Opinions on manufactured homes

[DuckRyder]

Originally Posted by Win
Originally Posted by ram_man

From the outside it looks like a garden variety double wide, sufficiently permanently affixed to the land to qualify as an improvement to real property for both taxation and lending purposes.

...


Yup... guarantee big moulding right down the middle where the trailers are joined.

You need to investigate how it is deeded/titled and if a regular HO policy will be available and if it is Manufactured home policy is replacement cost available... many are ACV only...

I would not even consider it...

 

[Andrew1972]

Originally Posted by ram_man
I felt like when I threw the 10k answer out there that I was saying if I found this property with an older home on it in decent shape maybe not all updated or anything special I could probably buy it for say 90-100k if it was a newer home 20yr or less same size decent shape not way out of date probably 130-150k.
That's such an odd question to answer though. That's my issue. A home in the exact same shape as this place with the same amenities same size probably 120-130k.


$50k additional is small money in a mortgage that will appreciate way more over time vs a mobile home that has very limited appeal and only land/lot will appreciate. If the mortgage on 125k is

 

[grampi]

We bought a brand new one in '96 when we lived in Cheyenne, WY. They are very cheaply built. The drywall is very thin. Anything with a wood finish is laminated. The bathroom faucets were metal looking plastic. Me and 3 of my friends built on an attached garage and we ended up selling the house 5 years after we bought it for about $25K more than we paid for it, but if I had it to do all over again I probably wouldn't buy another one because they're so cheaply built...

 

[supton]

Originally Posted by grampi
We bought a brand new one in '96 when we lived in Cheyenne, WY. They are very cheaply built. The drywall is very thin. Anything with a wood finish is laminated. The bathroom faucets were metal looking plastic. Me and 3 of my friends built on an attached garage and we ended up selling the house 5 years after we bought it for about $25K more than we paid for it, but if I had it to do all over again I probably wouldn't buy another one because they're so cheaply built...

How much of that gain was from the garage? Still, not bad. Not all real estate appreciates, as we all know--sure is great when it does though.

 

[ram_man]

There is no big molding down the center. ...‚...‚ Our lender pulled it up and said it's a modular home but the real estate agent has it listed as manufactured. Stupid how complex they make it.

 

[Cujet]

Originally Posted by doitmyself
Manufactured homes are built to HUD code.


It's good to know that HUD mandates the number and position of electrical switches and outlets, location and number of windows and doors, HVAC capacity and efficiency, outgassing of carpets and so on. Safety concerns are addressed. But very little in the way of significant structural integrity is mandated. You pay dearly for all those features.

A site built home on a concrete slab, using conventional materials is nearly always going to have better structural integrity. Even if the same types of materials are used. Let's put that another way: Weight is a major concern when manufactured sections need to be transported.

 

[sloinker]

Buy a stick built home. Stay away from the quagmire of trailer/modular/whatever. Spend more up front to insure a better result down the line.

 

[Win]

It looks like a double wide to me.

Big difference between a double wide and a true modular.

I'm not sure I have ever seen a modular anywhere around here. When I looked into putting up some spec houses a decade or so ago, modular had no price advantage over building on site, at least in this area.

 

[A_Spruce]

Originally Posted by ram_man
There is no big molding down the center. ...‚...‚ Our lender pulled it up and said it's a modular home but the real estate agent has it listed as manufactured. Stupid how complex they make it.


It would be interesting to know exactly what this thing is. Everything about it screams trailer to me. I'm also willing to bet that the difference in how the lender and agent have it listed as is due semantic misunderstanding of the terms, which may or may not work to your advantage. If it's a trailer that is deeded as a modular, you're points ahead. If it is a modular, it's the most trailerest looking modular I've ever seen!

 

[PandaBear]

Stay the heck away.

As mentioned they "may be" build just as good as a stick and frame, they "may not", you need to know what you are doing to check and take the risk. You also have to fight the perception that they are cheaply build too even if they are not. Then comes the lending and insuring, you might be ok with it right now but if you ever need to sell it, you will be paying for the same "bargain" you get right now. In other word, unless you are planning to live there for the rest of your life expectancy, you are stuck or lose your shirt. They won't appreciate in value, you can't borrow money on it, it is a bad deal.

If it comes for free with the land I won't mind keeping it for a while and live there. I'd be worried about renting it out due to the insurance and mortgage concern.

Did OP said it is only 10k cheaper than a stick and frame? Around here I'd say just the construction itself alone would need to be at least a 150k difference to justify a modular.

 

[BMWTurboDzl]

Originally Posted by Cujet
Originally Posted by doitmyself
Manufactured homes are built to HUD code.


It's good to know that HUD mandates the number and position of electrical switches and outlets, location and number of windows and doors, HVAC capacity and efficiency, outgassing of carpets and so on. Safety concerns are addressed. But very little in the way of significant structural integrity is mandated. You pay dearly for all those features.

A site built home on a concrete slab, using conventional materials is nearly always going to have better structural integrity. Even if the same types of materials are used. Let's put that another way: Weight is a major concern when manufactured sections need to be transported.


That's also a "HUD Plate" attached to the dwelling in some place. Manufactured homes are appraised on a Form 1004C.


On a side note years ago I saw a trailer where the homeowner encased it in a layer of brick to make it look like a stick built house. That was interesting.

 

[grampi]

Originally Posted by supton
Originally Posted by grampi
We bought a brand new one in '96 when we lived in Cheyenne, WY. They are very cheaply built. The drywall is very thin. Anything with a wood finish is laminated. The bathroom faucets were metal looking plastic. Me and 3 of my friends built on an attached garage and we ended up selling the house 5 years after we bought it for about $25K more than we paid for it, but if I had it to do all over again I probably wouldn't buy another one because they're so cheaply built...

How much of that gain was from the garage? Still, not bad. Not all real estate appreciates, as we all know--sure is great when it does though.


I would say most of it was because of the addition of the garage...

 

[ram_man]

Where you live has a ton to do with it. I also explained the price in better detail earlier in the thread. 150k here buys a pretty nice 3 bedroom home garage possibly a few acres ect. You live in an extremely expensive place. Apples to Oranges.

 

[Win]

Quote
... Yup... guarantee big moulding right down the middle where the trailers are joined.



Quote
... There is no big molding down the center. ...‚...‚ Our lender pulled it up and said it's a modular home but the real estate agent has it listed as manufactured.


Yeah, they haven't had the seam down the middle for a long time; I don't recall the one I bought as having it, and, out of sheer morbid curiosity, today I happened to be driving by the place where I bought mine, and stopped in to look at some new ones.

A new 1568 sq ft. was $90K or $57 sq ft; and a more "upscale" model of about the same sq ft was $120K, or $76 sq ft. The latter looked pretty good inside and out, felt surprisingly solid, wouldn't bother me to live in it, I did not look at the former.

Quote
... The drywall is very thin. Anything with a wood finish is laminated. The bathroom faucets were metal looking plastic


I was told the drywall was 1/2 inch. None of the other statements appear to be correct with respect to the single example I looked at.

I believe "manufactured" is still the correct nomenclature for this type of structure.

 

[Ws6]

Originally Posted by PimTac
Originally Posted by aquariuscsm
Originally Posted by Ws6
I'd live in an apartment until a real house were in the cards.


^^This.



It all depends. Any apartment in my area that is under $1400 a month is in a dread zone. $1600-1800 and up will get you a decent one bedroom unit. They are building apartment complexes like crazy here.

For far less I can live in a double wide in a park. Blanket assumptions and opinions don't work here


That's fine, but OP lives in Missouri, and I can promise rent ain't that high, because I live near OP and know what rent costs here.

 

[Ws6]

Originally Posted by PimTac
Originally Posted by aquariuscsm
Originally Posted by Ws6
I'd live in an apartment until a real house were in the cards.


^^This.



It all depends. Any apartment in my area that is under $1400 a month is in a dread zone. $1600-1800 and up will get you a decent one bedroom unit. They are building apartment complexes like crazy here.

For far less I can live in a double wide in a park. Blanket assumptions and opinions don't work here


That's fine, but OP lives in Missouri, and I can promise rent ain't that high, because I live near OP and know what rent costs here.
Originally Posted by 4WD
And I have seen folks use one to develop some wild acreage they bought … 2x wide home and barn goes in ASAP … buy tractor and attachments … work the land almost every weekend … years later build home there …
And last but not ——— mother in law goes in 2x wide … Happy, happy, happy ...ƒ


Yeah, my Dad was gonna do that. But a divorce and a few other things...well, he had a tractor and worked that acreage, but it was always a mobile home. Dreams of the house forever gone. It wasn't until 20 years later when he sold the land, and moved in with his now elderly parents to care for them, and ultimately inherited their house, that he had a real "house". I saw this, and adjusted my life accordingly, and stayed in a cheap apartment until I could buy a real house. Skipped that whole dead-end mistake. Highly recommend how I did it vs. how he did it. Tried to learn as a child from my parents---both t he good and bad.

 

[Ws6]

Originally Posted by ram_man
Well I know having spoke with our lender we could buy it FHA or USDA or conventional. He said that this type of manufactured home on a permanent concrete foundation is no big deal to get a loan on. He said it was much closer to a typical modular home than a mobile home.

He lied to you. It's as close to a space shuttle as it is a "typical modular home".

 

[ram_man]

Some of you amaze me. You accuse people of lying when you literally know less about it than the lender. Accusing someone of lying is a serious thing and quite the offense. Why would the lender lie to me what does he gain by lying? That literally makes zero sense.

 

[Ws6]

Originally Posted by ram_man
Some of you amaze me. You accuse people of lying when you literally know less about it than the lender. Accusing someone of lying is a serious thing and quite the offense. Why would the lender lie to me what does he gain by lying? That literally makes zero sense.


Why would a lender want to make a loan to a solvent customer? I mean...they DO get a commission and all...

If they can BS their way into loan approval by making the house seem eligible for certain kinds of loans, it's a win/win for him. You'd be crazy, in my opinion, for not getting an RD loan in your area, and RD loans are a no-go on mobile homes, which this clearly and obviously is.

I investigated on your home you're considering, and

This is a mobile home, good sir:

 

[A_Spruce]

Originally Posted by ram_man
Some of you amaze me. You accuse people of lying when you literally know less about it than the lender. Accusing someone of lying is a serious thing and quite the offense. Why would the lender lie to me what does he gain by lying? That literally makes zero sense.


This is why I've said repeatedly that you have to fact check ALL of the information you're being given. You said it yourself, the nomenclature is confusing. You want believe that those in the industry of buying and selling homes would have a stronger grip on the nomenclature, but they simply don't.

Go to the county records office and look up the property for yourself, what is on the deed? This is what matters in the eyes of EVERYONE in regards to financing and insurance. If the deed says "manufactured", it's a trailer, enter at your own risk. If it says "modular" I'd still have a highly skeptical eye and proceed with caution.

The contributors here have pointed out many of the problems and pitfalls to watch out for, now it is up to you to do your own due diligence and verify what you're being told through the use of credible sources, the tax office, real estate/title/lending/insurance agents and contractors with no vested interest in this transaction, etc.