what are the advantages/disadvantages of buying a prefab/mobile home as opposed to a regular home?
88364
Prefab. homes are better than mobile homes.  They are both cheaper than regular homes.  The bad news is they don't hold their value and they do not appreicate like regular homes do.  If you by a regular home now you will be able to sell it later (probably for a much higher price- if the market is good).  With a prefab. home you will not be able to sell it for as much.  You will be able to sell a mobile home for even less.  It is also more difficult to get a loan on a mobile home (and probably a prefab home).  You may run into problems if someone wants to buy the home from you years down the line and they can't get a good loan.
860368
You need to be very cautious when purchasing a mobile home.  The materials and methods used are not always the best.  They are usually built as cheaply as possible with low grade materials.  You will have to pay to have it moved unless they are selling the lot with it.  Having the home inspected would be a good idea,  it will cut down on a lot of surprises.
477518
Yes VERY!  There is a lot of mark-up on manufactured homes.  Also, if you decide to buy one, know that they all come from the manufacturer with washers, dryers and refrigs.  If the seller doesn't offer them to you with the home, then they're ripping you off.\n\nI have a friend who owns her on house business in Louisiana, and she sells the appliances, that her buyers don't want, on eBay.  Makes a killing on the extras that the buyer should be getting.
214148
The advantages are:\nYou earn more money, meet new people, see new interesting places.\nThe disadvantages are: \nYou leave your home and your family.
1013397
I can answer your question from 2 perspectives:\n1. I am currently a mortgage loan officer in North and South Carolina and very familiar with credit, real estate and the housing market.\n\n2. Not only did I used to work for Palm Harbor both in sales and setup, I also used to own a Palm Harbor Home.\n\nLet me state this... as far as manufactured hoems go, I truly believe Palm Harbor to be the best in construction and quality. Most folks do not know they are in a doublewide.. they do a fantastic job and they are tight!\n\nHowever, I must caution your daughter.. not so much on Palm Harbor, but on the manufactured home in general. Although I personally believe they are great homes, the general public, the real estate market and the lenders do not think that way.\n\nThe manufactured housing industry has taken some hard hits.\n\nLenders have pulled out nationwide from lending money on these homes due to the high foreclosure ratios. And contrary to someone else's response, lenders are not looking to get back into that market. When you lose millions of dollars, you learn your lesson. So, once your daughter gets approved, no matter what the sales person tells you, there may not be any better financing options available later... she may not be able to refinance the loan later. So she must accept that the payments she gets are the best she may ever get on that home.\n\nThe real estate market is flooded with foreclosed manufactured homes, so the market is not allowing the mobile homes to hold their value. Most home depreciate fast because the most recent comaparable properties available sold in foreclosure for 20-30% less than yours! This is not a wise INVESTMENT.\n\nThe general public sees mobile homes still as "trailers." Although nowadays they typically build a more solid home than many home builders (I have been to the factories!), the public still sees them as the old single wide metal homes that just won't go away even though they are falling down.\n\nChances are that if your daughter can buy a manufactured home, she can buy a solid site build single family residence. Have her check with a local mortgage broker in the area that works with less than perfect credit and first time home buyers. (Believe me, we brokers can help here!) If in NC or SC, use my link below.\n\nAlthough she may not get as much room for the money, the long term investment in a site built home will pay off. When she needs more room or needs to sell and move in the future, she will have a property she can sell and make money from, not a mobile home she needs to pay her way out of or be stuck in.\n\nBest of luck in your decisions.
191703
it depends if it is something you would want for the future or not. i would get the options while it's being built for these reasons:\n1. remodel after building can be more expensive because it was not in originally it would take more work to put in after the fact esp if demo is involved\n2. Unless your familiar with construction, you could find yourself in a pitfall with a bad contractor\n3. many after the fact improvements would not look as good as if it was installed at the time of it being built such as windows. I've never seen a good repair job on stucco after new windows. you'd have to restucco the entire house.
1155603
The advantage is in knowing that you have equity in your home already....Don't let the seller know what it got appriased at - ok - - -Now - if you needed help with the closing cost, that is another matter, the seller could help with closing cost, and you would make a offer to the seller to adjust the purchase price....I do not recommend this - but it has been done in the past, expecially if you already have your financing approved.  The advantages is down the road, if you wanted to do a line of credit - you have the equity of 11,000 to use - for newer carpet - etc....  I would just let it build since home markets are on the rise in different areas, and on the decline in others.  Good Luck.
244188
to own several houses in various shapes and sizes
872902
If you are good at managing people and have spare time, you can be your own general contractor. You can save up to $100,000 by cutting out the middleman and buying your own materials. \n\nAnother alternative is to buy a pre-built home. The large builders now have homes made in a factory and shipped to the site where they are put together. They don't look like "mobile" homes; you'd never know they weren't built like any other home.
352351
Actually it turns out recently that the value of mobile homes have not gone down as quickly as in the past.  It also allows you to possible buy the land that it is on.  You can also deduct the interest from your income tax.  \n\nIt is better to buy a stick built home if you can to have it appreciate in value, but who can afford it today?
435606
I guess is not the mobile home is the way how the owners keep it usually mobiles homes end in trash because people don't take care but there are mobile homes that really look wonderful of course those homes are located in neighborhoods of people who take well care of their houses.\nIn the area were i live I have a lot of trailer homes and is a shame those houses are well know it as a white trash  people so. I think is the people not the houses
1109988
The land MUST be zoned for manufactured housing.\n\nIf the land hasn't been developed, you will need to put in access off the road, a well, and a septic.  \n\nAlso budget for the costs in moving & setting up the mobile home at the new lot.
1153653
I would go with option 3.  The house is built. It is a very large house. It is all modern whereas option 1 is not. You may have to do maintenance on it.  Option 2 presents me with a problem. Are you going to tear down the existing house. It appears to me that you are not.  You may spend a great deal of money attempting to refurbish it, more than you have imagined.  I like simple easy solutions not complex convoluted ones.
159260
It really depends on the area. Usually it will cost less if you buy the land, but not always the case.\n\nFor instance, in Orland you could get about twice the size of house if you bought the land and built the house. The reason was they were not being built inside of a community and the builders were not adding to the cost of the land to make more money.\n\nJust be careful and make sure to get a really good contractor to take care of everything for you.
39377
Bad news....chances are you aren't going to find much luck.  Most mortgage and finance companies tend to avoid mobile home loans, as they assume that the lifespan of a mobile home is only 20-30 yrs.
82807
Mobile homes decrease in value every year that you own them, a site build home however increases with value every year, so your best bet would be to get rid of the mobile home, find a "fixer-upper", throw your money into fixing it up, sell it for more than you bought it, plus what you spent on repairs and keep moving up until you find one you want to keep.\n\nFixing up a mobile home....new carpeting, new roof will increase it for sales most, so if you need to do any of that to get a better sale, do it, it'll be worth your time, because it will sell faster.\n\nAnother option for you would to be to rent it the mobile home out, or do a Sold by Owner contract, that way you reap the benefits of the interest for yourself, and have an extra income to help cover your new house payment. \nBut be extremely cautious... people will trash the place if they really don't care about the place, or have no investment in it..Do a renters background check..and make sure all contracts are done with binding responsibilities of the renter making all repairs to damages, upgrades to place, etc.. and that when they leave all items altered remain with the house.
310276
I have owned both.\n\nMy first home was a condo in Ca.  It was less expensive then a single family residence and I was able to purchase it for less down and ability to qualify.  It gave me time to gain equity through appreciation, ultimately sell to purchase a single family residence.\n\nThe con side would be lack of control.  The homeowners dues increased.  A vote was taken on a special assessment I did not agree with but had to pay anyway.  Noisy neighbors & a legal battle with the developer which was very costly to every owner in the project.\n\nThe positive side as stated above was the ability to get a start.\n\nThe positive side of owning a single family residence is pretty obvious. Complete ownership of both land and home.(with a condo you own your unit and a % of the common areas)\nAbility to landscape using your own creativity.  Unless there are master CC&R's for the neighborhood you have control about exterior color. And typically a single family residence will appreciate at a faster pace than a condominium.  Plus more privacy from neighbors.\n\nThe con side would be constant yard maintance. Yes, that too can grow old.  Responsible for exterior dweling maintance(roof,paint,etc).  Basically responsible for everything having to do with homeownership.  No short cuts here.