New Manufactured Homes: Budget Considerations
Consumers can find new manufactured homes available in a multitude of floor plans, sizes and styles. Because the selection is so vast, this housing option is becoming a popular choice for millions of Americans. For those who are thinking about purchasing a manufactured home, it is important to take your budget into consideration before making a decision.
Choosing a Home
Before shopping around, consumers should make a detailed list of home specifications. This list should include answers to the following questions:
- What size home are you looking for?
- Are you searching for a particular home style?
- How much money do you want to spend?
- Do you have land secured in a particular location for the home?
- What are your essential home features?
- What nonessential home features will you consider?
Pricing in Conjunction with Budgeting
Since they are more cost-efficient than a traditional stick-built home, it makes good financial sense for a first time homeowner to consider manufactured homes. These homes require lower down payments, or no down payment at all, depending on the loan secured. Because a manufactured home is just as much of a financial commitment as any other home purchase, it is important for consumers to avoid overspending and getting involved in last-minute spending decisions.
Every manufactured home dealer is going to have different selling prices, offers, deals and features. The decision making process requires legwork and research. Here are some pricing considerations consumers should understand when trying to budget for the project:
- Look at manufactured homes that fall within budget guidelines, and make every attempt to keep the term of the loan short, within reason.
- Comparison shop on manufactured homes websites and when visiting a dealer’s retail location.
- Whenever a transaction is not fully understood, don’t be afraid to stop it in its tracks to ensure budget guidelines are still intact and to prevent overspending.
- Never put money down on an offer without receiving a firm price in writing first.