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Serving the manufactured housing needs of families in Kentucky, Illinois, Tennessee, Missouri, and Florida since 1970. If needed, the appraiser may use site-built home sales in certain cases where manufactured home sales are limited. There may also be times when an appraiser can use a wider radius or pick from home sales that aren’t quite as recent. If the manufactured home is located on acreage with an individual well and septic system, then certain requirements must be met to qualify for FHA financing.
For some obtaining a way to finance their new home is the only way to make the acquisition financially viable. While it’s not exactly easy to finance a traditional home, it can be even harder if it’s a mobile home. Even though mobile homes have made great leaps regarding quality and standards, especially thanks to the HUD code, the process of buying and financing hasn’t changed much. It means that buying and selling a mobile home shares more similarities with buying and selling a car. To qualify for a typical manufactured home loan, the home must have been built after June 15, 1976.
Finance options
By giving us a bit of information about a home, we’ll match it up with thousands of homes currently on the market and give you the average price range, as well as the highs and lows. This allows you to purchase a home with confidence, knowing you’re not paying outside of market standards. Mobile home prices for new ones range from $40,000 to $250,000.
Moving a mobile home is an expensive, time-consuming, and risky endeavor. It is not recommended to move a mobile home if it can at all be helped. This is not just because the home is at risk of being damaged but because it can impact the value of the home and lower the chances of financing.
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One important source of information on manufactured housing for appraisers is the NADA Manufactured Housing Appraisal Guide. Another source is Marshall & Swift’s Residential Cost Handbook. Appraising manufactured homes isn’t too difficult as long as the appraiser knows what to look for. We hope this guide of mobile home prices has been a light for you in the murky, foggy waters of trying to figure out the cost of a mobile home. We’ve pulled all the information into one place so you can make the best-informed decision whether you are buying or selling your home. Just like a chattel loan, whether or not you own the land is unimportant.
The appraiser must attempt to find similar manufactured home sales in the market area to determine value. According to the Manufactured Housing Institute, nearly 22 million Americans live in manufactured homes. The median sales price of a new manufactured home is $78,400, excluding the land. That’s compared with the site-built median home price of $347,500 during the first quarter of 2021.
Floor Plan
Mobile homes, even though growing in quality and “homeliness” every year, are still much cheaper than stick-built homes. As a result, more of us can afford one without the help of financing. Both manufactured and modular homes are factory built, with manufactured homes constructed on a steel frame and modular homes on a wood beam frame.
Modular homes are transported on a flatbed, often in sections, and the installation team cranes those sections onto a foundation. In this article, we will be focusing on those readers who want to buy a mobile home and would like to get the idea of the immediate, and short to mid-term costs involved. Along the way, you might pick up some helpful tips on how to classify mobile homes and what to look for when trying to value one. Sanders Housing provides the largest selection of superior quality single & multi-section manufactured homes and modular homes to NW FL and surrounding areas.
Specifications
Manufactured homes come with certification label numbers, located on data plates, that are attached to the exterior of each section of the home. There is also a manufacturer’s invoice, or certification, typically attached inside a kitchen cabinet or near or on the electrical box. The wheels, axle, and tongue must be removed for the home to be classified as real estate. Manufactured home appraisals aren’t all that different from any other home appraisal. But this type of housing comes with a few unique circumstances when it comes time to perform the home inspection and determine the value.
It must also have a minimum of 400 square feet of living space and be on a permanent foundation. Finding a conventional lender that is willing to give out loans for a mobile home is pretty hard. The dimensions of double-wides usually fall within the ft. in width by ft. in length range, resulting in up to 2000 square ft. of space. They are towed to the site in two separate sections before assembly. All sizes and dimensions are nominal or based on approximate builder measurements.
We serve Escambia, Santa Rosa, Okaloosa, Walton, Bay, Holmes, and Washington County in FL. Our service also extends out-of-state to include Baldwin, Mobile, Escambia, Monroe, Conecuh, and Convington County in AL. Our holiday rentals include top amenities such as indoor/outdoor swimming pools, kitchen facilities, gyms, hot tubs, Internet connectivity, and more.
These homes aren’t as popular just yet but are slowly taking their own share of the market. Because of the stigma and stereotypes surrounding mobile homes many people feel they are better off simply buying a smaller site-built home if they are going higher in price. Triple-wides are around 50 ft. in length but the width varies greatly and the living space is usually anywhere below 4500 square ft. There is a growing demand for alternative types of housing in communities across the country.
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