Terrenos Houston explains why mobile homes are a great option for first-time home buyers
The decision to buy a home is a big one. It's likely the most expensive purchase you'll ever make, and it's a huge commitment. The process can be even more daunting if you're a first-time home buyer. There are so many things to consider—location, size, price, amenities—and it's easy to get overwhelmed.
Terrenos Houston in New Caney, Texas, says one option you may not have considered is a mobile home. Mobile homes have come a long way in recent years, offering several advantages, especially for first-time buyers. In this article, we'll explore some of the reasons why mobile homes make sense for those looking to purchase their first home.
One of the most significant benefits of mobile homes is that they are more affordable than traditional homes. The median price of a new manufactured home in 2018 was $51,371—about half that of a site-built home ($272,000). Of course, many factors affect the price of a mobile home, including size and location, but on average, they are significantly less expensive than traditional homes. That makes them an attractive option for first-time buyers who may not have a lot of money saved up for a down payment or who may be working with limited income.
Maintenance and Upkeep
Another advantage of mobile homes is that they require less maintenance than traditional homes. Because mobile homes are built in factories using standardized materials and methods, there are fewer opportunities for problems to arise. Additionally, most newer models come with warranty protection from the manufacturer, so any issues that do come up are typically covered. That peace of mind can be especially important for first-time buyers who may need more experience dealing with home repairs.
Another consideration when buying a home is construction time. Buying a newly constructed home can often take months or even years before it's ready to move in. With a mobile home, however, you can typically move in much sooner. Once you've found the perfect spot for your new home, it can be set up and ready to go in just a few weeks—a significant benefit if you're eager to start your new life as soon as possible.
When dealing with construction, you also have to consider potential delays, which can be a source of frustration and anxiety. With mobile homes, however, you don't have to worry about the weather or other issues that can cause construction delays. That's another significant benefit if you want a quick move-in date.
What Types Of Mobile Homes Are Available?
Mobile homes provide a unique living option for many individuals and families. They are built using the same codes and standards of regular construction, which makes them strong and durable while often being much less expensive than traditional dwellings. There is a variety of mobile home types available on the market, each coming with distinctive advantages. Depending on your needs, you can choose between single-wide and double-wide homes, factory-built or relocated units, and modular and park models. Single-wide mobile homes feature one section, while double-wide comes with two sections that have been joined together.
Like single-wide units, factory-built homes are prefabricated in factories. Yet instead of moving them as one piece, all components are transported separately and then reassembled with specialized techniques at the final destination. Modulars and park models offer additional features to enhance your living experiences, such as customizable designs for optimized room arrangement, green technologies for improved sustainability, or even wheelchair ramps for increased accessibility.
Explaining Loan Types
The options for loans on mobile homes can vary depending on the purpose of the loan. Traditional mortgage loans are available for those looking to purchase a mobile home, much like any other home loan. These mortgages will require an appraisal of the property and credit score requirements to be met to secure the loan. When refinancing a mobile home to obtain a lower interest rate or longer-term period, a standard refinance loan may be available from your current lender or a different institution.
Additionally, if you’re looking to renovate or make other improvements on your current mobile home, there are specialized renovation and improvement loans that can help you with necessary repairs such as roofing, plumbing work, and overall system upgrades.
Finally, suppose you want to purchase land along with your mobile home and build equity in the property. In that case, special land-and-home packages can help combine the mortgaging of the land and the mobile home into one cost-saving package with just one monthly payment. No matter what type of loan you’re looking for when it comes to purchasing or improving your mobile home, several options are typically available depending on your circumstances and needs.
As you can see, there are many reasons why mobile homes make sense for first-time buyers. They're more affordable than traditional homes, require less maintenance, and can often be set up much faster. So if you're considering purchasing your first home, remember to add mobile homes to your list of options. You might be surprised at how well they fit your needs—and your budget!