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What are they exactly? What are the advantages/disadvantages of purchasing a manufactured home? They seem to be very affordable. Are they usually located in "trailer parks"? Please explain......

2007-06-08 10:55:35 · 6 answers · asked by Anonymous in Business & Finance Renting & Real Estate

An example that's confusing me: The manufactured home is listed @ $200k, but in addition to that the ad states that the "space rental" is $715 per month and that it's located in a "family park". Does this mean that in addition to the mortgage that I'll be paying back (200k +) that I'll also have to pay $715 per month? Please help me to understand this whole process!!!

2007-06-08 11:02:18 · update #1

6 answers

~If you are considering plopping down almost a quarter million on something and you don't even know what it is, I suggest you hire a business manager at once.

Manufactured housing is anything from a mobile home to a double wide to a modular. A family park means there's going to be kids, and most likely pets. Read the park rules. Yes, in a park you will pay lot rent. You are buying the home, not the lot. You might want to check into the other fees for which you will be responsible as well. It is entirely possible that there are going to be assessment which are not included in the lot rent.

As to advantages and disadvantages, that is a matter of perspective and personal preference. You better check the place and the home out real well before you sign anything.

2007-06-08 11:09:01 · answer #1 · answered by Oscar Himpflewitz 7 · 2 1

Manufactured homes are made in a factory, disassembled, sent to the home site, and reassembled. They often use seasoned wood that will nor warp with time. They can be insulated better. The manufacturer can buy supplies and have them delivered to one site, cutting costs. Workers work on an assembly line process, making the need for Journeyman carpenters unnecessary Because of the building techniques they are less expensive to build, and the savings are passed on to the consumer.

There is a difference between Manufactured Homes and Mobile Homes (that is what you see in "trailer parks"). Manuf. Homes are manufactured and assembled on site. Mobile Homes are manufactured and delivered to a location semi-complete (two sides need to be joined).

Most people cannot tell the difference between a Manufactured home and a "stick built" home.

PS
You are still confusing a Manufactured Home with a Mobile Home. A Mobile Home (aka trailer) is put into a Mobile Home Park. The land and ammenities are not owned by the Mobile Home owner, they rent the space. A Manufactuerd Home (aka Modular) is usually put on private property and set on a foundation.

I live in a very nice Mobile Home Park. We have a 24' X 60' double wide 2 bd, 2 bath with a 12' X 20' sun pourch and a 12' X 24' car port. We pay space rent, and gas and elec. Park pays for water and trash and sewer. The Park has a 40' oval pool, 2 inground hot tubs, 4 tennis courts, putting green (1/2 acre), Recreation hall that can be used by tenants, grounds keepers, and the streets are swept weekly. Not bad!

2007-06-08 11:08:13 · answer #2 · answered by Anonymous · 1 1

A 200k mobile home?

This is a joke?

Don't even think about it. You will loose your shirt.

They are not real property and depreciate at an alarming rate.

You could very well find it worth much less then the loan amount and you have to pay someone to take it off your hands.

If you can afford that mortgage plus the lot rental fee you can afford to buy a real house for over 300k (remember that the extra mortgage is deductable, the rental fee is just flushed), which will increase in value. A mobile home is a good choice for very few people.

2007-06-08 11:15:56 · answer #3 · answered by Landlord 7 · 1 2

A Mfg home is a home built in sections (either pieces or entire halves) in a factory and then transported to a site for assembly.

They usually have their own subdivisions (though your description does just sound like a trailer park, and therefore a trailer and not a full Mfg home) and sometimes from the outside they can actually look like regular homes. They are not as safe and secure as a regular home though and are not secured to the ground anywhere near as well as a regular home would be. In communities prone to tornados, residents are usually asked / forced to leave mfg homes just like they would be in trailer parks.

They also don't last anywhere near as long as a regular home built on a foundation. There is a government website I saw that showed the average life expectance of a Mfg home was between 30 and 55 years. Personally if I was going to buy a home I'd like it to last longer. If the home is already used it's remaining life expectance is going to be alot less.

According to your question, you are paying rent on a space for your temporary home. That's alot of money to not own the land too. That's alot of money for that type of home in most places regardless. If you felt this was your best option, look for one that had land included with it, but I'd really recommend buying a real home.

2007-06-08 11:03:31 · answer #4 · answered by Anonymous · 1 0

A trailer is a manufactured home, but not all manufactured homes are trailers. My Mom lived in a very nice manufactured home. It was set on a foundation with a basement and everything. It was hand built by Amish people and delivered to her property on two wide-lode tractor trailers. They were placed on the basement foundation and joined together. Clear as mud, I know, but just trying to say that not all mobile or prefab homes are the shoddy trailers people think of!!

2007-06-08 11:10:15 · answer #5 · answered by Anonymous · 0 0

I sold manufactured homes for a few years. First off there are several different kinds you can choose from. Everything from Single wide to double to triple wide. They are completely constructed in a factory on a frame so they can be transported. They are built much like a car they have a number of sizes and floor plans to choose from. You can pick all of your colors and options just like a car. It is an extremely fast process from buying to moving in. You do not have to set them in a park although most city's have regulations on what kind and how they are set in town, if they allow them at all. Although they are usually very affordable, all but the very top few are built with low grade materials, and will not last anywhere near as long as a stick built house. They will also loose value just like a car. all and all not a very good investment, but cheap living.

2007-06-08 11:06:36 · answer #6 · answered by Sarge Boston 2 · 2 1

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