Buying a New Manufactured Home-Its More Than You Think
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- เผยแพร่เมื่อ 10 ก.พ. 2021
- How to buy a new manufactured home: Here’s exactly how you can buy a manufactured home, step by step, and the process involved. Enjoy!
Step 0: This is where it starts: Save for a down payment.
Step 1: Talk to a lender. Before you can start shopping for your new manufactured home you have to know how much money you're going to have to spend. Talk to a lender before you begin shopping.
Step 2: Start looking at floor plans. This is a fun step because there are so many manufactured home plans available so you'll have lots to look at.
Step 3: Decide which manufactured home provider in your area you want to work with. This is a very important step because you're going to have a relationship with this company for the next 2 to 12 months, you want to make sure it's a good fit.
Step 4: Decide which colors and upgrades you want in your home. I recommend researching different color palettes online before you go in to choose your colors, because there are a lot of choices and it can be overwhelming.
Step 5: Sign the contract, pay the deposit and wait for your new manufactured home to be delivered! Depending on the time of year, how busy the factory is and the current real estate market it can take anywhere from 6 weeks to 12 months+ before your home arrives.
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This was a great video! I've been researching manufactured homes and the step by step process for months now. (My husband and I are planning on retiring in about a year.) I've found checklists on line, but they all seemed incomplete. Thank you for creating this!
You’re very welcome! Glad you enjoyed it, congrats in the upcoming retirement 🎉
I bought a '73 new in 1974. It came with cheap furniture. I still have a couple of pieces! I don't recall being offered options. The kitchen appliances and sink were in the light green color. I think it cost me $6,300. The payment was $105, the lot rent was $110. The lot rent remained the same until I moved in early 1979. I think I sold it for $6K. I took the furniture, but left a washer and dryer.
$6,300 wow that is crazy compared to pricing today!
@@KerryTarnow I forgot to mention that it was a 12' X 60' Champion.
@@wadebarnett2542 paying 110k for mine i’d be great full to even buy a used vehicle for $6,300
You did it again. This was so helpful and is much appreciated. Do you have a video that explains what is a home and land package and the financial implications? We are looking for a future retirement place that allows us extra cash for travelling and you are making this process much easier and less intimidating.
Very helpful! Thank you Kerry!
Informative video.
I see so many of my friends and family go out looking before they even know what they have to spend. Talk to your bank first! It's easy to go out and find something then realize it's totally out of your price range. Also realize you will want upgrades not included in the base price. So easy to get swept up in the excitement of a new home - then realize quickly you have to reel it back a bit. Home buying is a process and research is very important.
Well said, I see people get swept up in the excitement all the time. Can't blame them though it's an exciting time in life. Always best to take your time when possible. Thanks for watching!
What a great takeaway when you said that if you find a floorplan you like, ask other mfgs how much they would charge for it. I never would have thought they would do that. Thanks!
I had to start this video 1000xs because ppl kept calling but I'm so happy I did! There is so much valuable info .
Thank you
Glad it was helpful!
Thank you sir just the video I am looking for 😊
Welcome 👍
This is so informative. We hope to do this soon.
Glad you enjoyed it! Thanks for watching 🙌🏼
Helpful! Thanks!
You're welcome!
Do you have a guide as to what you need to have ready on site for install, such as water, gas and electrical specs, when looking for property?
We’ve never spent as much as we qualified for. In my opinion they over estimate how much people can really pay and still be happy.
These are good tips!
Thanks
Thank you!!!
No problem
Great info!
Thank you 🙌🏼
Very useful info!
Thank you 🙏🏻
Thank you!!
No problem!
Thank you, very much
You are welcome!
So this would be 2023. I'm in a contract to buy land it's $18,000. It has water and sewer city. I didn't wouldn't well or septic. Right now my fha is over 200,000 for my Mobile home and land package. I told them I don't wanna spend my whole loan. 🤞🏻Hopefully we don't. We got a 60 by 125 land. It has to be cleared. I have 1 tree but I told them not to touch it we going to work around it. It's going to cost us $17,000 to clear our land, do our driveway and our foundation. Water and sewer is $10,300 just for the tap then another $2,200 for the plumber. To do our power it's $2,500. Our home is $90,000 it's double wide 4 bedroom 2 bathroom. All I asked for was led in my whole home no carpet brown cabinets, my outside grey and double sinks with extra double sink drawers in the master bedroom. Our closing date is June 12, 2023. Our closing cost is $7,500 however because I been paying everyone like earnest money for land and survey I won't need $7,500 they take off the total.
Great information
Thanks
thanks for the video. We are in the process of buying a manufactured home and have received a price. They want us to lock in the price. We will still have the option to cancel before we order. Do you think that prices will go down in the next 4 months or should i lock in the price now. I know you dont have a crystal ball but I would love to hear your opinion.
Very helpful video! Thank you for sharing the info. How good does your credit need to be if you have land to use as collateral?
You’re welcome! It’ll be different from situation to situation depending on income etc... call or email a mortgage broker and they’ll be able to answer that for you if you give them some of your personal info. Thanks for watching 🙌🏼
@@KerryTarnow thank you! I'm a first time home buyer so I'm super new to all of this but I'm trying to do as much research as I possibly can.
Do you have to buy your land in a park? Can you make a video or suggest One about lands
Does the 10% down payment cover closing costs if you oden your own property and will be getting a 30 year mortgage?
@2:28 What is a manufactured home park? I tried looking that up and my searches came up with a list of mobile home park sites. Is that the same thing? I don't wish to live in a trailer park but am seeking land where I can set up a modular home of my choice that I can order online.
It would be GREAT if these builders would assist one in getting the land. .I tried purchasing a hone last year, in St Petersburg Fl, & it went downstream, because it was HARD finding land area that were zoned for manufacturer homes. Can U pls do a video on obtaining land?
Yeah to your local zoning department. They have the correct information and knowledge to help you. That generally is not under a builders purview.
I want to buy a 2 bed 2 bath Mayne 900sqft to 1200sqft max is for my mom it's seems they're between 25k to 50k. Do you think is a good idea they mostly built in the 1980s and 90s
Like at a car dealership, is it a bad idea to say you’re going to pay cash (until the right time)? Is it a big deal to the dealership if you hire someone of your choosing to transport/set it up? I’ve heard the people who set up for the dealerships cut corners and may even cheat if someone is not there when they do the setup. Also, are single wides any cheaper to transport than double wides (in addition to being lower-priced for the home itself)?
Based on previous videos, the logistics cost includes each truck/trip to the build site. So, if a double wide, that means two trucks or two trips so the logistics cost will be about twice as much for a double wide and three times as much for a triple wide. Double wide means bigger foundation and thus prep work. It is also possible the crane will be needed longer to move from truck to foundation, so a small increase for more hours of crane rental/usage. Good questions for a dealer if they also handle the set up on site.
I purchased a new mobile home which was double-wide. The company that was hired to complete the mobile home has done a very poor job. The interior of the mobile home is not completely set up or cleaned up. The Mobile Home Service that was supposed to be completing the complete job tells me it's my responsibility to complete everything and fill the trenches outside. What can I do about this problem?
Before I can get the certificate of occupancy.
Could you please cover these problems in one of your videos.
I was told by a company that while building the manufactured home my loan would be a construction loan. And the amount wouldn’t stop growing until the house was completely finished depending on the estimated value at the time of completion.
Kerry, can you use your existing manufactured home as a down payment? (sell to dealer) what would you do?
You can, we have done that with people in the past. Sometimes the home is worth more where it is though. You might be further ahead selling your current home where it is then taking that cash and putting it towards a new home on a different lot. When you take your home off your lot you lose all the set up, service hookups, landscaping and it has to be moved to the dealers lot then out again. They have to factor in those costs when they sell it again and often can’t offer you what its worth as a trade.
@@KerryTarnow yeah, that sounds about right....so frustrating! I'd love a new 16' wide...
Are there any open spaces in your park? Or are they just for smaller homes
@@KerryTarnow there are some open spaces, but most of the lots have real old Homes 1980's and older...
Excellent video. When you say "I've got a floorplan" - do you mean a particular manufacturer's model - like the Champion model X or something - and you take that to a local dealer? I'm a little fuzzy on how that works.
Thank you 🙏🏻. Basically any factory can build any floor plan. So you can take any floor plan to any dealer and they can have it built by whatever factory they deal with. Hopefully that makes sense
@@KerryTarnow Thanks.
@@KerryTarnow - what’s the cost difference, in general, to deviate from a manufacturer’s set floor plan?
Is the Electricity bill pricey in a mobile home ?
It depends. There are multiple factors that contribute to an electric bill. Keep in mind a manufactured home is built to HUD standards, which is R11 insulation in walls and R18 in roof. Modular/traditional homes use local building codes often based on Department of Energy standards. That is R18 in walls and R32 in roof, depending on where you live. Lower insulation rating means more heat loss/gain and more electricity to heat/cool a manufactured home. About 46% of home electric bill is the HVAC system. Thus, it goes to reason that a manufactured home will have a higher per foot electric bill than a modular/traditional built home.
When a model is discontinued or is only built back east and you live on the west coast, can the home be built as a special order?
Examples:
Champion Ridgecrest The Alpha
LE 6014 32'x 76' was $56 sq ft, now ?
Champion Ridgecrest LE 6011
32' x 76' was $68 sq ft,
now ?
Typically yes but right now since factories are so busy maybe not. The price might also be different because they're paying different amounts for labor etc in different areas.
Came for info on homes, instead got financial advise.