Exploring the Pros and Cons of Purchasing a Manufactured Home

Posted: May 16, 2013
Author: 1st Choice Home Centers

When you’re looking for a new home, at some point you’ll come across the option of purchasing a manufactured home.  Once considered unappealing, modern day manufactured homes are making a comeback with stunning designs and quicker building times, getting your family under the roof of their new home; often in less time than it takes to close a mortgage on an existing home.  So what are the pros and cons of purchasing a manufactured home?

One downside to this option is that there are some banks that won’t offer a traditional mortgage for this type of home since potential buyers may not own the land they’re on, which can contribute to a lack of built up equity in the property in the future.  This can easily be circumvented, though, by shopping around or even working with a homebuilder that specializes in loans for this type of property.

The upside to a manufactured home is that it is much less expensive than a traditional home and can free up much of your income for things that matter to you and your family.  Most of us prefer home ownership to renting, and a manufactured home purchase is an easier way to turn that dream into reality.  If you are able to purchase the land as well, it makes the downsides moot since banks will then be willing to work with you and offer a traditional mortgage for the property purchase as well as installation and set-up of utilities.