surprises you, you may be buying into the following common (false) manufactured home myths. So, let’s set the record straight!
Myth 1: Manufactured homes are unsafe.
Modern day (post-1994) manufactured homes must meet the same U.S. Department of Housing and Urban Development (HUD) safety standards as site built homes. That means manufactured homes meet the same construction quality, strength, and fire / wind-resistant requirements as site-built homes. In fact, manufactured homes must meet higher building-code standards than site-built homes.
Myth 2: The value of a manufactured home won’t appreciate.
As a blanket statement, that’s false. Like site-built homes, a rise or drop in value occurs on a home by home basis. Manufactured homes can drop in value, just like site built homes…but manufactured homes can also gain equity and increase in value! This is primarily true if:
- The home’s owner also owns the land on which the home sits.
- The house is well maintained.
- The structure is attached to a foundation.
- The home has been updated with additions or attached garages.
Also, location is important. Potential for a rise in home value increases with desirable land location.
Myth 3: Manufactured home communities are tacky.
It is true that you’ll find rundown “trailer parks” throughout the United States. You’ll also find rundown site-built-home subdivisions. But just as you’ll find exclusive gated communities with upscale homes, you’ll find luxurious manufactured home communitieswith resort-style pools, million-dollar views, and famous residents.
Myth 4: Manufactured homes all look the same.
Granite, hardwoods, gourmet kitchens with islands, fireplaces, soaking tubs, custom window treatments, spacious porches, media rooms, walk-in closets, skylights, master suites … manufactured homes have these amenities, and many more.
Myth 5: It’s tough to find financing for a manufactured home.
It’s no tougher to secure financing for a manufactured home than for a traditional home. When you finance a manufactured home as real property, VA, FHA, USDA and conventional financing is available with terms up to 30 years.
So, consider the benefits of manufactured homes. For significantly less money than you’d spend on a site-built home, you can purchase a manufactured home that has all of the amenities on your wish list. You just might get the home sweet home of your dreams.