How Manufactured Homes Improved the Housing Market
Those who want to transition from renter to homeowner have a lot of decisions to make. Weighing out pros and cons of your various options will help you make a sound financial decision as well as ensure you are making a move that’s right for yourself and / or your family for the foreseeable future. When it comes to the housing market, more people than ever are considering the many benefits of manufactured homes.
Not only does this option make home ownership more accessible to those who may otherwise be ineligible to buy their own home, there are other significant benefits, too.
Manufactured home owners have lower expenses than those who buy traditional homes. A lower mortgage payment means more disposable income and / or becoming mortgage-free sooner. Your expenses could be from 10 to 30 per cent less than in a traditional new site-built home or resale home and beyond the cost of a mortgage, the requirements to get approved for a manufactured home are less stringent. There is more of a chance of being approved for a mortgage, based on multiple factors. This means more renters can afford to buy a home.
Many manufactured home communities have more flexibility with approvals and financing as well as closing dates versus traditional options in home buying. In terms of the housing market, manufactured homes for rent are also available in case you want to try this lifestyle out as a renter before you commit to it and / or live in a great community while saving for a down payment to buy. Renting gives you a chance to test-drive the lifestyle, assess the way the homes are made, plus try out specific manufactured home communities before deciding on purchasing.
Speaking of communities, for many of us, the community we live in plays a big part in our quality of life. We want to live in a great community with amenities. Manufactured homes for sale are in communities with the potential to live in a community with like-minded individuals, offering you the opportunity to live somewhere with socialization opportunities for the young and old alike.
There are misconceptions about some manufactured home communities. In reality, it’s not just low-income families that live there, it doesn’t have to equate to small and cramped living quarters, and there are high end finishes available. You can have marble counters and top-of-the-line appliances. You can live in your own beautiful home without being house-poor. You can enjoy beautiful grounds and nearby amenities. There are high building standards with manufactured home communities.
Today’s manufactured homes are built to high standards when it comes to quality and building regulations adherence. Whether you move into a brand-new manufactured home or one that is a resale, there is excellence in standards that is great for the industry, at large, as well as the people that live there. Older homes, apartment buildings, and low-income rental housing scenarios often have pest problems, mold, or air quality issues. Manufactured homes have a great reputation for cleaner and more energy-efficient living.
Review Your Options and Make an Informed Decision
Whether it comes to manufactured homes for sale, exploring manufactured homes for rent, or assessing the housing market in general, there’s a lot of great news about the positive impact of the manufactured home market. Homes can be built faster than traditional houses and at high-standards with quality finishes that do not feel like you are settling for less. With more affordable buy-in, lower overall costs, and energy efficient living, this is a great option for first time home buyers as well as those looking to downsize.
This viable path to home ownership opens the door for many without forcing to sacrifice in getting the community and amenities they want while having the ability to have pride in ownership of their very own home.