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Important Tips for Appraising a Manufactured Home

Important Tips for Appraising a Manufactured Home

Manufactured Houses
Appraising Manufactured Home

The manufactured housing industry has witnessed tremendous growth in the US with over 17 million citizens preferring them for living. Their benefits like low costs, faster construction, and energy efficiency has contributed to their increasing favor among many.

The process of selling and buying manufactured homes has become entirely different now with the setting up of many new rules and regulations. Home manufacturers have adopted new policies that govern the pricing and selling of manufactured homes along with numerous Federal and state laws.

The appraisal process is highly important when considering manufactured homes for living. However, after inhabiting the home, the appraisal process does not include the standardized forms and procedures involved. The process of appraising a manufactured home is done using many other methods. The following are some tips to accurately determine the value of a manufactured home.

Assess the Location

One of the major factors that affect the value of a manufactured home is its location. The value will become higher if the home is located on its own land than on a leased land. It is also worth noting that the value of site-built homes located on a leased land will decrease over time. For homes without land, the amount of this decrease in value is about five percent a year.

When assessing the location, the area around the manufactured home location needs equal consideration. In addition, a growing community or neighborhood location facilitates an increase in the value of the home.

Condition of the Home

The general condition of the home can cause an increase or decrease in the value of manufactured homes. Other factors like aesthetic looks, functionality enhancements, and housing demands in the area also contribute to the value of the home.

The value is significantly higher for a home maintained in good condition than a home needing any major external and interior repairs and remodeling works. For homes located in a community, the conditions of the surrounding homes should be taken into account as well.

Comparing the Home

Another way to determine the value of a manufactured home is by comparing it to other homes that have the same characteristics of size, condition, and location. Do a quick comparison of surrounding manufactured homes to analyze whether they are put up for sale or if the homeowner has set a value. Online housing resources and contacting home community managers is the best way to obtain more information related to the status of the homes.

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.
How to Add More Value to Manufactured Homes

How to Add More Value to Manufactured Homes

Manufactured Housing
Manufactured Homes Value

Manufactured homes are one of the most convenient and affordable housing choices available to us. These homes are self-sufficient, eco-friendly, faster to build and a lot cheaper than conventional site-built homes. However, many people wonder if they will be able to buy a manufactured home and resell it for a profit without doing any repairs on it.

The short answer to this question is “yes” but if you are ready to do some or all of the repairs, then there are more chances for you to earn profit while selling the manufactured housing structure. If you are willing to make the repairs, then here are a few tips, which will help you add more value to the newly purchased manufactured home.

Make Improvements

Let us assume that you have purchased an older manufactured home, which is in need of repairs. Performing the repairs on this home will help you to put up a higher retail price on the house once you finish the repairs. You could also repaint the house and make improvements, as it will also help to raise the value of your manufactured home.

Move Your Home to a More Desirable Location

If the cost of moving your manufactured home to another location fits in your budget, then do not hesitate to move your manufactured home. This is because moving your manufactured home to a neighborhood that is filled with manufactured homes will help to boost the value of your home.

Add More Homes to the Land

If your manufactured home is located on your land, then adding other manufactured homes to this piece of land will significantly increase the value of your manufactured home. However, you will have to make sure that the land has enough space to accommodate more homes.

Sell Via Payments

Banks and lending institutions may refuse to finance some homebuyers who are looking to buy manufactured homes as they might be looking to buy the homes through monthly payments. Selling your home for monthly payments will attract more buyers to your home and it might help you to acquire a better deal.

Find and Purchase Mobile Home below Retail Price

If you keep a close eye on the housing market, you might be able to buy a manufactured home for a cheap price. Make a few investments to improve the look of the house and do a few repairs. This will help you earn a big profit when you are selling the manufactured housing structure.

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

Best Manufactured Homes
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.

Explaining the Price Estimates of Modular Homes

Explaining the Price Estimates of Modular Homes

Manufactured Home For Sale
Modular Homes Price

While buying modular homes, some of the builders actually quote the base price. When the manufacturer says, “let us start” what he may refer to is “I am still negotiating.” There are many bricks and layers in matters of pricing for the best manufactured homes. Let us explore each one of them and analyze how the final prices are arrived at.

The Base Price Estimate

The base price refers to the price mentioned in the starting stage of making a modular home. Some companies actually tinker with the blueprint for convenience, although you could still make the added space into a living area. Without the foundations, no one can bring home the concept of living together. Talk and negotiate with the builder at the start itself.

Custom Price Estimate

Except for the possible tinkering, there is not much to differentiate the base price from the custom price. We derive such estimates when possible upgrades happen after the manufacturing process. Most modular homes have certain clauses, especially those build in a posh area. The estimate would include the work done at the factory with the additional charges.

Delivery Price Estimate

Some builders may claim a cost of $80 at the initial stage, but you must still seek for clarification. Jokes apart, how much could be the delivery cost is nobody’s guess. You need not tax your brain in this respect for delivery cost means the additional charges being laid for the fastening work only. Since the modular homes are portable; you might incur these on a need basis.

The Finished Price Estimate

Sometimes the customers ask for an additional construction of a front porch. The costs incurred for the finishing work takes into account all that to have quoted above. After you get the detailed quote from your general contractor, make the right queries to know whether the final one would incur any changes. In most cases, the blueprint and the detailed quote varies but not the final estimate.

When buying the manufactured home for sale, such elaborate pricing breakdowns are not involved. In either case, it is virtually impossible to know the exact total price; the one including the land taxes and the permit taxes.

Popular Windows Models for Modular Homes

Popular Windows Models for Modular Homes

Modular Home Manufacturer
Popular Windows Models

Modern modular home manufacturers offer different types of windows to suit the taste and needs of homeowners. Deciding on the type of window to be installed on your manufactured home is an important decision too, as windows provide proper ventilation and circulation of air. Below are a few popular window options for manufactured homes that you can consider.

Fixed Glass Windows

These windows cannot be opened to offer ventilation to the home as the glass will be fixed. Fixed glass windows only offer natural lighting to the home. The typical areas of application of fixed glass windows include trapezoid windows of cape chalet model modular homes, and glass walls found in some two-story modular homes. Fixed glass windows are also used in some of the modern modular home designs.

Hopper Windows

This type of window is usually used in basement walls of modular homes to offer ventilation and natural lighting to the basement. This type of modular home window opens using hinges and is close to casement windows in tightness and sealing. The installation of the window determines the energy efficiency and tightness of it. Hopper windows are usually used in modern modular home types. Hopper windows are available in varying sizes and shapes to meet the requirements of the homeowner.

Slider Windows

In slider type windows, the sash can slide horizontally to open the window. Slider windows are commonly used in contemporary modular home designs to offer the contemporary look and feel to the home.

Single Hung Windows

In this type of modular home window, the lower sash will be movable. Experts say that this type of window is more energy-efficient when compared to many other window models. The only downside of this window model is that only the bottom sash is movable to offer natural light and air into the home.

Casement Windows

This is the most energy-efficient type of window used in modular homes. In this type of windows, the sash can be moved out to offer ventilation. This window type offers superb insulation to the home when closed as the sash will be tightened to into a tight seal.

These are the various types of window models that are used in modular homes. If you were planning to build a modular home, then make sure that you settle on the best window type to be used in your home.

Things to do after Buying a Manufactured Home in a Park

Things to do after Buying a Manufactured Home in a Park

Best Manufactured Homes
Manufactured Home Park

Manufactured houses are one of the most popular housing choices available to us at present. One of the major advantages of being a manufactured homeowner is that you can move the housing structure from one place to another, which means that you don’t have to spend your whole life at a single location.

However, many potential homebuyers prefer to buy manufactured houses that are located inside a manufactured home park or a community. This is an excellent idea because it will significantly boost the resale value of your manufactured home. So, here are a few steps that you should consider following after purchasing a manufactured home in a park.

Ownership Change

The first and most important thing to do after closing the deal is to transfer the ownership of the manufactured home from its previous owner to your name. If you don’t transfer the ownership of the newly purchased home from the seller, then you might even face the risk of paying penalty.

Most states have a deadline that lies between 7 to 30 days for transferring the ownership. So, consult with your local homebuilder and enquire about rules and regulations put in place pertaining to your area.

Thanks Note

You owe a sincere “Thank You” to the person who helped you find the right manufactured home for your needs. If this was a referral from another home dealer, park manager, acquaintance, or investor, do not be hesitant to thank him or her either through the phone or in person.

You could also send them a gift to show how grateful you are for their help. However, you should note the fact that several states do have a limit on how much a non-real estate agent can be compensated for leading a homebuyer to a successful deal.

Curb Appeal

If you are planning to resell your newly purchased manufactured home after residing in it for a few months or years, then you should decorate the house and try to make it a lot more attractive to your neighbors and visitors. You could also try to incorporate a few energy efficient upgrades, as they will considerably increase the resale value of your home.

On the other hand, if you are planning not to sell your house anytime soon or ever, then we highly recommend you to customize the house according to your needs and wishes.

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.

Things to Note before Buying Insurance for your Manufactured Home

Things to Note before Buying Insurance for your Manufactured Home

Best Manufactured Homes
Insurance for Manufactured Homes

Manufactured houses are a popular housing choice of many American citizens these days. The elegance, comfort, and convenience offered by these housing structures are a few reasons for the immense popularity of manufactured houses. In addition to that, manufactured homes are a lot more cheaper than conventional site-built homes.

Many manufactured homeowners prefer to have their manufactured homes insured. If you are one among them, then you must realize the fact that investment properties can be one of the most valuable purchases that you make in our life. This means that you will have to know a few things before buying insurance for your manufactured home and some of them are as follows.

Understanding Value

Your insurance agent or company may check the NADA value of your manufactured home when you are trying to acquire insurance for your manufactured house. Your insurance company will analyze the current value of your mobile home and offer either the same or a lesser amount.

Your insurance company will obtain the NADA value of your manufactured home. So, you don’t have to worry about providing this information to the insurance agents.

Roof Failure

Roofs of your manufactured homes are not built to be permanent. The life expectancy of your home’s roof may vary on a couple of factors such as the materials used during the construction and the quality of construction. In addition to that, falling debris and extreme weather may also cause serious roof problems.

So, if there happens to be any sudden roof collapse or any other serious roofing issues, then your insurance company will lend you the money to either replace or repair the roof of your manufactured home.

Appliances

It is significant to note that your insurance company will not cover the cost for your appliances. However, the damages that happen due to these faulty appliances are usually covered by insurance agencies.

Say if there happens to be an appliance break, then water will flood into the walls, countertops, and wood panels of your home. This may result in serious water damages. In such a scenario, you should immediately try to remove the standing water, as it will help you to prevent the chances for water problems, mold, or wood rot in the near future.