It does not come up often but from time to time our clients do ask about Manufactured Housing as a less expensive alternative.
Take this lovely Everett Manufactured House for example.
1,792 Square Feet | 2 Bedrooms | 2 Baths
$239,000
+ Lot Rent of $753 month
Which includes Water, Sewer and Garbage.
Making the actual price (factoring space rental less utilities) approximatly:
$350,000
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A similar single family residential in Everett averages around:
$500,00
Buying a Manufactured Home can save you about 30%.
Saving Money On A Manufactured House Has A Cost
A Manufactured Home is similar to a car in that the value tends to depreciate. Meaning the second you drive it off the loft the resale value goes down.
This is especially true if you are renting the space. If you own the land under the manufactured home you may see some appreciation, but that is due more to the land.
Because of this the financing is more difficult and usually comes at a higher interest rate.
If You Are Considering Buying a Manufactured Home Check Out The Financing Cheat Sheet Below
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2 Comments on “Buying A Manufactured House Cheat Sheet”
Hello Jason,
I am confused about how to finance a manufactured home in Snohomish County. I am a first time home buyer and over 65; but I would qualify. Who should I turn to? I don’t have $70,000 in cash, but could probably come up with $10,000 for a down payment.
Regards,
Michelle
Hey Michelle, Most good real estate agents will have a Manufactured Home Lender on their vendor list. It is more like buying a car than a Single Family Residence if it is on leased land. Typically, the unit must be newer than 1978.