Manufactured Homeownership: Defining “The Good Life”
For the majority of us, owning a home is part of the American dream. According to a study conducted by the National Association of Realtors, 87 percent of those polled cited owning a home as the number criterion for defining “the good life.”
In today’s market, consumers demand quality, value, and affordability when purchasing a home. Knowing that a home is the largest single purchase that most of us will ever make, potential homebuyers owe it to themselves to consider all their options when making a housing change.
In pursuit of the dream of homeownership, as they call it, “the good life,” more Americans are discovering today’s manufactured home as the answer to their housing needs.
Manufactured homes represent the fastest-growing segment of new single-family housing sales – offering outstanding quality at an affordable price. In fact, recent trends indicate that one out of three new single-family homes (33%) is a manufactured home.
Advantages of Homeownership
Owners and renters alike considered homeownership desirable for the following reasons: the pride of ownership, their dislike of paying rent, and the ability to have or change the features of their home to match their individual tastes and needs.
In addition, owning your own home provides a sense of security and well-being that’s difficult to beat. Home is where we raise our families, have friends over for summer barbecues, paint the baby’s room pink or blue, and find refuge from the outside world.
Owning a home, especially a manufactured home, offers other advantages as well. As a homeowner, you have control over your environment. With a manufactured home, for example, you can customize the space and features to match your needs and preferred lifestyle. Also, the manufactured home can be placed in a location you prefer.
As a homeowner, you can experience the emotional and financial security that comes from knowing what your housing expenses will be from year to year. Unlike rents, which can increase annually, most manufactured home mortgages have fixed or capped monthly payments. Thus, you can have a much better idea of what proportion of your paycheck goes toward your home. In this way, you can better plan your expenses and savings!
Value of Manufactured Homeownership Over Time
Homeownership is the primary component of wealth for many Americans. As you pay down your loan amount each month, you accumulate equity — a growing ownership interest in your property. Furthermore, interest on a portion of home equity and interest on a home mortgage and property taxes are deductible. For most of us, the mortgage interest provides the largest tax deduction.
Most homes appreciate in value over time and can be a source of income for you, especially if you have lived in your home for a long period of time. Moreover, when you retire, you can sell your home if you need the funds or make use of a home equity conversion mortgage.
Contrary to some public misconceptions, a manufactured home will retain its value, and/or appreciate in value under the same conditions of placement as a comparable site-built home. In other words, if attached to real property, a manufactured home is considered real estate in the same respect as a site-built house.
Over the years, your home most likely will be the best investment you will ever make. But more importantly, it will be the place that offers you and your family shelter, security, and stability. What a return on your investment!
If you familiarize yourself with the many features and advantages of today’s manufactured homes, you quite possibly could consider a manufactured home your smartest investment.
After all, today’s manufactured home is “everything a home should be,” and is the shortest and least expensive route to start living “the good life.”
