Are you getting frustrated about the high prices of real estate these days, and are you ready to purchase a manufactured home instead? Here are a few things you should know about this unique type of home.
Manufactured Homes Are Made In A Factory
What makes a manufactured home different from your typical home is that the home is made at a factory. It is then delivered to a location where the home is placed on a foundation. The whole process, from construction to installation, follows strict building codes that must be met so that the job is done properly.
Once you move forward and purchase a manufactured home, know that it is going to be constructed very fast. Since it is built in a factory and transported to your property, the home will be ready to live in before you know it.
Manufactured Homes Come In Two Variations
You may see that there are on-frame and off-frame manufactured homes and want to know what the differences are between them. An on-frame manufactured home has a permanent chassis installed on the home, and it does not require that the home uses a permanent foundation. An off-frame manufactured home is set onto a foundation since it doesn't have that built-in chassis and can cost more overall as a result.
Manufactured Homes Can Be Moved
One of the things that people like about manufactured homes is that it is possible to move the home to a new location in the future. However, this really depends on the condition of the home. After a home has settled from being in one place for many years, the risk of damaging the home by moving it is very high. In fact, you'll find it hard to find a company that will want to move an old manufactured home because of this reason.
Manufactured Homes Are Considered Personal Property
When it comes to how a manufactured home is taxed, it is considered personal property rather than real estate. You actually have a title for the home just like a vehicle. This can cause a manufactured home to depreciate quickly simply due to the nature of how the home is constructed and how it is classified.
Manufactured Homes Require Owning Or Leasing Land
It is very common for manufactured homes to be sold with land that you lease rather than own. However, you can also find a desirable piece of land that you can purchase for the home as well. Keep in mind that the land must be zoned for manufactured homes since you cannot place them anywhere you want.
If you're curious about manufactured homes, talk to a real estate professional near you.