Relentless escalation of site-built home prices and surging mortgage interest rates, combined with a multitude of inflationary pressures is forcing many would-be buyers to put their homeownership dreams on hold, as the cost of homeownership slips out of their financial reach. Maybe not…
There are many would-be homeowners who have never considered that the American dream of home ownership could be realized with the purchase of a new modern high quality affordable manufactured home, surprisingly foregoing an opportunity to realize all the advantages and enjoyment of becoming a homeowner. But why?
The following is our top ten list of surprising-to-many- advantages of owning today’s modern quality, well-built housing that represents “everything a home should be,” and more.
- Manufactured housing is a significant source of unsubsidized quality affordable housing in the United States. Nearly 22,000,000 live in manufactured homes, which opens the door to homeownership for families that in many housing markets cannot afford to buy a site-built home.
- Manufactured housing is the only form of home regulated by a federal building code, which includes health, safety, energy efficiency and durability, and is found on land owned by the homeowner and leased by the homeowner, or leased by the homeowner in communities owned by private entities, non-profit organizations or resident-owned communities.
- A manufactured home is a sound investment, with a cost up to 50% less per square foot than a comparable traditional new site-built, equal and often superior in quality construction, appearance and amenities.
- Manufactured homes can open the door to high-quality homeownership for millions of families, they can appreciate in value and be an effective long-term affordable solution for families and communities across the country.
- 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 the total consideration is lower, the required down payment will be proportionately less.
- The affordability of manufactured homes is due to the efficiency of the factory building process, utilizing the same building materials as site-built homes.
- 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 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 safety: Manufactured homes built after the 1994 HUD Code changes 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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