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Securing Finance for a Manufactured Home Improvement Project

Securing Finance for a Manufactured Home Improvement Project

Manufactured Houses
Manufactured Home Improvement Project

Securing finance for a manufactured home repair or renovation project can be a bit difficult and tricky task. If you are living in an old manufactured house, you will probably need to make repairs to the house to make it a bit more attractive and to fix damages. However, if you are planning to sell your old mobile home in the near future, then securing finance for repairing the house is not a good idea.

Having a proper knowledge on the various manufactured home financing options is necessary, as it will give you an idea on how to acquire finance for manufactured home repairs. So, consult with a few manufacturers and some manufactured homeowners, as it will help you understand about manufactured home financing options.

Some of the credit unions in the country often provide competitive financing for manufactured home repair in the form of personal loans and equity loans. However, credit unions may sometimes add the vehicle you own as a lien for securing the loan on manufactured houses.

Some other popular sources of financing are personal loans from your family members, friends, or equity loans. In addition, you could also seek help of your own personal bank and request them to finance your manufactured home improvement project. If you are a person with a good credit score, then acquiring a loan from financial institutions will be a simple task.

Several expert manufactured homebuilders advise their customers to look for the best interest rate when they are trying to secure finance for manufactured houses improvement project. Additionally, homeowners should also try not to settle for an enormously high, long-term interest rate loan. This is because most old manufactured homes fail to retain their value as much as conventional site-built homes, meaning that paying back a huge amount to your financial institution is a bad idea.

However, manufactured home improvement projects that include updating the bathroom or kitchen, adding porches or patios, replacing the flooring, wall covering, and paneling can help to raise the resale value of your home significantly. This will help you get a better deal when you are selling the house.

Best Manufactured Homes Hinges on Credit Score

Best Manufactured Homes Hinges on Credit Score

Manufactured Home For Sale
Manufactured Homes Hinges

We know hinges are used on the best manufactured homes to ensure portability. Clearly understanding the overall financial terms and conditions would quicken the process of manufactured homes for sale. The property loans, for instance, are given based on whether buyers own the property or settle in as rented occupants.

Real Property Mortgages Specialties

Buyers owning the land seek a lump sum amount as down payment to buy the best manufactured homes. When approaching lenders, the homeowners must submit the requisite property certificate proving their ownership credentials. Real property mortgages are similar in amount and other lending conditions of a traditional home loan.

Personal Property Loans aka Chattel

The manufactured homes for sale are classified under National Automobiles Dealers Association. The thing that separates the chattel loans to the real property mortgage is the down payment and interest. Rented occupants managing a portion of the lump sum amount seek chattel loans for short term with curtailed interests.

What is With the Classification?

These classification methods are adopted by lenders mainly to satiate the financial needs of the respective buyers and in line with the construction cost. Some owned properties have a landscape, whereas skirting on walls usually goes into the making of all manufactured homes. The customizations would eventually determine the loan amount and the type of loan that buyers get.

When are Chattel Loans Preferred?

Chattel loans are preferred by builders mainly because they are secured by the manufactured home for sale. This is completely different from what happens in a traditional site built home. The buyer lien the possession rights to lenders to gain real property loan until debt repayment. After repayment, they get full possession of the property as per the standard regulations.

In order for the manufactured home for sale to be classified as a real property, they should be assembled on a buyer owned land. Being a buyer, you could make a case for either type of loan based on your credit score accredited by the lending institute. Generally, the credit scores are three-digit scores given as per the repayment ability of the buyer.

Safety Tips for Manufactured Houses

Safety Tips for Manufactured Houses

Manufactured Houses
Manufactured Houses Safety Tips

Many American citizens have started to choose manufactured housing over all other types of housing because of the comfort and convenience offered by these structures. If you are planning to build manufactured houses or if you are planning to invest in these factory-build structures, then you should have a good knowledge about the construction process of manufactured houses.

Consulting with experienced manufactured homebuilders will certainly help you to get an idea of the construction process and it will probably help you discover more about them. The next thing that you should know is to how to eliminate the chances of fire and tornado accidents in these structures. Below are a few fire, CO2, tornado, and high wind safety tips that will protect your home from these dangerous natural hazards.

Fire and CO2 Safety Tips

Install Carbon Monoxide and Smoke Detectors

Manufactured homebuilders advise their customers to install reliable and efficient carbon dioxide and smoke detectors at their home. They also insist homeowners to keep the alarms on each end of their home. Homeowners will also have to ensure whether they are working properly or not every 6 months.

Buy Fire Extinguishers

Make sure to buy at least two fire extinguishers and always keep them inside your manufactured home. You can keep one of them in your kitchen and the other one in your mechanical room. In addition to that, you should also use fire retardants, as they will help you to prevent the spreading of the fire when there happens to be a fire accident in your home.

Tornado/High Wind Safety Tips

Follow Instructions

The first and most important thing to do after building a manufactured house is to confirm whether the house is installed according to the local and state regulations as well as per the manufacturer’s instructions. If your home is not installed according to the regulations and instructions, immediately consult with your manufacturer and take necessary steps to resolve the issue.

Monitor Weather Reports

If you are living in an area that receives high wind, then keep a close look on the weather variations and know the difference between a warning and a watch. In addition to that, you should also purchase additional tie downs, as it will offer more security to your home. Consult with your local contractor to get more information on tornado/high wind safety tips.

Simple Remodeling Projects for Manufactured Housing

Simple Remodeling Projects for Manufactured Housing

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Remodeling Manufactured Housing

If you are planning to remodel your manufactured home, then you should note the fact that any home remodeling project should increase the equity and improve the quality of home. This means that you will have to choose the remodeling plans carefully and efficiently. So, consult with a local contractor and ask for a few remodeling suggestions that will increase the value of your manufactured home.

Note that if your home is more than a 10 years old, then you should initially conduct a thorough inspection of your manufactured housing before starting the remodeling project. If you find out that your manufactured home might not be able to withstand the remodeling, then it would be wiser to buy any of the best manufactured homes for sale rather than remodeling your old home. However, if everything is OK, then here are a few simple budget-friendly manufactured homes remodeling projects that will bring a fresh look to your home.

Doors and Windows

Replacing the older and ugly doors of your older manufactured home with fresh and attractive ones will instantly make your home look a lot more appealing to your neighbors and visitors. Moreover, it will also increase the function and aesthetics of your manufactured home and reduce the heating costs.

Vinyl Siding

Many manufactured home manufacturers in the country advise their clients to choose vinyl siding over other types of sidings when they are remodeling their house. This is because vinyl siding instantly transforms the look of your manufactured home and also cuts down the cooling and heating costs of your home.

Roofing

Replacing the shingles of your older manufactured home or installing a new roof over will help you to increase the resale value of your home, particularly if the manufactured housing structure is 5 years or more old. In fact, you will be able to do a roof-over even without making a huge payment.

Bathroom Update

Remodeling the bathroom of your manufactured home is quite similar to a manufactured home kitchen remodeling project, If you are running low on budget, then we highly recommend you to not make any structural upgrades. Many expert manufactured home remodeling contractors claim that even the most simple and basic kitchen remodeling results in a 70% return on investment.

Decking

Adding a covered porch or deck to your old manufactured home will increase the living space in your home, which is a valuable thing for all smaller homes in the country. In addition to that, it will also increase the resale value of your home and allow you to grab a better deal when you are selling the house.

Tips for Moving into a Manufactured House

Tips for Moving into a Manufactured House

Best Manufactured Homes
Best Manufactured Homes

The increase in the real estate process across the country has urged many homebuyers to choose manufactured houses over other housing options. Manufactured houses offer all the comforts of a conventional site-built home at a cheaper price. Another added advantage of buying a manufactured home is that you will be able to customize the house according to your needs and desires.

In addition to that, you also enjoy the luxury of installing a number of eco-friendly and energy efficient upgrades to your manufactured house to reduce the heating costs. Below are a few efficient tips for moving into a newly purchased manufactured home.

Shop Around

Many first-time homebuyers have a misconception that a manufactured or mobile house is just a trailer. Nonetheless, the reality is that the best manufactured homes come in a variety of sizes, shapes, and levels of luxury. This means that you will be able to find the right manufactured home for you and your family to live in without much research. However, make sure to shop around for manufactured homes, as it will help you to acquire a better home for a better deal.

Where to Live

You will have to find a place or site to install the house if you are buying a manufactured home. There are three options available to you. You can rent a lot, buy a lot, or become a part of a mobile home community or park. Installing your manufactured home in a community or a park that is filled with factory-built homes will certainly boost the resale value of your home. On the other hand, placing it in your own land will save you the rental expenses. So choose wisely.

Get Insured

Ensure that the manufactured home you are planning to buy is protected beyond the warranty of the manufacturer. This can be simply done by making an investment in manufactured home insurance. Below are three major types of manufactured home protection that you should look for.

  • Coverage of fire, water, and wind damage.
  • Theft of the belongings in your manufactured home.
  • Liability for personal injury.

Even though manufactured home insurance coverage is like standard household insurance, they are a bit more expensive. Look out for real estate agents who sell insurance as a part of packages to get the best deal in this scenario.

Why People Invest In Mobile Home Lands

Why People Invest In Mobile Home Lands

Manufactured Houses
Mobile Home Lands

We can strike a valuable deal and ensure resale value by purchasing mobile homes along with a property. The rules on ownership title separately categorize mobile home under the vehicle and the home property under real estate categories. Let us find out the short term and long term prospects of investing in mobile homes with land.

Competitive Advantage

Depending on the strength of your client base, you would never have to be fazed by competition. Even if the mobile home located on a property becomes old fashioned, there is an option of a new home replacement. The varieties in manufactured housing segment, mainly to meet consumer demands, make mobile homes a worthy investment.

Inexpensive Maintenance

An investor, having the right skill set can do the repair works when mobile homes warrant service contract. In addition to that, there are exceptions to regional service rules, which allow builders to hire a handyman to perform warranty service. That way you can avoid the constant negotiations with a general contractor if your expenses are beyond budget.

Appreciation in Prices

Manufactured houses appreciate in value, all variable factors permitting. The appreciation of prices in mobile homes and the demand among buyers goes in sync even for homes having double-wide sizes. Seasons often guarantee appreciation and that is the time when you should cash in on a lot of properties like mobile home parks.

Control over Property

Where do investors get so much control over varying market forces other than in manufactured housing segment? In mobile home parks, on a tenant-based occupancy, the occupants have to rely on the owners for settling concerns. When a party invests on both the land and the mobile home simultaneously, investors get the control over property related matters.

Longer Term Buying Benefits

Adherence to rules eventually leads to tax relaxation, reduction in paperwork and liquid cash when paying off debts owing to tax department on a lump sum basis. The indirect positive income gives a long-term benefit for investors. In fact, laws regarding tax payment do not hold back investors from expense set-offs and property depreciation.

The great benefit of manufactured housing is the features and comforts offered by these homes. You can simply own the homeland and rent it out to third parties and that way even after retirement an income for a living is assured.

A Beginner’s Guide to Reverse Mortgage for Manufactured Houses

A Beginner’s Guide to Reverse Mortgage for Manufactured Houses

Best Manufactured Homes
Mortgage for Manufactured Houses

It is true that many manufactured homeowners have no clue on what is a “reverse mortgage” even though they have heard the term several times. However, if you were ready to do a little bit of research, then you would be easily able to know what a reverse mortgage is and how they can be beneficial to the homeowners.

A reverse mortgage can be simply defined as a loan that is available to homeowners above 62 years of age. This loan allows these seniors to take equity in their manufactured home and to turn them into cash payments. Note that reverse mortgages are also known as Home Equity Conversion Mortgage (HECM).

One of the major perks of acquiring a reverse mortgage for manufactured houses is that the borrower will not have to repay the loan until he/she vacates or sells the home to another person. Reverse mortgages are one of the most popular and arguably the best choice for seniors with limited income who need assistance in paying the cost for health care services or help in covering their basic living expenses.

However, many seniors wonder whether reverse mortgages are a scam. Yet you must take note of the fact that reverse mortgages are actually a legitimate product that is offered by reputed banks and other lending institutions. In fact, such banks and lending institutions follow a number of regulations and rules in each reverse mortgage agreement.

Besides that, the manufactured homeowner will also have to meet several requirements and inspections for qualifying for a reverse mortgage. The Department of Housing and Urban Development (HUD), The Federal Housing Administration (FHA), and the moneylenders – all have their own specific set of rules and requirements, which you will have to meet for getting a reverse mortgage for your manufactured home. This implies that you will have to convince three different entities for acquiring a reverse mortgage for your home.

The Home Equity Conversion Mortgage Program (HECM) has put forward a general list of requirements that manufactured homeowners will have to meet for getting a reverse mortgage. Some of the requirements to become eligible for a manufactured home reverse mortgage are as follows.

  • Your manufactured home should have a HUD seal that is affixed on the exterior of the home.
  • Your manufactured house should be built after January 01, 1990.
  • It should be in its originally installed location.
  • It should have a minimum floor area of 800 square-feet
  • You must be the owner of the land where your home rests.
Incorporating Contemporary Design into Manufactured Home Living Room

Incorporating Contemporary Design into Manufactured Home Living Room

Manufactured Home For Sale
Manufactured Home Design

The increased customization features of manufactured homes offer numerous benefits in the design of its interior spaces. In manufactured homes, the living rooms serve as the ideal space for including any interior design concepts. This is due to its increased spaciousness than other parts of the home. In addition, living rooms are the key places of attraction in a home, which makes it necessary to have a good interior design feature in that space.

Contemporary and modern are the two key design trends utilized nowadays in the housing industry. Both these styles differ in their basic features like shape, texture, and color, but strictly follow the rules of simplicity and minimalism. The contemporary design uses bolder colors, curves, and many reflective surfaces that make it ideal for creating a living room in a manufactured home.

In addition, the modern design features can also be mixed with the contemporary style on a budget in manufactured homes. This will enable in creating a living room that blends the two styles seamlessly, which makes it aesthetically far more pleasing while offering the best living experience possible. The following are some tips in using contemporary and modern design styles for the living room of your manufactured home.

Bolder Colors

Generally, living rooms are covered in more of natural colors. This neutrality in colors will assist in effectively pairing it with the rest of the aspects of a living room like furniture and carpets. To incorporate a fusion of contemporary and modern designs, go for bolder colors and pair it accordingly with bright accents for the pillows and blankets.

Metallic Furnishings

Exposed metals are a key design element used for making a contemporary living room. Metal chairs, coffee tables, and wall pieces serve the purpose well, and selecting the right one for your home is entirely dependent on the chosen color scheme. Using stainless steel appliances and utensils in the kitchen and minimalist metallic furnishings will truly incorporate the contemporary design styles into your home.

Reflective Pieces and Scandinavian Furniture

The addition of reflective pieces can provide a look of modernity into your home. Mirrors and chrome lamps need to be positioned accurately for getting the best results. For more than one piece, position them on the opposite ends of a wall to bounce light effectively around the room.

Scandinavian furniture is another innovative way to incorporate modernity into the home. Their features of lighter wood tones, thin legs, and contrasting colors serve well to the aesthetic feature of the interiors.

Key Benefits of Manufactured Homes for Retirees

Key Benefits of Manufactured Homes for Retirees

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Manufactured Homes for Retirees

Manufactured homes have become the number one choice of housing for many people across the world. Manufactured homes offer many benefits like affordability, faster construction, and sustainability, which have enabled potential buyers in selecting them over conventional housing.

Nowadays, retirees comprise the major portion of potential buyers opting for manufactured homes. Apparently, the numerous benefits offered by such homes to families are also extended to those nearing their retirement age.

Manufactured homes are the perfect way to live for retirees. Many of the homebuilders have come up with housing and floor plans that can accommodate the requirements of any retired individual. The following are some of the key benefits provided by manufactured homes for retirees.

Space Requirements

One of the most significant benefits of selecting a manufactured home is the ability to construct the home the way the homeowner wants. This is especially in regards to the space requirements of the retirees. Most of them have different needs related to the home. Some retirees are comfortable with cozy spaces that offer much simplicity in living, while other needs spacious interiors to accommodate easy movement and living.

Every home manufacturer can accommodate the specific requirements of retirees by offering increased customization options. This enables in easily picking out the right kind of home that fits the living requirement of any retiree.

Affordability for Retirement Income

Affordability is one of the major advantages of a manufactured home. This is attributed to its factory built construction that minimizes any of the extra costs, unlike a conventional site-built home. The lower costs involved in living and maintaining manufactured homes make it ideal for retirees who rely mainly on their fixed retirement income.

In addition to that, most manufactured homebuilders offer increased accuracy in the construction for maximizing the insulation, thereby increasing the energy efficiency. Most of the homes come with many energy efficiency certifications like Energy Star and EnerGmiser that can aid in saving costs in the monthly utility bills.

Placed Anywhere

Manufactured homes offer the flexibility in choosing the preferred location site for placement of the home. For retirees, manufactured homes can be placed anywhere according to their liking, be it their own lot, a mobile home park, or any other site. In addition, most manufacturers offer retirees with the option to choose many ready-to-move-in homes and even a perfect community for placing the home.

5 Tips to Cut Down the Heating Costs in Manufactured Houses

5 Tips to Cut Down the Heating Costs in Manufactured Houses

Manufactured Houses
Energy Efficient Manufactured Homes

Manufactured houses are certainly an efficient and inexpensive place for both individuals and families. However, it is true that most of the older manufactured homes are not that efficient when we consider the home energy needs of the manufactured homeowner.

If your manufactured home doesn’t have a good insulation, then the housing structure may be a little bit extra cool during the winter season. This means that the manufactured homeowner will have to bear expensive heating costs during the season.

If you happen to be in such a situation, then there are two options in front of you. The first one is to spend your valuable money on heating and cooling during these seasons. On the other hand, you can simply upgrade your home, and this is a much better and economic option.

Below are a few upgrade options for manufactured houses that will help you cut down the heating costs of your home.

Install Better Skirting

One of the simplest ways through which you can reduce manufacturer home heating costs is to install a new and better skirting. Skirting significantly improves the appearance of manufactured houses and it also prevents the blowing of cold air from the underneath of the home.

A better skirting will restrict the entry of cold winds into your manufactured house and it holds the heat from the vents. This will maintain the heat inside your home.

Upgrade the Windows

If you replace the old and unattractive windows of your old manufactured home with new ones, then it might help you to cut down the heating cost of your manufactured home.

The old windows of most manufactured houses are less insulated and thinner. Therefore, replacing them will keep your home warmer during winter. Replacing a window is actually a simple home improvement project and it is not even as costly as you may think.

Inspect your HVAC System

If you service the HVAC system that comes with most of the manufactured houses at least once in a year, then you will be able to considerably cut down the heating costs of your home. Some of the companies do offer a service, which consists of a licensed professional examining the HVAC system two to four times every year.

Besides, if the HVAC system of your factory-built house is not working properly, then it may cost you a fortune. So, conduct regular inspection of the system and check for damages.