Used Manufactured Homes: Reasons Why You Should Be Careful

As a first time home buyer, you know that buying a brand new home can be quite heavy on the budget. To make things more difficult, you have to face that fact that you don’t know anything about buying a home as you never experienced doing so yourself.

If you do not have that much money but you still want to buy your own home, then mobile or manufactured homes is your best bet. First of all, manufactured homes are built in an assembly line in a factory.

The whole house will then be delivered in the lot where it will be situated. The great thing about manufactured homes is the fact that it is very cheap and it can build equity. This means that the value will increase even if it is a manufactured home which will mean that you will be able to sell it at a higher price.

Today, there are quite a lot of used manufactured homes available for sale. The great thing about used manufactured homes is that it is relatively cheaper than brand new ones. Also, because manufactured homes are built in simplicity, maintenance will also tend to be a lot cheaper. A good manufactured home will also tend to provide you with low cost insurance, and lower property taxes. However, buying a used manufactured home does have some problems.

It is important that you should watch out for these problems in order for you to obtain all the benefits of buying a manufactured home.

The first problem is the age of the manufactured home. If it is too old, it will make it tough for you to finance. Although some old manufactured homes may be financed, you will see that it will have a very high interest rate. So, this means that you should check the age of the manufactured home you plan on buying before you even consider making an offer for it and also make sure that you should take the higher payments into consideration when you compare your options.

Another factor about the age of the manufactured home is the insurance for it. Usually, the older the manufactured home you purchase, the less likely you will be able to get it insured. Try to find out if you still can obtain a reasonable insurance rate for the manufactured home you plan on buying before you purchase it.

You also need to consider that manufactured homes built before 1976 have aluminum wirings that can be hazardous as this metal can react to other metals which will cause the wiring to break. You definitely wouldn’t want to buy a home that sparks on the inside of the walls. Try avoiding manufactured homes with aluminum wirings as this type of manufactured home is a fire hazard. If you still plan on buying a manufactured home with aluminum wiring, you may want to have it rewired in order for you to get it to be safer to live in and also get it approved for insurance.

Stains and leaks should also be checked in used manufactured homes as this type of problem is very common.

Nevertheless, if there are any problems with the used manufactured home you plan on purchasing, you will see that renovating it will be much cheaper than renovating a traditional home.

These are the things you have to remember about buying a used manufactured home. By following these tips, you can be sure that you will find the right first manufactured home you will invest and live in.

Entry Filed under: Manufactured Homes