3 First-Time Manufactured Home Buyer Common Mistakes To Avoid
The decision to purchase a first home is probably the most important life-changing decision any of us will ever make. Understanding key factors in how to buy a new modern manufactured home and avoiding mistakes will make your experience enjoyable, efficient and result in your attaining the home that meets all your expectations.
Before you can unlock the door to new quality affordable manufactured homeownership, we suggest you take some important cautionary first steps. Here are three common mistakes first-time manufactured homeowners should avoid.
- Not taking the time to research manufactured housing and how it meets your wants and requirements.
The more you know about manufactured homes and how they are built and the process involved in purchasing your dream home will go a long way in making decisions that will enhance the enjoyment of your new home.
Most home shoppers have an idea of what they want in a home but are unsure a manufactured home will completely meet their vision of what a home should be. Most shoppers don’t realize that many manufacturers will allow home purchasers to customize homes to meet those exact expectations and requirements.
Settling for a retailer’s display model as opposed to ordering a home built to your preferences would be a sacrifice you don’t have to make. There should not be an appreciable price difference between a display model home and a factory-ordered manufactured home custom built to your preferred specifications and decor.
Shopping for a new home has changed dramatically over the last few years. Now a manufactured home shopper can acquire all information needed in making a home buying decision, including cost and financing, from the comfort of home. In fact, most home shoppers (80%) discover their dream home online before making face-to-face contact with a seller.
- “Putting the cart before the horse.” Choosing your home before affirming your home placement site.
Whether your home site will be in a manufactured home community or private land, it is vital that the home selected will meet the legal and/or conditions of placement.
If the location is to be in a rental community (mobile home park) it is advisable you secure the site to guarantee availability when the home ships from the factory and that you and the home selected will meet the community’s tenancy rules and requirements.
About 70% of new manufactured homes are sited on a rural property, which involves a variety of pre-delivery site preparation and placement requirements that vary from state, county, and municipal housing jurisdictions. Before committing to purchase it is essential that the home will meet all the regulatory restrictions and conditions of placement at the site chosen.
- Not obtaining lending pre-qualification before entering into a contract to purchase.
It is not unusual for first-time manufactured home buyers to commence their purchasing process before knowing the amount of financing that will be available for the purchase.
Financing can be the most confusing aspect of the manufactured home purchasing experience. There are numerous manufactured home financing options with programs designed and based upon where and how your home will be located and installed.
The only way to eliminate the anxiety associated with home financing is to make contact with a lender and give them requested basic information to secure a pre-qualification. Your local retailer will assist you in getting that from a lending institution that specializes in manufactured home financing. That pre-qualification or pre-approval will be valuable for you and your retailer by predetermining how much you may spend for a new home, the down payment that will be required, and the maximum monthly installments that your budget will allow.