manufactured homes

[dave11]

Re: manufactured homes

bjcsc

From my understanding of modular homes, you are right on. If you think modular = manufactured = doublewide, think again. Check out a book called Prefabulous by Shrei Koones. That should dispell any misconceptions about modular homes. It seems to me that a good modular MFG will provide a better product than most onsite stick built builders.

 

[Caveman Charlie]

Re: manufactured homes

Everyone around here who builds a home buys a manufactured home of some kind. You just can't afford to get one any other way anymore.

Oops, me bad. I should have said everyone in my area buys a modular home of some kinda. Most town near me now have ordnances against trailers.

As far as the modular home being just as expensive. It's not around here. If you consider what you have to pay a carpenter to build you, what in this area we call "Stick Built" homes, then it's very expensive to have a home built by hand.

What's a modular going to cost anyway?

 

[bjcsc]

Re: manufactured homes

The OP's concern was that a modular home would depreciate like a manufactured home. It won't. It's value can be expected to act the same as a stick built house - provided it's from a quality builder...

 

[Caveman Charlie]

Re: manufactured homes

If it's done right it's hard to tell the difference between a modular and a stick built.

 

[SgtMaj]

Re: manufactured homes

Modular homes ARE stick built homes, it's just that some sections are fabricated in a factory where quality standards can be tightly controled. In my opinion, they are generally better than site-built homes.

 

[bjcsc]

Re: manufactured homes

Modular homes ARE stick built homes

Technically - yes. But the industry and banks use the term "stick-built" for site built homes and not for modular...

 

[jcsercsa]

Re: manufactured homes

Here in mich , i was told that as soon as you bolt it to a foundation it is just like a regular home . if its on wheel its still a trailer !! John

 

[MudIsFun]

Re: manufactured homes

I am a mortgage loan officer and can tell you that from the financing side there is a WORLD of difference between a manufactured and modular home...

Manufactured home = car or personal loan if in a park or leased land. If on fee simple land then you may get value for the property but not for the home if you do a real estate loan. Basically your financing options are limited with this type of property.

Modular = Single family residence. There is a check box on the appraisal for a modular home but the lender will not deduct value due to this construction type. As stated several times this type of construction is usually superior to site built properties since usually the walls are 2x6 vrs 2x4, the corners are braced etc... Put this on a slab or raised foundation on fee simple land and you have real estate not personal property. You can get loans for this type of property, refinance, cash out etc. You most likely can not do this with a manufactured (double/triple wides).

Have you ever watched extreme make over home edition? Do you think they just tear down a house and rebuild it in 7 days? No... they have plans which go to the city for approval just like any other build and guess what, almost the entire structured is trucked in and assembled on site (modular). Look at those houses when their done; beautiful.

In the current mortgage market you may want to look into either repos or short sales. It is a buyers market right now. Make outragous offers to the banks and see if they bite. I closed a short sale on a 3 bed 2.5 bath condo on the 1st tee box of Terjeras Creek golf course in Orange County, CA a few months ago. My client was 100K+ under the appraisal/asking price and he got the property.

Good luck!

Kevin