Among the various housing innovations we’ve been witnessing of late, a modular home is the one trend that has seen quite a rise in popularity. And, why not? It’s faster to set up, cheaper than the usual house, and has high-quality control. It’s never a loss to consider a modular home as a worthy contender and a reliable option. However, before you actually make the purchase, here are five things you need to have in place first.
Finances
While it may still be a home for you, financial institutions view the whole modular home affair a little differently. The usual housing loan regulations and conditions don’t apply. Therefore, extra care needs to be taken. Check the percentage of interest they have for manufactured homes. Often, it happens that the salesman will tell you a different interest rate or percent of the deposit, whereas the bank will have an entirely different limit. It’s best to have this sorted first and foremost; because you don’t want any confusion when you’ve finally gotten all your precious money in place. Detailed research and inquiry is essential here.
Land
For a manufactured/modular home, the land where you place the home is the ultimate deal-breaker or maker. Contrary to popular belief, you can actually save a lot of money, if you make the right land-buying decision. In most cases, you get to buy the land along with the modular home, which is a far better deal than buying the two separately. The percentage of down payment, as well as the rate of interest, is much lower than how much you would shell out for each of them individually. In addition, you also save up on expenses of moving the house from the manufacturing point to the property.
Energy star
With all the time and money you’re going to save, why not try to save the environment a little too? An energy star home is always a good investment. You get to save energy costs in the long run, you may get a rebate from the power company (because, environmental consciousness is always encouraged) and you get an energy-efficient home, which is a pretty cool thing.
Upgrade
It’s your home, or at least it is going to be, so don’t hesitate to lend it your personal touch and upgrade whatever you feel needs upgrading. You can discuss with the salesperson as to what are the things you want to see in your new home. Of course, there’ll be a higher price to pay for it, but sometimes you just need it. Things like insulation, plumbing, vents, bathrooms, kitchen cabinets, and roof are a few of the most upgraded things in a modular home. These changes become necessary not only to improve the looks but also to turn it into a home you can live in till you get old.
Sign and document everything
Just like you would document everything while buying a usual home, modular homes require perfect documentation too. Get copies of the loan agreement, warranties, rent payment receipts mobile home title, property contracts etc. While applying for the loan, it’s best to have about three to four copies of everything that you’re submitting. Most importantly, have the place insured. Don’t forget to read the fine print and keep a track of everything you’ll be made to sign. It may seem like a lot of work, but you know it’s worth it.
If you are eager to have a house of your own as soon as possible and want maximum upgrades for far lesser prices, a modular home is the one option you should not forget to consider. Having said that, don’t forget to do as much research and asking around as possible.
