Top 5 “Smart Shopping” Tips Before Becoming a New Manufactured Homeowner

Becoming a homeowner is probably one of the most important and consequential decisions that any of us will ever make in our lifetime – and most rewarding.

Thousands of American families are realizing that today’s manufactured home is high-quality affordable housing that matches the definition of “everything a home should be.” How affordable?  A comparison between the average cost of a site-built home in 2019 was $111 per square foot, compared to $50 per square foot cost of a new manufactured home comparably equipped and sited. 

The following top 5  “smart shopping” tips should be helpful in making your manufactured home purchase an enjoyable, confident, and rewarding experience. 

• Placement location: You probably know of the old real estate axiom. “location, location, location,” but it is worth pointing out. If you intend to locate your new home on private property, make sure that local housing agencies will authorize manufactured home placement and any restrictions placed on the installation. If you intend to locate your new manufactured home into a land-lease manufactured home community (a.k.a.mobile home park) you will need to know the rules and regulations of the park, what size home the space will accommodate, and the terms of their rental or lease agreement.

• Shop for what you want, need, require, and can afford: Cost is an essential consideration when buying a manufactured home. You will need to calculate your budget to account for your down payment, projected maximum monthly mortgage payment, insurance premiums, existing installment payments, utilities, etc. As a general rule of thumb, your housing costs should not exceed 30 percent of your monthly income. Based upon this formula you will save a lot of time by limiting your shopping to homes with payments that will be within the confines of your projected debt-to-income ratio.

• Know the costs associated with home placement: Typically the retailer will quote sales prices that include “normal” delivery and installation within a prescribed number of miles (usually within a 100-mile radius), however, the cost of any required home site work such as grading, utilities, plumbing, driveways, etc. and/or exterior accessories including awnings, carports, garages, utility sheds, decks, and air conditioning units will not be included in the retailer home price quoted. Only when these costs are determined will you have a total consideration. The site preparation cost will have to be paid out of pocket or via a construction loan requiring land/home financing. Most retailers will assist in getting a contractor’s bid for these services.

• Compare loan options, and get pre-approval: It’s a good idea to shop around for your financing options and to speak with several lenders, such as your own bank, other banks, mortgage lenders, and community lenders such as credit unions. Manufactured home retailers have working relationships with lenders that specialize in manufactured housing loans. Pre-approval can be a great tool to have when shopping for a home. It gives you a dollar amount to work with so that you can shop manufactured homes within your price range and budget more effectively.

• Find your new home online before you buy:  Surveys indicate that 90% of home shoppers locate their home online. Here at ManufacturedHomes.com we are the nation’s pre-eminent site for smart manufactured housing shoppers, with a comprehensive number of informational blogs, explore 1000’s of floor plans, construction specifications, and an expansive library of 3D virtual tours of model homes across the country. Enter your location on the home page search bar to discover a wide selection of new manufactured homes available near you. Find a home (or homes) you love and request a no-obligation Custom Price Quote from the comfort, privacy, and safety of your home.