June 22, 2016
7 Tips For Buying A Manufactured Home
With the first day of Summer behind us, the Manufactured/Mobile Home market is beginning to heat up! It can very stressful anytime you’re looking for new digs, and the Manufactured/Mobile Home realm is no different. Here are 7 tips that can help alleviate some the stress.
7 Tips For Buying A Manufactured Home
1. Establish Your Price Range
Knowing what you’re able to afford should always be the buyers number one priority when searching the housing market. With Manufactured/Mobile home buyers, not only is not only is it imperative that you find for homes in your price range, but Mobile Home Parks that fit your price range as well. So, be honest with yourself and do your research.
2. Get Financing Early
Like Traditional Home Financing, Manufactured/Mobile Home Financing has become a little easier to acquire within the last 3 years. Many Mortgage Companies have loosened up their requirements to accommodate the Manufactured Home Community. That being said, it can still be a lengthy process. Many of the Lenders take a minimal of 21 days from start to finish, and that’s only if you have all required documentation they need and all the stars aligned perfectly. The best thing to remember if you are needing a Manufactured/Mobile Home Loan is to start the process early, like BEFORE you begin searching for homes. Getting the financing in place prior to actively looking for a home, will allow you to gather what information the Mortgage Company needs without stressing about time. Having your financing dialed in will also show a seller that you’re serious about buying.
3. Pick Your Area
This seems like an obvious tip, but there are many times when talking with prospective buyers that when the question of location is asked, the conversation lulls. When you’re picking out a location where you’d like to purchase a Manufactured/Mobile Home, use the “SSS Method” or Safety, Schools and Scenery. Research the Safety of the area by checking the local city data websites or just click here. Whether you have children or not, a lot can be said about an area by the surrounding Schools, so go online and see how they stack up. Finally the only way you can compare the Scenery is to get out and physically explore the area. Driving through the park is great, but a buyer must also get to know the surrounding area. So, remember Safety, Schools, Scenery, you can’t lose.
4. Don’t Settle For, “Meh”
I can’t stress this enough to my Manufactured/Mobile Home buyers. Don’t settle for something you’re not entirely happy with. More times than not, whenever we had a buyer “settle” for a home, it usually ends badly. There’s either a problem with the home, or the park, or the park manager, something usually happens within the first 12 to 18 months of them owning the home. So, regardless of your situation, never, ever, ever settle for a home. You deserve a home that fits your needs.
5. Inspection, Insurance, Warranty
When buyers ask me, whether or not they should have an inspection done on a Manufactured/Mobile Home they are interested in, my response is a resounding “YES!” Not only do many lenders require an inspection to be done, but even if you’re paying cash for a home, an inspection gives you ease of mind. While we’re talking about peace of mind, Manufactured/Mobile Home Insurance is also something you should research prior to purchase. Not all Insurance Companies cover Manufactured/Mobile Homes, so it’s important to be proactive. I also recommend a home warranty of some sort. First American offers a great home warranty for home buyers. It’s very affordable and worth every penny if an appliance goes decides to stop working.
6. Speak with the Park Manager and Park Residents
Since you’re going to have to meet with the Park Manager to fill out their Park Application, it’s a smart idea to sit down with the manager and find out all you can about the Park and the Park Rules. The Manager should be able to give you more insight on what is or is not accepted in the park. It’s also a smart idea to talk with other residents of the park. The Residents will always give you their perspective of how the Park treats the community.
7. Good Representation
Of course what kind of a self promoter would I be if I didn’t include this. Getting someone who knows the ins and outs of the Manufactured/Mobile home business in your corner can really save you in money and headaches. This is where a Manufactured Home Dealer comes in. Unlike a typical Real Estate Agent, Manufactured/Mobile Home Dealers strictly deal with Manufactured/Mobile Homes. This means that they will have more relationships with Lenders, Parks and Park Managers. Manufactured/Mobile Home Dealers will be able to do all of the required State Paperwork for you, and handle all of the necessary Title work. That being said, there are quite a few Manufactured/Mobile Home Dealers in the Portland Metro Area, so you want someone who truly look out for your needs and the needs of your family. I would rather lose a commission check, than set a client up for failure.
There you have it. If you’re interested in purchasing or selling your Manufactured/Mobile Home, give me a call or text at 360-241-7294. Also, if you have any moving or buying tips, leave a comment. Thanks for reading!