Having sold my share of manufactured homes in western Washington, I’ve learned to respect their place in the real estate market. Would I buy one? Well that depends…
A manufactured home is a type of housing that was built elsewhere and then installed on a site.
If that site is in a “park”, the park owner owns the land, makes the rules and decides who can live in the community based on (possibly) age, credit worthiness or other factors. The park charges a monthly lot rent fee that may include water, sewer, garbage and road maintenance. The title to this home is very much like a vehicle.
If that site is a piece of land owned by the owner of the manufactured home, the situation is a lot more like “normal” home ownership. By normal, I mean a stick built home.
If some criteria is met, title to this property can be “eliminated”, making the combination of the lot and the home now real estate. One of the major physical factors in this process is the anchoring and strapping of the structure to a foundation. Often, an engineer has to be brought in to certify that the anchoring has been done correctly.
Financing a manufactured home may be a challenge or a breeze, depending on several factors. Many lenders won’t finance a home in a park, but there are some that specialize in it. Homes on their own land can qualify for conventional lending type loans, but there may be some complicating factors like age, condition, how many times it has been relocated or if there have been any additions.
Is a manufactured home a good investment for you? That depends on the buyer, the home, the site and your situation. As a real estate professional. I can assist you in assessing the opportunity.
