Manufactured homes are gaining more popularity in recent years, especially within the 55 and older community. And, why shouldn’t they? They’re simple. Cost-effective. And, everyone’s favorite – lower maintenance. But, how do you know if buying manufactured is right for you? What do all buyers need to know? If you’re considering the purchase of a manufactured home, start here by first considering these 6 facts!
1. Construction is federally regulated.
The US Department of Housing and Urban Development (HUD) oversees and enforces construction standards commonly referred to as the HUD Code. The HUD Code is in place to ensure the health and safety of homeowners. It sets standards for “design and construction, strength and durability, fire resistance, energy efficiency, transportability, and quality control.”
2. Manufactured homes are not mobile homes…technically.
“Manufactured” and “mobile” are words that are pretty often used interchangeably. However, you might be surprised to find out they’re not actually the same thing; well, not anymore at least.
The term mobile home officially refers to a prefabricated home, built on wheels, that was made before 1976 (when the HUD Code went into effect). Anything after became known as manufactured. Think of it as a sort of rebranding. The new name tells the consumer that these homes are clearly built safer than mobiles were. Of course, it’s worth mentioning that a manufactured home is still movable. It’s factory-built on a steel-framed chassis for towing. Just, once it makes it to the homeowner’s land, it’s generally not moved again.
3. Manufactured homes may come cheap. But, don’t forget the cost of land!
The US Census Bureau reports the average sale price of new manufactured homes is around $120,000. Naturally, the cost depends on location and size. Nevertheless, it is still substantially cheaper than buying a new single-family home. As of November 2021, that average price tag is about $417,000!
A manufactured home’s price might be right, but don’t forget to factor in your land purchase! Land can cost upwards of $10,000, depending on location and acreage. Also, remember utility connections. Electricity, fresh water, and sewage can cost around $25,000 or more.
4. You don’t have to live in a manufactured home park.
Prefabricated homes can go anywhere!
Grab yourself a realtor and find a plot of land that suits you! Adults and retirees looking for community living may choose a development, but that is only one option. If you’re buying manufactured, there’s no need to feel limited.
5. Manufactured homes can be really energy-efficient.
Adhering to the HUD Code, which sets standards for heating and air conditioning, plumbing, thermal, and electrical systems, is a good start. Still, added measures for energy efficiency can be easy to do! Almost any updates that can be done on traditional homes, can be applied to manufactured homes. Solar panels, energy-efficient windows – just find a green contractor, and you’re in business!
6. Manufactured homes appreciate in value.
Higher standards mean better value. Today, manufactured homes actually appreciate at almost the same rate as traditional housing. As long as your home is well-kept and you maintain that curb appeal, you can expect a great resale value.
Thinking about buying manufactured? Start here!
Whether you’re looking to buy or rent, a manufactured home might be for you! Start with our housing directories, then visit these other resources for more info!
Do you need help with retirement planning? Then check out Bob Carlson’s Retirement Watch!