There are a lot of different types of homes available, and it is important for people to understand the differences. When people are considering purchasing a house, particularly a rental property, it is easy to get overwhelmed by the different houses available. Some of the most common options include manufactured homes, mobile homes, and modular homes. What are the differences?
A Mobile Home
A mobile home is a home that has been built with axles directly underneath the house. The axles make it easier to transport the home from place to place. The axles stay on the home even if people live in it. A mobile home might have a skirt placed on it to shield the axles from view, but mobile homes often have to be registered with the DMV because they qualify as a vehicle.
A Manufactured Home
A manufactured home has been built in another location. Then, it is trucked to the final location where it is deployed. Manufactured homes do not have axles, but they can sit on the bed of a truck. They may or may not be installed on a long-term foundation once they arrive at the permanent site. Typically, these homes are built using metal frames to make them easier to transport.
A Modular Home
A modular home is very similar to a manufactured home. It is built in another location, but it usually has a wooden frame instead of a metal one. It may also be deployed on another foundation once it arrives at its final location.
Financing A Manufactured, Mobile, Or Modular Home
One of the big issues with purchasing one of the houses above is that financiers may hesitate to hand out a loan. Because mobile homes technically qualify as a vehicle, it can be difficult to find a lender who is willing to finance them. It might be possible to finance a manufactured or mobile home, but it needs to meet FHA requirements. The house must have been built according to HUD guidelines, it must have been moved to the current location when it was new, and it has to be attached to a permanent foundation. Then, it might be possible to find a lender to finance the cost of the house.
Right now, there are not a lot of houses for sale, as inventory and new home construction continue to lag behind buyer demand. In addition, low mortgage rates are accelerating demand, meaning that in many situations the sellers are receiving multiple offers. Therefore, it is important for potential buyers to do everything they can to win a bidding war. What are a few ways buyers can give themselves an advantage?
During the past few months, everyone has been going through unprecedented times. Every industry has been impacted and this includes the real estate sector. There are lots of people who are still trying to buy and sell a home during an era of social distancing. This can make it hard to look at a prospective property in person. The good news is that there are still ways for people to buy a house virtually. There are a few tips that everyone should keep in mind. 