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What is a Manufactured Home?
What is a Modular Home?
What is the difference between a factory-built home
and a site-built home?
What is the average cost of a home?
Can I finance my Home? |
What is a Manufactured Home?
One of the stereotypes of Manufactured Homes is that they are similar to the recreational vehicles that we often see traveling on the road, with possibly a car towed behind. While manufactured houses are considered homes that are mobile, a they do not typically travel beyond the factory to the site.
There are two types of Manufactured Homes. The Single Section home is built to completion within the factory. It is constructed in various lengths with usual widths of 14 to 16 feet. When completed, the single-section home is transported to the site and placed on the chosen foundation.
The Multi-Section home is also built in the factory, but it is transported to the home site in two or more sections. Many developers and contractors prefer multi-section homes because their quality, durability, and style fit perfectly with neighboring site-built homes.
There are now over 125,000 manufactured homes in Wisconsin. Have you seen any in your community?
What is a Modular Home?
A modular home is built to the state's one- and two-family building code, the same as a stick-built home. The state building code is enforced at the factory level as the home is being built rather than on the building site. A modular home has all of the code advantages of a site built home and all of the building condition advantages that factory construction offers.
What is the difference between a factory-built home and a site-built home?
Site-built homes are comprised mostly of factory-built components. Modular and Manufactured homes are built using the same materials and are ordered from the same sources. The difference between the two types of home is that a home built in a factory is delivered already constructed and ready to set on the foundation. A site-built home is delivered in pieces which are then assembled over several months. Both types offer quality, safety, comfort, beauty, and value.
In a factory skilled craftsmen work under quality-controlled conditions to meet strict government standards. By working indoors, costly weather damage, pilferage and theft are eliminated. And there are virtually no interruptions in the construction process--no weather delays and no contractor or crew scheduling problems. Plumbing, electrical systems, furnaces, hot water heaters and other components are installed at a building stage when easy access allows precise placement. So when the home comes to the site, it's ready just for you!
What is the cost of a home?
The average HUD Code manufactured home price (home only) is just over $54,000, depending on the retailer and how many additional options are built-in for your convenience. If garage and foundation are added on, the costs would be up to $70,000. Modular homes vary greatly by size, number of stories and features. They too generally save consumers money and more importantly -- time.
The average sales price of a site-built home is about $195,800 with the land price added in.
It is not uncommon to save 20% by purchasing a factory built home of similar size and features as a site-built home.
Can I finance my home?
Most buyers arrange financing through the retailer from whom they buy their home. These retailers maintain business relationships with a number of lending institutions--large national lenders as well as local institutions--and can assist in the preparation and submission of a credit application.
Manufactured homes are often financed as personal property. Even when the home and land are financed together, the home is often secured as personal property and the land as real property. Since a growing number of buyers are opting to put their homes on land they are purchasing or already own, traditional manufactured home personal property lenders have created land-and-home financing programs designed to accommodate this trend.
The typical Modular home is finance with a traditional mortgage. Buyers may or may not work througth their builder for financing, but builder often has many local lending contacts with can be helpful.
Whatever type of factory built home you buy be sure to inquire about special programs that may help you. VA, FHA, WHEDA, Rural Housing and some local development agencies have special programs for first time homebuyers, veterans and others.
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