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Questions
and Answers
What is the difference between a "Stick-built", "Site-built", and
"Manufactured" home?
The main distinction is where the home is built. Often called
"stick-built", site-built homes are constructed on site, board by board,
and subject to weather, theft, scheduling problems and delivery of
materials. A manufactured home is also "stick-built" in a completely
controlled environment, using the same or better materials and advanced
technology to improve engineering and construction.
Can you tell a home is manufactured just by looking at it?
No. Manufactured homes come in a wide range of styles, sizes and exterior
finishes. Dramatic improvements in styling make it difficult to
distinguish manufactured from site-built homes. In many cases, they are
indistinguishable, both inside and out.
What size home and floor plan do I want?
Manufactured homes come in a variety of sizes and floor plans that include
spacious living rooms, dining rooms, fully-equipped kitchens, bedrooms,
family rooms, and utility areas. Depending on the size of your home site,
you can choose a single-section or larger multi-section design. Homes
range in size from 1000 to 2500 square feet and can be customized to meet
your needs and preferences.
What features are available?
The interior design of your home can include custom cabinets, walk-in
closets, bathrooms with recessed tubs and whirlpools, and wood burning
fireplaces. Because we use computer-assisted design, you will have
flexibility in choosing variations to floor plans and decor.
How much can I expect to pay for a home?
Depending on the size, floor plans and features, a new home can cost
anywhere from $15,000 to more than $100,000. This doesn't include the
land.
What financing options are available?
Just as there are choices when you buy a site-built home, there are a
variety of financing options when you buy a manufactured home. Down
payments and loan terms are similar -- 5 to 10 percent of the manufactured
home's sales price, and loan terms from 15 to 30 years. Most lenders offer
fixed and variable rates loans and most have programs that allow you to
"buy the rate down". If you own or plan to purchase the land where you
will place your home, traditional mortgage financing can usually be
arranged.
What other costs can I expect to pay?
While your mortgage payment may be your biggest expense, you will have
other regular and periodic payments. They may include utilities, property
taxes, land rental fees, insurance, routine maintenance, and other service
fees such as water and sewer. Today's manufactured homes are built to meet
new national energy standards set by HUD. The energy conserving features
found in manufactured homes help reduce your monthly energy costs.
Where can I locate my home?
Many homes are placed on privately owned property. If this option appeals
to you, find out about zoning laws, restrictive covenants, and utility
connections. We can give you more information.
Another option is to place your home in a land-lease community
specifically designed for manufactured homes. Here, you will own the home
but lease the land. Placing your home in a land-lease community involves
fewer siting considerations such as utility connections.
A third option is buying the home and the land together in a planned
subdivision where siting issues are handled by the developer.
Are manufactured homes built to a quality standard?
The construction of all manufactured homes marketed in this country is
strictly regulated by the U.S. Department of Housing and Urban
Development's Manufactured Home Construction and Safety Standards (or HUD
Code). In many cases, manufacturers view the HUD Code is minimum
performance standards - and exceed mandated standards in their basic
designs and offer buyers option packages with upgrades for increased
energy efficiency and overall performance.
The HUD Code
encompasses not only the construction of the home, but also the
performance of heating, air condition, ventilation, plumbing, thermal and
electrical systems.
Are manufactured homes a good investment and where do I get financing?
Many types of financial institutions and service companies - including
banks, savings banks, credit unions, mortgage companies, and consumer
finance companies - offer loan programs for manufactured home buyers.
These companies can offer a number of consumer, conventional and
government insured financing, such as the Federal Housing Administration
(FHA), Veterans Administration (VA), Farm Home Loan Administration (FmHA),
the Government and the Federal National Mortgage Associations (Ginnie Mae
and Fannie Mae, respectively) and the Federal Home Loan Mortgage
Corporation load programs.
As for their
investment possibilities, manufactured homes can retain - and gain
- value when placed in the proper environment, installed and maintained
properly, and treated as a long-term housing investment.
Why are manufactured homes so affordable?
While manufactured homes are more affordable than most other types of
housing, the reasons lie in the inherent advantages of any ongoing
production process.
Manufacturers
purchase their building materials in volume - allowing the homes to be
built with the highest quality materials and components. Because they are
built in a controlled environment utilizing a systems-engineered
production method, there are no costly weather delays in the construction
process. Manufactured homes are less labor-intensive and require a shorter
production time than site-built alternatives.
How safe are manufactured homes?
Independent studies and research by the National Fire Protection
Association confirm that the incidence of fire is actually lower in a HUD
Code manufactured home than a site-built home.
And construction
requirements for wind resistance for manufactured homes are equal to, or
in certain areas of the country - even more stringent than the
requirements for site-built housing. And, recent revisions to the HUD Code
called for enhanced structural features and anchoring requirements for
manufactured homes sold and placed in high wind areas - like the Atlantic
and Gulf Coastal regions.
Do manufactured homes offer different styles and options?
While most manufacturers adhere to common sizes for both single and
multi-section units, today's manufactured homes come in a variety of
floorplan designs to meet almost anyone's housing needs. Available options
in exterior materials, colors and interior amenities - like fireplaces,
whirlpool baths, walk-in closets and quality built-in appliances - give
homebuyers an array of choices in their selection of a new home.
What kind of people am I likely to have as neighbors?
With more than 11 million Americans living in Manufactured Homes, you have
a real cross-section of people, many of whom are likely to share your
family's interests. Recent purchasers tend to be younger, more affluent
and have attained a higher level of education. There are also a large
percentage of retired persons.
Are there tax advantages to owning a Manufactured Home?
Yes! The mortgage interest is deductible. See your accountant for details.
How long does it take to move into a home?
Approximately 8 weeks for a new home and only 2-3 weeks for a
reconditioned home.
HOW DO I GET STARTED??
Contact Citrus Homes for a free home consultation and pre-qualification.
There is no obligation or pressure! |
