10 Tips for Buying a Manufactured Home
As the time nears for you to buy your first manufactured home, you are excited by the prospect of these affordable and eye-catching residences. Buying one of these homes can be relatively simple. Here are some tips to help you with your home buying process:
1. Make a list of your must-haves
What is most important to you? Do you require a certain amount of square footage in a house? Do you have to have a fully equipped kitchen with granite countertops? Determine the most important features that you will require for your mobile home and then write them down on a list.
2. Know the rules
Mobile homes have their own set of regulations and rules. Familiarize yourself with local, county and state laws before looking into buying your home. Also, make sure your home will abide by HUD’s regulations as well.
3. Take a look at your finances
Pull up your credit report and examine any delinquencies or problem areas. You will want to get any outstanding delinquent accounts taken care of before moving forward with your process. Construct a budget and form an idea of what boundaries you would like to stay in when it comes to your loan amount.
4. Buy a home you can really afford
The rule most mortgage companies use is that your home should cost about two and half times your salary. If this isn’t the case for you, consider cutting down on the amenities you want to the house to have. If it still isn’t the price you can afford, try finding a different location.
5. Find the right location
With numerous communities available, choosing the ideal location for your new home will certainly be a challenge. Take your time and do you research. Make sure you are taking into account your budget and the amenities that are on your “must-have” list.
6. Buy add-ons that will increase the value of the house
The small things matter when looking at the resale value of a home. Even though you are just purchasing the home and you have no immediate plans of moving, you want to make sure your mobile home has the potential to sell. For example, buy a shingled roof instead of a metal one. Although this costs more, you will see a significant rise in the value of your home.
7. Inspect the house
Once the mobile home is in place, make sure you take the time to individually inspect the home yourself. Make sure to check every over the frame of the house, the roof, the windows, the appliances, the floors and the walls.
8. Review all of your final documents
Never sign documents without reading them. Although the paperwork might be long and tedious, you want to double check that you aren’t missing any type of information that might be relevant to the purchase of your new home. Always read your final paperwork.
9. Review your warranty
Make sure you review all warranties for your new home. Make a calendar and put when each warranty expires. This will help you keep organized.
10. Buy insurance for your new home
Most mortgage companies will not let you purchase a home without first securing homeowners insurance. While receiving quotes, make sure you are fully reviewing the policies and options that come with each insurance plan. Remember, insurance policies are made not equally. While trying to save money, you might end up shortchanging yourself on an important policy asset.