Understanding the Importance of Land Ownership for Manufactured Home
There are a lot of misconceptions and confusions about the infamous manufactured home. Some still perceive them to look like trailers with wheels. Others find it hard to believe that a manufactured home can also be situated in private owned land.
Though manufactured homes can still seen in parks and manufactured home communities, lots of them are built in permanent and owned land nowadays. The Department of Housing and Urban Development or HUD have ammended their rules and regulations recently that it was stated that home buyers can choose to have their own land. This is a convenient way for home owners because it brings a lot of benefits.
Manufactured Home are Free from Rent
When a manufactured home is in the park or communities, its home owner is expected to pay the rent and other maintenance fees every month to the park owner. This maybe convenient for some but if you foresee the bigger picture, you realize that you are doing it wrong. Paying every month for many years will also eat your income especially if economy is not favorable. Thus, when put your home in your own lot, you are free from paying the monthly rent.
More Monthly Savings
Manufactured homes built in a private owned land require large amounts of money at first. The cost of land is not cheap so take note of this. But in the long run, you can save more every month if your home is situated in your own land. Imagine sum of the monthly rent you’re supposed to pay to the park owner if your house is in the manufactured home park. You may see that the large sum of your annual income will just go to the rent and other bills. But if you have your own land, you are free from the burden of the rent fee. All you have to worry is the electric and water bills plus the maintenance of your manufactured home.
Easier Loan Approval
Lenders have huge fear whenever home buyers will apply for a manufactured home loan. They see you as a risk even if your credit score is better than anyone else. One of the recommendation of home dealers is to own the land, which give the lenders the confidence that you have the capacity to pay the monthly mortgage rate. Often they will make your land as a collateral for your loan.
Attractive to Buyers
It is good when your manufactured home is placed in a private owned land because when you put it on sale, potential buyers will came running into you. The sale is also higher because it is only the house you are selling. Placing the land on sale together your manufactured home adds to the overall selling price.
Though land is exensive, your one time payment harvests many benefits in the long run. You need not to onder over the issue if you work with an excellent manufactured home dealer, who’s dealer specializing in permanent home ownership.
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