It’s no surprise that manufactured homes are rising in popularity in the U.S. The search for affordable housing in desirable locations has created more demand for these affordable and efficient homes, and has piqued the interest of many people looking to buy their first home.
Whether you’re new to buying a manufactured home or looking to get back in the market, you might have a few questions. Here are 4 simple tips to remember before doing some serious searching.
Calculate your budget. If you’re new to home-buying, the process can feel overwhelming. Especially when looking at prices. Just remember—you should be looking for a home with monthly payments that are less than 30% of your net monthly income. Then, calculate about 20% of the home’s overall price to get an idea of the down payment you’ll be looking at. Doing this math ahead of time will help you narrow down your selection.
One of the many perks of manufactured homes is their affordability, so once you get your budget nailed down, then the fun part starts: shopping for the best manufactured home for your lifestyle.
Negotiate your price. Some manufactured home dealers mark up the price of each home up to 26% (that’s A LOT), meaning there’s probably a little wiggle room for them to come down in price and still make money on the transaction. And when discussing price, don’t let dealers discuss in monthly payments. Some use it as a tactic to avoid naming that final price.
Transport. Some manufactured home dealers work exclusively with a company that will transport and install the home. Transporting and installing a manufactured home is risky business, as damage to the home or incorrect installation could result in unexpected costs. Research some companies on your own for comparison and make sure you have the right people for the job.
Insure it. Insurance should always be bought either from an insurance agent or insurance company. Never from the dealer. You could end up paying much more than you should for coverage that might not be tailored to your needs.
Further, look for companies who specialize in manufactured and mobile home insurance. At King, we’ve committed to the manufactured and mobile home culture and communities for over 25 years, which makes our expertise in their unique insurance solutions unparalleled. Get in touch with one of our agents today, and we’ll make sure that new home of yours is protected in every way it should be.