Used Manufactured Home, Good Idea?

Are you thinking about buying a used manufactured home?  It can be appealing since manufactured homes are cheaper than stick built models, and it can even be a good investment if the home comes with the land it's on.  If you're a first time home buyer, purchasing a traditional home, or even a condo, can be too expensive, especially if you're single and have only one income to rely upon.  Even new manufactured homes (when you add in the price of buying land) can be expensive.  But is buying a used manufactured home a good idea?

The short answer is that yes, it can be a great way to get a home of your own while avoiding paying rent or high mortgages.  But you have to be careful when shopping around.  Here are some of the problems you might encounter when considering a used manufactured home:

1. It can be harder to get a manufactured home, especially a used model, financed.  Though the overall price is lower, the bank may try to stick you with a high interest rate.  Make sure to look around and get the best rates.
2. Make sure the home can be insured.  If it's too old, you may have a hard time getting insurance.  Make sure you've found a good rate and insurance before signing anything.
3. Some used homes (manufactured homes built before 1976) have aluminum wiring which is considered a fire hazard (this is one of the reasons it can be hard to get insurance).
4. Many older manufactured homes have particle board floors, so you may have "spongy floors" to deal with.  Bathrooms especially, are then susceptible to warp and rot.
5. Used mobile homes can be prone to leaks, so make sure to check for signs of water damage on the ceilings in all the rooms.

As you can see, buying a used manufactured home comes with its risks, but it can still be a good idea.  It can be a good investment if you can't afford a loan on a traditional home or if you just like the idea of living cheaply!  Just make sure to do your research before you buy.

Comments

[Annie]

This seems like an affordable way to get a home. With the housing prices so crazy in so many parts of the country, manufactured homes are an affordable alternative for lots of families.

[Manufactured Home Buyer]

I think it is, but you need to get a home inspection before you commit to anything. I bought a used manufactured home and I have never been happier!