Is a manufactured or modular home right for you?

There are a lot of reasons why many people choose to live in manufactured or modular homes. Price is probably the most important factor, since manufactured homes have one of the lowest initial costs, as well as some of the lowest maintenance costs, among the various types of homes available. Depending on its size, not including land, some new manufactured homes can be purchased for less than $20,000. More and more people are turning to manufactured homes.

Remember, however, that this price does not include a site for the home, which has to be rented, or purchased, separately. When permanently setup to land owned by the homeowner, the home is subject to the same variables as any realty: location, general condition and area availability of housing. Depreciation of any home can be minimized by the careful selection of its location and its proper maintenance.

The Federal Housing Administration (FHA), the Veterans Administration (VA), and the Farmer's Home Administration (FMHA) have insurance and loan guarantee programs for manufactured homes. All of these programs have reasonable down payment requirements and interest rates, and adequate loan ceilings.

A real advantage in buying a manufactured or modular home is that you are ready to move in immediately. All models come equipped with new, basic appliances, carpet, floor coverings and draperies. Some can even be purchased with furniture in them.

Most manufactured homes are placed on privately owned property. Sometimes many cities and towns have zoning regulations limiting the placement of these homes. Before purchasing such a home, it is always wise to check the zoning regulations in the area where you wish to place your manufactured home.

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