Relentless continuing escalation of home prices and high mortgage interest rates, combined with a multitude of other inflationary pressure is forcing many would-be buyers to put their dreams on hold as the cost of homeownership slips out of their financial reach.
However, there are also many would-be homeowners who have never considered that the American dream of homeownership could be realized with the purchase of a new modern manufactured home or modular home, surprisingly foregoing an opportunity to realize all the advantages and enjoyment of becoming a homeowner..But why?
We will assume that there are those with preconceived notions passed down by generations of what manufactured homes are not: they are not well-built; they are not safe in the event of wind and occasions of fires: they don’t appreciate: they don’t look like “a real house”; they are difficult to finance: etc.etc. In fact, all of these assumptions and misnomers have been thoroughly debunked over the last 40 plus years.
The following is an abbreviated list of surprising -to-many- advantages of owning today’s modern quality, factory built housing that represent “everything a home should be,” and more.
- Manufactured housing is the only form of home regulated by a federal building code, which includes health, safety, energy efficiency and durability.
- A manufactured home is a sound investment with a cost up to 50% less per square foot than a comparable site-built home, equal and often superior in quality of construction, appearance and amenities.
- Multiple manufactured home financing choices are available, whether placed on private property or within a land-lease community. A manufactured home affixed to real estate will qualify for mortgage financing similar to a traditional site-built home, including FHA and VA. Because total consideration is lower, the required down payment will be proportionately less.
- Technological advances allow manufactured home builders to offer a variety of architectural styles and finishes that will allow a manufactured home to blend seamlessly into most any neighborhood.
- Greater flexibility in the construction process allows for customization to meet a homebuyer lifestyle and needs, including enhanced Energy Star-labeled manufactured homes for substantial savings in many respects of owning and operating a home, and an array of amenities, decor, fixtures and appliances.
- Fire safety: A study by the National Fire Protection Agency (NFPA) and another study by the Foremost Insurance Company shows… “Site-built homes are more than twice likely to experience a fire than a HUD Code manufactured home.
- Wind and storm – Manufactured homes built after the 1994 HUD Code change are subject to the same site-built building codes and wind safety standards in accordance with the International Building Code (IBC). A University of Florida study found “not one manufactured home built after 1994 was destroyed by four hurricanes that struck Florida in 2004.”
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