Are You Thinking Of Buying A *Modular Or Manufactured Home* ? To Know More About The 5 * Biggest Lies About Manufactured Homes* ua-cam.com/video/4O2Ns0S14GU/v-deo.html
l'm looking at both modular and manufactuted homes. lt depends on what kind of financing and insurance l qualify for. This will be within the next 4yrs. l did view your video about the lies about manufactured homes. lt was very informative.
My brother owns a modular home and it looks just like a site built house. It has a full finished basement..2x6 walls.. a 6/12 high-pitched roof.. has an attached garage, 4 bedrooms, 3 bathrooms and an acre of land.
I have seen your video and appreciate all the information you have provided. I am looking at manufactured due to the fact that it is considered personal property and not taxed. Is it better to go with modular? Are there advantages to modular as well?
@@KristinaSmallhorn Thank you so very much! This will be our final resting place, lol. I am hesitant about a mortgage in my 50's but that's what life insurance is for, right?!? 1. I like the way modulars look. Is it possible to add a manufactured addition to make it look more like a house or would that be a mistake or not possible? 2. You mentioned something about not getting a loan from the dealer. Do banks and credit unions do land home packages? 3. Is a triple wide delivered on 3 trailers... thus freight x 3?
I bought a new 30,000 dollar manufactured home in 1994, placed it on 3 acres in Florida and paid it off in about 9 years. So, from 2003 until present time I haven't had to worry about monthly payments or rent. Just had to pay land taxes once a year which is low compared to other areas in the US. It made it through Hurricane Irma a couple of years ago and is still in pretty good shape. Even if I gave it away for free, I have still saved a ton of money.
But you cannot do that today. The cost of many of these homes built, manufactured, mobile, or twig and spit are $100 per sqft to build now. While true the location matters most, the value of the built house grows the fastest and often times manufactured/mobile homes are built to trash specifications. Heck even built homes standards are poor as it is. Housing standards nearly everywhere are garbage. Leak like sieves, poorly insulated, and just about everyone of them with the cheapest possible materials that barely meet the meager standards required. The hurricanes have driven the prices of housing up far too much an nothing seems to be stopping the problem. I am betting we are going to be seeing another housing bust soon.
@@biffmasterson9786 This is not the product of any education system. It is the product of the culture. Perhaps "your ilk" deserved a better education system so you could have understood this?
I am considering the purchase of a manufactured home on leased land in a 55+ golf resort community. Should I run from this notion? Its very well cared for and a pretty area.
Speaking as a retired builder, some years ago I put a couple modular homes together for a client that were permanently attached to a concrete foundation and I would say they were stronger than a conventional stick-built house simply based on the fact these things have to travel down the road at high speeds in halves. They have multiple 2x8 ridge beams and extra internal bracing that when the halves are bolted together create a much stronger unit. As a builder I kind of hate to say that but it's true!
My older brother purchased a manufactured home several years ago here in Quebec,( Canada) at the time, his friends thought that he was making a DUMB move. He paid the manufactured home off in a very short period of time and my brother always kept his manufactured home in tip top shape. He and his wife raised two children in that home. Today he has ZERO debts. Hence, I would change BANK ACCOUNTS with him any day. So, who gives a POS what type of home that you purchase as long as you have a ROOF over YOUR HEAD and that you are DEBT FREE !!! Cheers from Canada, snow country.
The point is, if you spend $50k on a manufactured home, that home will eventually be worth $0. If you spend $300k on a real house, that house will be worth more than $300K within a year, and keep increasing in value from there. In one instance you LOSE money, in the other you GAIN money. So if you want to make a smart financial decision it does matter.
@@bobbygetsbanned6049 It may be worth more, but will the amount that it's worth exceed the amount you will pay in compound interest? Compound interest on $300k over 30 years of inflation......you'll probably wind up paying close to $1 million. And with this current insane economy? What if you lose your job? You'll lose everything. On the other hand, if you pay $50k and have zero debt, you can save or even invest that mortgage payment that you would have paid for 30 years, and you can wind up having the cash to buy your dream home & pay it in full. And still have no mortgage payments, & zero debt. So going into massive debt for 30 years may not be the "smart financial decision" you think it is.
@@bobbygetsbanned6049 it will literally never be worth 0, unless it is condemned. A home is an investment, but, it is first and foremost, a home. If you secure shelter, debt free, by 30, then invest in funds, stock, small business, you'll make more profit, than using a home, as an investment
@@guntcheck If you secure shelter, debt free, by 30? This isn't possible for most people, most people are going to have to rent until they buy, so that argument is a fantasy for most people. And no you will not make more investing in the stock market because that requires cash. A mortgage gives you access to the cheapest debt an individual has access to, so you're investing with someone else's money, for the cheapest rate you can possibly get. That it a great tool for people to use as long as they are smart enough to have reserves to get through hard times so they don't get foreclosed on. You can only invest in the stock market with your spare cash, so if you have $1,000/month to invest, which is a lot for most people, your investment starts at $1,000, with a house it would start with the total value of the house, about $300,000K on average in most areas. Both investments go up about 9%/year, so in 12 months you make less than $1,080 on your $12,000 cash investments while the home makes $27,000. There's no comparison, you will make more investing your in primary residence than you will in the market because of you're utilizing leverage, no financial adviser or research would ever tell you otherwise.
I am a single retired woman looking to get out of my horrible apartment when my lease is up in 6 months. I want to purchase a manufactured home to live out my retirement years and don't care about resale value since this will be my first and my last home. Whatever happens to it after I'm gone doesn't concern me.
Have you chosen your location yet? In some places it's cheaper to live and property taxes are low. We are looking in the Tucson area, cheap food and low property tax. .
@@traskstoneworks I found the perfect property for a manufactured home that is also near my family, but I can't find anyone to finance since I'm single on a small pension. I have to get out of this apartment and into my own home. Very discouraged.
I live in one and i love it we are retired been in my home for over 20 years id never buy a house again once its paid off the taxes will eat u up so i say live in one of theses i love mine ..
@@traskstoneworks i pay 12.89 a year i live in a community and i love it .id never live in California nor any state around there ..we owned a house in Virginia and sold it ..i hated Virginia came back to my home town in Michigan and we happy ..love my place and i have great neighbors ..we are blessed
I bought a manufactured home 4 years ago, it is on a permanent foundation, in a gated 55+ community in Palm Springs area, and I got a mortgage. Its more attractive and comfortable than any other home I've ever lived in. It's more than doubled in value since I got it, very glad I did.
I was in California years ago. They called them Pre-Fab homes. It was cool to see them set up up in a slab of concrete, because they dont have basements in California. But here in the east coast. I would want a basement. And I dont think those type of homes come built for that.
Has not doubled in value. The money used to buy initially has lost its value. You only make money on a home if you buy and then sell in the same “ money value”. All you have achieved is it takes more green pieces of paper ,that has a lesser value, to buy the house you live in.
@@mikekellum6238 that’s not necessarily true either. Housing market plays by a different set of rules. I have a modular home that I bought for $62,000 in 2013. It just sold this past summer for $210,000 and we paid off the $40,000 we owed. A car worth $20,000 in 2013 certainly does not value at $75,000 today. That can be said about many other things as well. Now, if you try and purchase a home with what you made from the old house being sold right away then you will find you’re not getting much in return because they are all valued higher. We actually just paid cash ($72,000) for a manufactured home in Florida on 1 acre. We are in our 50’s and don’t need anything huge. Kids are grown. So now we have no mortgage anymore and $95,000 leftover.
I would love to live in a cozy van. ...down by the river at a beautiful spot, and elsewhere. Like AdventureVanMan here on YT does. And to see amazing places everywhere. Seems to be an exciting and great way to live.
My grandmother bought a manufactured home for $26,000 less than 10 years ago in a community for cash. She is selling it and it has almost quadrupled in value. The housing market is nuts & don't let someone sway you out of living your best life
We’re purchasing our first home. It’s a manufactured home built in 2014 and is on a fully-landscaped 6,670 sq/ft lot. The people who built and beautified it did an amazing job and it’s 5 times what it was worth 6 years ago. As long as we continue the legacy of beautification and maintenance, I have little doubt it’ll continue to grow in value. I love Dave Ramsey but he’s not always right on this. Final thought: Value is subjective and if you’re happy with your home, who cares what others think?
I'm a real estate appraiser with 33 years of experience and I can state for a fact that, in the vast majority of cases, what Dave Ramsey said in this video is flat out wrong. Manufactured housing, just like site-built housing, cars, as well as with most commodities, appreciate and depreciate in value at the same time. Their rates of depreciation are driven by their economic lives (how long for which they're financially viable). While the economic life of manufactured housing is generally shorter than it is for site-built homes, a manufactured home's economic life is a lot closer to a site-built home's economic life than it is to a car's. The rates of appreciation for cars, homes and most other goods are mostly driven by how much it costs to replace them (how much a comparable new one costs). Again, these commodities appreciate and depreciate in value at the same time, but because the economic life of cars is much shorter than it is for manufactured housing and site-built homes, a car's rate of depreciation generally outpaces its rate of appreciation, meaning the value of cars usually go down, whereas the rates of appreciation for manufactured housing and site-built homes generally outpace their rates of depreciation, meaning the value of manufactured housing and site-built homes usually increase in value.
@@windsofmarchjourneyperrytr2823 Credit cards are great IF you can control them! A lot of people can’t control them and need to stay away from them. My wife and I have 4 credit cards and haven’t paid a dime of interest in 30 plus years. And like you say, we make a little money on them in rewards. But most of the people Dave Ramsey helps are people that need help because of credit cards getting out of control. So it all relative.
Exactly. If you like your home and keep up the the maintenance and beautification of your own home...that's your home your living in...not other people.
My husband and I currently live in a manufactured home and we love it. We downsized from a 3000 sq ft home and love the financial freedom we now have. I think manufactured homes get a bad rap because you always see the run down homes on the news with the toothless dude in a sleeveless shirt out front talking about how the hurricane took out his house. I live in Louisiana so I can say that. Manufactured homes are no different than a regular home, they require regular maintenance and upkeep. We have replaced our roof with a metal roof, replaced windows, doors, flooring all kinds of stuff. No different than a regular home. Our place is 23 years old and no one believes us. It looks great! DO YOUR MAINTENANCE!
Often, people have unique situations & having a manufactured home might be a plus. What we did is to buy land in the country, & a well-kept used single wide for 10,000, & lived in it as we built the house, then remodeled the mobile home into a woodworking shop. Sometimes a person can use strategy to make things work.
Situations like that make a lot of sense. The problem is the weirdos in the mobile home cult on channels like this that all tell each other the value of their trailer will increase, then people see that and make terrible financial decisions.
Yep, I imagine that mobile home wasn’t 10k or less when new. There are many valid situations where mobile homes are the best choice. But mobile home buyers need to understand that the value of that structure will likely decline faster than in a traditional house.
Very smart move buying land. This is where many buyers fail when purchasing Mobile homes/manufacture homes because the land is not theirs then later you hear cases of tenants getting kicked out of these gated communities. At least you have land you can always build or replace your home.
There are double-wides galore up north in Michigan. Everywhere...like near Baldwin Michigan...70 miles north of grand rapids Mich. I wonder if they can keep bears out. Seriously.
I was watch videos on how rice is made and 2 dudes who faked being strongmen and then this video. Looks like the algorithms are all jacked up, fake news...lol
I would like to give a minute to pre-owned homes. Some people have kept these up beautifully and made them much more than they began life as. If you would like me and pushing 60 and have the money to spend $53,000 say in a place where you will be happy that's okay as long as the home makes you happy!
One of the most important reasons for getting a modular home or manufactured home is the fact that you don't have to deal with home damages when your looking for a home. You may run into minor issues, but the company usually fixes these things. Plus modular or manufactured home can withstand high winds. I prefer something new without tons of damage before you even buy the place. I believe that modular and manufactured homes are the best way to live and are much safer and energy efficient for everyone!
Some friends were lucky enough to have a house in the city and a lake front cottage in cottage country. When they retired, they demolished the 80 year old cottage, constructed a full basement foundation and had a modular home (3 sections) placed on the foundation. Sold the city home and moved into the new modular. It's huge and beautifully constructed with quality materials and almost impossible to identify as a modular home. They now have the money to live their summers in their paradise location and spend 3 months of every Canadian winter travelling the world.
Great info Kristina. Nice to see someone with an understanding of manufactured homes and the fact that yes, they can appreciate in value. Location is definitely key. I always find it funny when the “gurus” say pad rent is the worst thing in the world but have no problem when people rent an apartment... or pay HOA fees in a condo 🤦♂️
Lol. That Dave Ramsey guy is a clown. Every person that calls his show goes like this.."Hi Dave. I'm 22 and paid off 30k in credit card debt in the last year using your expertise. I have 100k to play with and wonder if I should pay it towards my 500k mortgage or buy a rental income property..??" Right. All 22 year olds are rolling dough earning six figures or close to it. Already own a half million dollar home..such a scripted bs thing. Lol😏
I think he's talking more single wide and double wide rectangular prism homes more so than a manufactured home that does not look like something brought in on a truck.
Hi Christina, Great Video. Modular may cose a little more, but in my neck of the woods they are the same or much better than a site built home. One example alone is on a modular home the Electric is done to the national electrical code (same as a site built) instead of the hud code. All my neighbors site built homes are 2"X4" exterior walls (sometimes 24" on center). My new Modular is 2"X6" exterior walls (16" on center) with better insulation. Site built homes are built by disgruntled employes doing substandard work in the rain and snow and heat. Modular homes are built in air conditioned factories with code inspectors on site. Site built homes are built on foundations, Modular homes are tied down to the foundation or footers. Here in Tennessee they go up in value just like a site built home. I could go on and on but I will take a modular home any day of the week.
Here’s the deal with us, we bought a traditional house in 1988 for 130k just sold it 2 months ago for 625k. Bought a manufactured home, the next day for 245k cash, in a 55 community. The MH is 52’x 42’ it’s bigger than the house we sold. I pay no property tax, it’s a land lease, HOA isn’t bad. Beautifully landscaped, they cut the grass in the front and take care of my landscaping, I pay additional $100 for the summer months to cut the backyard grass. The best thing is living on one floor, no more stairs to climb. We love it.
Yah we purchased a nice modular on water front among very expensive mixed middle class and million dollar homes. Payments $388 a month . Not living for the fancy’s place on earth. Live in HOA . Have freedom to enjoy life instead of giving it all to the bank
Our HOA fees $120 yr just redid our pool and club house from the 1960 $65,000 very nice job. We have three public parks play grounds, fishing piers . Don’t over pay HOA fees. Or yes your getting ripped off.
My parents just sold their modular home on a 1/2 acre lot with RV hookups for power and septic in Pahrump Nv for $200k. They bought it 3 years ago for $120k. Not a bad return for 3 years.
In the last housing crunch, I saw a single wide listed for $180K. It definitely went up in value. The value is depending on the housing market’s supply & demand.
Yes, and traditional houses that were worth $200k at the time are now listed at over $500k in some places. This bubble will not last much longer, and when the market finally collapses the manufactured homes will be worthless, but that's not gonna be the biggest issue considering food shortages, black outs, and general economic die-off will be the most of our troubles. The silver lining might be that people owning manufactured houses won't take as severe of a hit considering most traditional homeowners will face the same suffering with higher value of loss, likely lots of repo for those with big mortgages payments.
Please get everything you do in writing from the city your putting the land own. My sister finally resolved her issue with the Town in Tx, they have to move their manufactured home off the land. Make sure you get it in writing if that City allows Manufactured homes, apparently the builder doesn’t have to, please do your own research on zoning, and talk to the people in the city 1st. .
@@michaelsmith9308 hello i have a question regarding your comment, i have just purchased unrestricted land 1.66 acres with a well and septic already on the land, my question is, just what does it really mean to have unrestricted land?, I'm new to the land owning community, i was told that i can't live in a 5th wheel as a permanent residence, however if my 5th wheel is on a permanent foundation like a concrete slab wouldn't that be considered a mobile home?, also i hear that i can only have a 3 bedroom dwelling unit due to the septic, so would i be allowed to put 3 one bedroom tiny houses on my land?, idk how all of this works but i thought "unrestricted" residential/agricultural meant that i don't need to get any permits, no zoning etc. Can you please provide me with some info or maybe some ways around this for living in a 5th wheel as a permanent residence?, thank you in advance
@@khadijahdavis1572 land gets "perked" for maximum amount of bedrooms/ septic size. If you already have 3 bdrms in your home you CANNOT bring in a 3 bdrm manufactured home because you will be in violation. You can be cited and levied a monetary violation for every day the unit isn't removed because it violates health regulations. Also, many places restrict hooked up RVs in addition to your home. Every place has its own housing codes so it pays to be familiar with them. Many of these regulations can be accessed through the state's web site. You DO want unrestricted land for manufactured or modular homes. Most restricted land requires brick and mortar, site- built homes. Once again, this varies by state so always check this out in advance to avoid costly, heart- breaking errors that can bankrupt you in penalties. Hope that answers your questions. Regarding the 5th wheel business this does not refer to a manufactured home that is placed on a foundation. You still have to get permits for unrestricted areas to comply with local laws (doing anything with the land constitutes improvements which affects the taxes you pay). I can't stress enough to check your local laws governing land use and dwellings.
26 years ago my manufactured home cost $50,000 and the acre that I put it on cost $10,000 plus Septic and well. Today my property is worth over $130,000. Maybe more with everyone leaving New York. At the end of the day, "Location location location. I live 5 miles directly to the Atlantic ocean, so a Boat slip could cost $75,000. A Summer getaway of a 1956 toaster trailer on 1/4 acre could be worth $200,000 At the end of the day, I'm retired, I've lived on this same piece of property since 1987. This is what Home looks like.
I'm a veteran, I am currently in the underwriting stages of getting a manufactured home via Clayton Homes (5 year bumper-to- bumper warranty) vs. Titan Homes (Lifetime warranty) so this really neutralizes me vs. Past videos & comments I've seen. Thanks for helping us!
I had a clayton built precovid an was hung up for sometime during the plandemic. We looked at stick builts an manufactured. All in all we saved about 60-70k for the same size house had we went stick built. Its a nice home but by no means is custom. We are in our early 30s so its perfect. We dont need a massive mortgage.
I bought a 2900 ft. Manufactured home and it came in four sections interior walls are 11 feet tall and it’s on a permanent engineered foundation. I had the exterior of the house stuccoed with a smooth texture with a Spanish style roof. Added and oversize three car garage and large patio with outdoor kitchen It’s sitting on 3 acres and have enjoyed it for 12 years. It’s valued at just slightly over $800,000 now.👍🏻👍🏻
You instilled a ton of confidence for people in this video. Especially in this economic environment we are in now. Keep thinking of ways to help people who may be having to downsize to a mod or man home....
In 1993 I bought a double wide manufactured home and placed it permanently on 20 acres. The home and outbuildings have appreciated in value by quite a bit
@@kbanghart Actually, when I worked with real estate salesman license in my Dad's firm between 1975-1981, it was home mortgage rates that affected home prices most. Remember, it was Jimmy Carter years, with first inflation, then rising interest rates. Wage and Price increases had been frozen while Nixon was in, but in truth mostly it was Wages that failed to rise, even with inflation rising. Mortgage interest rates were running 8-10% as I recall, and this actually depressed home prices, because fewer buyers, renters instead increased, and home owners were reluctant to sell homes which had failed to rise in price along with inflation. I left for AF duty end of 1981, when Reagan was in office, but it still took 2 years for him to get things turned around from the Carter years. I remember gasoline was 40 cents per gallon, and due to Arab Oil Embargo, and gas lines, even rationing by license plate numbers (last number either odd or even to determine if you could buy fuel that day), so gas prices rose to about 75 cents per gallon. In short though, I'd have to say mortgage interest rates have a greater effect on real estate market than inflation itself, but both did contribute to hard times in real estate markets then. It was when mortgage interest rates began coming down, that the price of homes started rising again, since more buyers appeared to buy homes instead of being renters. Rent values were relatively low during the higher interest rates. It was sort of opposite of what was expected at the time, but... live and learn. What about today? The Federal Reserve is raising interest rates, due to inflation, so I expect the same to happen again, but I don't think it will be too bad an impact on housing costs till mortgage interest rates get near 6-7% rate. That's about where it was when home sales died off back then. History repeats itself usually. As interest rates finally began dropping in the 80's, and home sales were recovering there were many who also wanted to refinance the mortgages they were suffering under the higher rates. My Dad then went exclusively into Appraisals only, since all the refinancing of higher interest home loans, which had to be backed by current appraisal, and that's where the better income was for him. Dad passed in 2011, a year after retiring.
Bought a manufactured home six years ago and just sold it for a 224% profit. So as Kristina said if you find the right manufactured home in the right location you can make money off of it.
what if you don't want to re-sell? what if I just want to buy land and a mobile home and not spend $200,000+ to be in debt until i'm 70 yrs old? people told us "don't buy a mobile home, the value goes down and you can't resell it"... i'm not looking to resell. I'm looking to spend as little as possible and have 2-3 acres and a roof over my head. I could careless about value because I don't want to resell it.
I've lived exactly like this for the past 35 years. I have an acre and a manufactured home. I paid off the home 20 years ago, so all I pay is taxes and utilities. Before you invest, learn basic carpentry skills! Plumber hate to work on them, so make sure that you get standard plumbing...and access panels to services like bath plumbing and water heaters. Research, research, research! The biggest problem is that you must decide what is important to you. You have options if you buy new. Do you really want that dumb island and an open floor plan? Take your time and look around. There will always be issues, just like in a stick built home. I've had to rebuild my yard water service, the electrical input, put in two new heat pumps, and have repainted countless times. Be aware of drainage, and get the best skirting available, preferably one that does not involve paint. Nevertheless, I've enjoyed my home, made modifications to it, and found that it is much cheaper to live in than a stick built home.
@Just think True. The advances are enormous, but you still have to do your research! Given where I live, gas is not an option, so I've done emergency preparedness for when the power goes out. My latest pump is excellent and I'm very happy with it.
Buy a run down home on a few acres.. the sweat equity will be more than you would ever see out of a mobile home.. Dave R was 100% correct that mobile homes depreciate in value, but he didn't add that land will increase...
Manufactured homes also different from typical single family homes in how you finance them as well. This is primarily because, like you point out in the video, you are typically not buying the land, you are just buying the home itself. It's important to be aware of all the financing differences before you go down this route! Thanks for the helpful info, Kristina!
Thank you for this information. My husband and I would like to buy a modular or manufactured home eventually, but i am still trying to figure it all out. I especially love that you have a heart for our vets. My husband served for ten years and my father was a Vietnam vet so they are dear to me as well.
Thanks for not sounding like Dave Ramsey who just sounded down right judgemental about a manufactured home. I have always liked Dave and have listened and watched his shows before and I have never seen him act like he was better than anyone until that clip. He is upfront and honest about making mistakes financially and wants the best for others. But that clip didn't look good maybe it doesn't seem as bad in the full context I don't know. I'm not sure why this video popped up but it was very interesting. Thank you for the work you do to get our great Vets a place to live. I will be watching to see what all you do to help. This is a cause every red blooded American should get behind. Count me in!
I like Dave Ramsey except when he speaks about manufactured homes. He has said "its a car you sleep in" in several podcasts, which burns my butt every single time.
Kay J Carp Ramsey is not the fount of wisdom many believe him to be. Your problem with his attitude towards manufactured homes in only the tip of the iceberg.
@@KristinaSmallhorn Why? If you buy a car you love, and drive it daily for 14 years and it cost 30k, but you smile every time you start it...where's the loss? Car-wise, 2 doors are worth more. Then, insurance, maintenance and garaging, plus... I mean, drive it 300 days for 14 years, that's 4,200. If you pay 40k for it a year old, that's 9.53 every time you drive it. Not to mention other costs, depreciation and such. The more you use it, the better your value.
I put up a double wide with a pitched roof, plastered walls, regular siding and had it put on a brick foundation. It looked as nice a a stick built house and sold it for 20k more than I paid for it a few years later.
One of the most crucial parts of getting a manufactured home is finding a company that can set it up properly. If the set crew knows what they are doing a manufactured home can last a life time.
The modular homes shown here were gorgeous! If they're cheaper than traditional houses, this might be an idea I'd like to go with, especially as I'll likely be living on my own (or hey, maybe I'll decide to finally co-habitate with someone permanently, lol) and won't need a lot of space.
I love love my home. We bought in 1985, and is in great condition. People can't believe it's a manufacture home. After 15 yrs we added a carport with room, the 5 yrs after that added a room and foyer to the front of house. It's been a blessing for our family.
We built our modular house in 1994 and have lived here since then. No one has any idea it is modular - you can't tell unless you go into the attic and look around. Three bedroom three bath split level. It has a full basement and two car garage, patio, decks, and it's on two acres. It's built better than most homes on this street, because it had to be - they don't know which state the houses will be going to so they are built to meet the highest ordinances around.
Be careful about what your expectations are. Bought a trade in double wide 25 years ago because I got married, had my-yours-ours kid syndrome and needed room fast. I'll build or buy a house later. Got people working on it as we speak I'm 60 now. The kids are grown. It's long since paid for and taxes are dirt cheap!! Great for retirement soon. If I had it to go over I'd build a house. They will never be the same thing!!
That's true, but as I said, it will never be the same as a house. I'm shocked at the retail on there upscale double wides. Do not be decieved, it's still a moblehome. The construction is better than it used to be, but is what it is! Get references from others who have used the transporters also. Most of the repairs I've made were due to poor setup. .
Thays not entirely true. If the home is considered real property it is taxed like a stick built home. I know because I've owned one for over 20 years. Roof pitch plays a big role as well. Most places require a minimum.of 4/12. If less then you must apply for a variance. Ours is on a full foundation 3.5 ft deep with center piers since the house is 26' wide x 66 ft long. It has vinyl siding and brick exterior, full drywall throughout. 2x6 exterior walls as well. We replaced all the windows with Anderson renewals. We added a 200 sq ft 3 season room to the back of the house. It sits on 10.acres very nicely.
My Wife and I decided we were gonna full time RV when our Grandson moved out. We needed a "home base" though. Note we had a 4000 Sqft house sitting on 4 acres of land. Upstairs, downstairs, 5 bedrooms, 4 baths, 800 Sqft Garage....WAY too big for the 2 of us. So we decided to go with a Mobile (Manufactured) home. We found 2 acres of land ahead of time and settled on a 1500 Sqft unit. 3/2. Pretty nice layout. Big Master BR. Open Kitchen. Then we yanked out all the cheap appliances and installed high end (SS)stainless stuff. Replaced the kitchen sink with SS modern farm style with restaurant style faucet. Pulled all the light fixtures and replaced with upgraded LED styles and also installed Ceiling fans with LED's. Changed out water heater for high efficiency one. Then we added on a 450 Sgft 4 Season room with 8 sets of sliding glass doors. We spend most of our time out there! So long story short, less space to worry about cleaning, less yard work, less house maintenance, etc. Many would say we spent a bunch of money upgrading. Not really. This place cost us less than my Truck payment! And no...it's not some fancy truck. Just a regular old Ram Tradesman. Payment is in low $600's but I throw much more at it to get it paid off sooner. And we have a "home base" to come back to when we go off RV'ing. And also I'm not worried about selling this place off cause it will most likely be our last. But happy thing is it has already appreciated almost 40K in less than 2 years!
Best advice ever, thank you so much. I will say oddly enough most manufactured homes rather be a single wide or a double wide that is near a lake with lakefront views normally goes for a lot of money; a great example of that are homes near mountain Island and lake Norman in North Carolina.
You are so right about manufactured homes and their value being tied to their location. My husband bought a new manufactured home and had it delivered to a mobile home park. We did not know each other at the time. I bought a 1300 sq ft home in a middle-class neighborhood. After marrying several years later we decided to sell his home. We could not get any takers and started renting out the trailer. We did this for about five years. Most of the renters were considering buying the trailer and moving it to a piece of land near a lake. When a tornado went through a nearby community one of those renters left in the middle of the night because she became deathly afraid of living in a trailer and being killed. Can't say I blame her. We finally sold to a renter who purchased an acre of land near a large lake. We were only able to sell for what remained on the loan. No appreciation whatsoever. Meanwhile, my home in the suburbs increased in value and we eventually sold it and moved to a larger home. I enjoy your videos. You are smart, well-informed and very amusing.
Your problem was two fold. First, it being in a "mobile home park" and paying lot rent. The second was because of lot rents, they all wanted to escape that mobile home & it's park rent, so that meant transportation cost for them to a lot they owned where zoning would allow it.
Thanks Kristina for your excellent videos!! I just purchased a manufactured home in Florida!! Paying cash for it and the lot rent right now is reasonable. I do realize it will increase each year and that is the cost of living in this nice community with 2 clubhouses and 2 pool areas! I transferred with my job also and my work is only 15 minutes away! The people seem nice in the community and the grounds are well kept. This is the next chapter in my life. I am 63 years old now and will work another 2-3 years and then retire and collect SS. Looking forward to becoming a Floridian. I will report back in 6 months with an update on how I like living in my community!!
I just wanna buy a piece of land and grow a garden. So I don't plan on selling. Manufactured seems like a great idea for someone like me. Resale is irrelevant as long as I can stay employed in the area. The upfront investment is the lowest of the three. And they are simple designs that are very utilitarian, which I appreciate. I can live without all the accents on traditional homes. I'm trying to save money on a greenhouse for the backyard
Trevor Doge I totally understand. I’m actually considering buying 3 smaller manufactured homes and putting them on a large piece of land to keep things more simple in my life.
I did a manufactured home and I am trying to refinance with these record low rates. I am finding that interest rates are higher even if you have great credit. Many lenders believe it is riskier even when it is permanently affixed to a foundation and title is eliminated. Also...they want to inspect every deck and get L&I and county permits for everything! Even if your county doesn't require a permit. After sales tax on home/construction I think I could have done a stick built for the same price.
You definitely need to weigh out your options with taxes and improvements you plan to make to the property when buy any type of home. Have you found a lender that specifically works with manufactured housing for your re-fi? It makes a huge difference.
Through personal experience I think I trust both of these methods over stick built homes reason being is on construction sites some people just dont give a crap and take no pride in their work, you end up with crooked walls doors that dont shut properly improper trim cuts cock eyed and improper stairs and squeaky floors and so on. The times is money is all that matters to a lot of contractors.
I just saw your video. There is another factor with manufacturered homes. My wife and I are retired and moved from Florida to the Mountains of North Carolina. We bought 10 acres of beautiful land on top of a 3600 foot mountain with 360 degree views. We decided to go with a manufactured home because at the time 2 years ago COVID-19, hit and the mortgage loans were at their lowest. We choose a manufacturer who does a wide variety of options and will do custom requests as well. It's a 2022 model, 3 bedroom, 2 Bath Farm house with gorgeous kitchen and master bedroom, fireplaces etc. We chose metal roof, upgraded exterior walls and studs, and floor joists. Maximum insulation everywhere and drywall through out the home. But the cost was lower than a modular equivalent. We intend to stay here until time ends for us. We are very happy with our plan and ours is yet another reason we chose the way we did. Our deck is 50 feet by 15 feet and the roof matches our home one piece. Whole house generator with 1000 gallon propane tank and gas appliances. It really depends on the purchaser plans and what fits. You did very well explaining the process. Unlike other experts who cut their nose off in spite of their faces
Kristina .... Lady , you are more helpful than you can ever imagine ... THANK YOU FROM THE HEART ; When i began to buy , i sure wish i could hire you to coach me through it .
Lol i tell everyone about this interview from Dave Ramsey. There are parks in Phoenix area that most people purchased their homes for 9-15k and now they are selling them for over 100k.
I love watching your videos because you are so smart and know exactly what you're talking about. I'm looking for a permanent place to live (I'm tired of renting), and I watch as many of your videos as I can so I can learn as much as I can. Thank you for being such a great teacher!! Continue the great work you are doing, please!!!
Could you please do something on log houses and log housing kits financing and the resell value. I am a vet and the widow of a vet who died on active duty. Thank you for helping vets.
Also a Vet (AF) and a widow of a Vet ( Navy). The only thing I know about log homes is that the wood needs regular care/ treatment to keep it up and termite free. They look nice, visited a few when looking around in Virginia when stationed in Maryland. Decided to opt for a sturdy vinyl or other type of siding/ frame. They have log home kits with all the parts that you can put together yourself or have one site built. Wood prices have gone up so this is going to be a more expensive home and there may even be delays in getting all the materials you need.
Just a note: when talking about a manufactured home that is "attached" to a property (especially when buying one thats already in place), they are all PHYSICALLY attached to the land with the strapping. The question is are they LEGALLY attached- meaning is the manufactured home DEEDED as REAL property (real-estate), or was it purchased and placed, but not deeded WITH the land, and therefore would be considered PERSONAL PROPERTY (like a vehicle or camper). This makes a big difference. Mostly seen in older homes. Just wanted to clarify what we ran into when trying to purchase manufactured homes early in my marriage.
Valid point, in other states it's termed Title Elimination, which makes it no longer personal property like an RV, but now the Real Property on your land. This vocabulary difference can make it a challenge when communicating with banks in other regions.
It has to be 433A here in California . Just because you are looking in a community where you “own the land” does not mean that the MH is attached ! I just learned that this week after months of looking !
Many lenders (when purchasing with a VA loan in particular) will look which regs it falls under ... HUD regs means it's a manufactured home (it is still on its metal rigging) and VA won't cover it, IRC regs and it's a modular (it's permanently on the foundation) and they will cover it. IRC reg homes usuall go up in price (like a regular stick built home), while HUD regs don't (like a mobile home). One is simply built to better standards than the other.
Ive been really considering a manufactured home. Rent prices have gone up 30% since July here in Boise. Unfortunately the real estate market is insane also. Anything not in a mobile home park is still 350k+ and still has a HOA fee
Thank you for correcting the falsehood that a manufacture home does down in value. My Mom bought hers 7 years ago used for $50k. Now we are selling it for almost double that price. The real state market has gone up so much it's crazy.
I bought a mfg. home a few yrs. back. It was 24 yrs old and needed some work. I had to re-roof it and will have to have a new HVAC maybe this year or next, but the selling price was so low and the location so good that I was happy to do all this. Main reasons for my decision was the location and the quality of the residents here. Still have to pay rent on land, but this is much less than any apartment/home in my urban area. Bought it directly from the REIT that owns the land. They made the offer, which was unbelievably low and offered no reason why they did it. I asked , but never got a real answer. Go figure. Always enjoy your channel.
The first conversation we have with nearly every client in our area is the difference of Modular and Manufactured. Thank you for this video explaining the difference.
I was given a mobile home from the early 80s. I put a pole barn roof on top of it. The next year built new walls and have a whole new home that is NOT a mobile home. The mobile home was grandfathered in where I live. And is still considered a mobile home by the town. But we live way out in the country in 100 acres with a pond and lots of land. Never moving. Love it
Most people are under the impression that your home is an investment. Talk to any investor and you will quickly realize the house you bought and live in is a liability...not an investment. If your home is a rental property, that is considered an investment. After you figure your mortgage (30 years for most people),taxes, repairs/upgrade, and interest, I assure you the money you spent will be far more then what you sell it for. NOT an investment in my book!
My wife and I currently own a home in broward county fl. In the next few years we are looking to sell, buy land and place a modular home on it. Your videos are very informative and have already given me information I didn’t know. Thank You!!
I think a lot of it depends where you live. People will frown upon a modular where I live in Central Pa but they are normal in Western PA. My father built them for 25 years at Champion. Modulars have come a long long way.
Just found you today. Love your information. I had a modular home at one time. It was a great home. It was actually built better than the stick built home that I live in now. I subscribed to your channel. Thanks for your videos
Oregon - Tuesday March 23, 2021 - i bought a used 1978 doublewide mobile/manufactured home in 2017 for $38,000 cash (plus my monthly park space rent) today - mine as well as the other 4 in my cul-de-sac - are all selling for over $77,500 each (mine is the least expensive of the 5) - my property tax assessment has increased as well from 2017/18 @ $31,215 (525.00 tax) to 2020/21 @ $64,835 (840.00 tax) - 4 years! . . . yes - i'm VERY happy! :)
Modular can be combined with timber framing very effectively. Installing mechanical systems in a timber structure can be tricky but using modular in design intensive areas- bath & kitchen areas in particular can be awesome.
The manufactured home community that I live in has plenty of homes that have increased in value. They hold onto their value if not increase. Granted not as much as a traditional home but the beauty of the desk is how inexpensive they are upfront.
I have a manufactured home on 5 acres ,and is on a full basement and is welded to the beams it is rested on,which makes it permanent. Half the price of what a house would have cost.
I bought a 2 year old mobile home, actually I just took over the payments. In MIami Dade county Fl. It was located in a nice mobile home park. Ten years later I sold it for more than it cost new. I considered that a very good deal. Not the norm, I know.
I don’t meet minimum financial requirements for housing …so I live in a camper attached to my pickup in the Northern California Redwoods….AND WORRY FOR NOTHING
I'm a disabled veteran looking at buying a man. House in central Florida. Not gonna lie you've got me a little spooked. Planning on selling my house in TX and moving this way.
Having worked construction, I would buy pre-made homes any day over built on site. The day-to-day compromises from just trying to get workers to show up transfers to quality and durability issues. Illegal labor, drug-addicted workers, etc. The only area being safe is the electrical and plumbing. They are solid. The rest can be done by inexperienced and flaky people.
Hi Kristine.. Something no one really talks about is the nightmare that some unsavory manufactured home dealers do to cut corners. Even after putting the home on a concrete footing.. If the home isn't properly sealed underneath.. Animals like Pack rats will invade & bring with them .. Other vermin, even with a iron clad pest control contract. We found this out after building a home on a property in the city.. You would think that rural areas would be plagued with this. This was a city dwelling that within 8-years of development.. Had major issues. Sad to say.
A friend's son and daughter in law had a trailer (manufactured home?) on a family lot. It was white with bushes in front and grass all around. Upon entering, you were in the great room with a fireplace, perfect for entertaining because the kitchen and dining area were there, too, like the Blu Breeze but smaller. The bedrooms were on the sides. It was beautiful.
This didn't really go into detail about cost. I thought there would be mention of having to have a foundation (with or without basement) poured, sewer or having a well drilled, power lines, septic tank etc.
Thank you, thank you, thank you. I was just asking my father about the difference since I'm not going to have kids and will be retiring in 15 years. I dont need anything big. I want to sell my house and move.
I bought a manufactured home on a rent controlled lot in Silicon Valley. I fully expected the value to decline year over year, but it’s gone up $100K from my original purchase. Just illustrating her comment about where the home is in California.
this is a real home for me also. it's not about resale value, this is the home we can afford and retire in. we dont want to be mortgaged up to the neck worried about the burden of paying that off on a limited retirement income. ours is going onto land we bought. in a nice quiet area, near a town we like and friends nearby. people forget that life is about living it now not "passing down" something that will have given you a financial headache while you are alive. appreciate the life you have.
I am single and don’t make a ton of money. I want to buy a house so badly but I the houses in my price range are basically falling down or in an unsafe neighborhood. A good compromise for me would be a modular home but there is so much negativity about them. Some people don’t understand that some of us out there can’t afford to buy a nice stick built home. I wish people could be more understanding and less judgmental.
This video just in time.Looking at all my options including single family homes.Mobile homes seem an attractive option price wise however the space rent here in California is pretty high unfortunately.
@@KristinaSmallhorn Thank you it definitely did.I'm excited to look at places pretty soon.I also really liked your video where you and your husband installed the wood planks on your wall.You both did a fabulous job I want to do a wall like that in my new place as well I just love that look👍
Are You Thinking Of Buying A *Modular Or Manufactured Home* ? To Know More About The 5 * Biggest Lies About Manufactured Homes* ua-cam.com/video/4O2Ns0S14GU/v-deo.html
l'm looking at both modular and manufactuted homes. lt depends on what kind of financing and insurance l qualify for. This will be within the next 4yrs.
l did view your video about the lies about manufactured homes. lt was very informative.
My brother owns a modular home and it looks just like a site built house. It has a full finished basement..2x6 walls.. a 6/12 high-pitched roof.. has an attached garage, 4 bedrooms, 3 bathrooms and an acre of land.
I have seen your video and appreciate all the information you have provided. I am looking at manufactured due to the fact that it is considered personal property and not taxed. Is it better to go with modular? Are there advantages to modular as well?
Sheri Szajna-McKeon if you plan on moving in the future the property will have more equity than it would of you go with a manufactured home.
@@KristinaSmallhorn Thank you so very much! This will be our final resting place, lol. I am hesitant about a mortgage in my 50's but that's what life insurance is for, right?!?
1. I like the way modulars look. Is it possible to add a manufactured addition to make it look more like a house or would that be a mistake or not possible?
2. You mentioned something about not getting a loan from the dealer. Do banks and credit unions do land home packages?
3. Is a triple wide delivered on 3 trailers... thus freight x 3?
I bought a new 30,000 dollar manufactured home in 1994, placed it on 3 acres in Florida and paid it off in about 9 years. So, from 2003 until present time I haven't had to worry about monthly payments or rent. Just had to pay land taxes once a year which is low compared to other areas in the US. It made it through Hurricane Irma a couple of years ago and is still in pretty good shape. Even if I gave it away for free, I have still saved a ton of money.
But you cannot do that today. The cost of many of these homes built, manufactured, mobile, or twig and spit are $100 per sqft to build now. While true the location matters most, the value of the built house grows the fastest and often times manufactured/mobile homes are built to trash specifications. Heck even built homes standards are poor as it is. Housing standards nearly everywhere are garbage. Leak like sieves, poorly insulated, and just about everyone of them with the cheapest possible materials that barely meet the meager standards required. The hurricanes have driven the prices of housing up far too much an nothing seems to be stopping the problem. I am betting we are going to be seeing another housing bust soon.
@@CD-vb9fi Maybe if you live outside of Austin? People can't afford a house in my city. They start at about $800,000.
@@biffmasterson9786 This is not the product of any education system. It is the product of the culture. Perhaps "your ilk" deserved a better education system so you could have understood this?
I am considering the purchase of a manufactured home on leased land in a 55+ golf resort community. Should I run from this notion? Its very well cared for and a pretty area.
@@eileenfostel2645 The lease price for the land will ALWAYS go up.
Speaking as a retired builder, some years ago I put a couple modular homes together for a client that were permanently attached to a concrete foundation and I would say they were stronger than a conventional stick-built house simply based on the fact these things have to travel down the road at high speeds in halves. They have multiple 2x8 ridge beams and extra internal bracing that when the halves are bolted together create a much stronger unit. As a builder I kind of hate to say that but it's true!
Thank you for your honesty Sam :)
@@davidjamesshaver Thank you!
Sometimes the truth just has to be said, even if you don't particularly like it.
Hi Sam! Thanks for your experience and honesty! Do you have any advice on finding a contractor to help install a prefab/modular home?
I wouldn’t think twice about buying a modular home as long as its secured as a stick built but will never consider a manufactured no matter what!
@@msk3905 what do you think the difference is between a modular home a manufactured? Thanks
My older brother purchased a manufactured home several years ago here in Quebec,( Canada) at the time, his friends thought that he was making a DUMB move. He paid the manufactured home off in a very short period of time and my brother always kept his manufactured home in tip top shape. He and his wife raised two children in that home. Today he has ZERO debts. Hence, I would change BANK ACCOUNTS with him any day. So, who gives a POS what type of home that you purchase as long as you have a ROOF over YOUR HEAD and that you are DEBT FREE !!! Cheers from Canada, snow country.
THAT'S AWESOME!
The point is, if you spend $50k on a manufactured home, that home will eventually be worth $0. If you spend $300k on a real house, that house will be worth more than $300K within a year, and keep increasing in value from there. In one instance you LOSE money, in the other you GAIN money. So if you want to make a smart financial decision it does matter.
@@bobbygetsbanned6049 It may be worth more, but will the amount that it's worth exceed the amount you will pay in compound interest? Compound interest on $300k over 30 years of inflation......you'll probably wind up paying close to $1 million.
And with this current insane economy? What if you lose your job? You'll lose everything.
On the other hand, if you pay $50k and have zero debt, you can save or even invest that mortgage payment that you would have paid for 30 years, and you can wind up having the cash to buy your dream home & pay it in full. And still have no mortgage payments, & zero debt.
So going into massive debt for 30 years may not be the "smart financial decision" you think it is.
@@bobbygetsbanned6049 it will literally never be worth 0, unless it is condemned. A home is an investment, but, it is first and foremost, a home. If you secure shelter, debt free, by 30, then invest in funds, stock, small business, you'll make more profit, than using a home, as an investment
@@guntcheck If you secure shelter, debt free, by 30? This isn't possible for most people, most people are going to have to rent until they buy, so that argument is a fantasy for most people. And no you will not make more investing in the stock market because that requires cash. A mortgage gives you access to the cheapest debt an individual has access to, so you're investing with someone else's money, for the cheapest rate you can possibly get. That it a great tool for people to use as long as they are smart enough to have reserves to get through hard times so they don't get foreclosed on. You can only invest in the stock market with your spare cash, so if you have $1,000/month to invest, which is a lot for most people, your investment starts at $1,000, with a house it would start with the total value of the house, about $300,000K on average in most areas. Both investments go up about 9%/year, so in 12 months you make less than $1,080 on your $12,000 cash investments while the home makes $27,000. There's no comparison, you will make more investing your in primary residence than you will in the market because of you're utilizing leverage, no financial adviser or research would ever tell you otherwise.
What has happened to buying a house to be a HOME. Now all the talk is investment and resale value. Crazy world.
I am a single retired woman looking to get out of my horrible apartment when my lease is up in 6 months. I want to purchase a manufactured home to live out my retirement years and don't care about resale value since this will be my first and my last home. Whatever happens to it after I'm gone doesn't concern me.
Have you chosen your location yet? In some places it's cheaper to live and property taxes are low. We are looking in the Tucson area, cheap food and low property tax. .
@@traskstoneworks I found the perfect property for a manufactured home that is also near my family, but I can't find anyone to finance since I'm single on a small pension. I have to get out of this apartment and into my own home. Very discouraged.
I live in one and i love it we are retired been in my home for over 20 years id never buy a house again once its paid off the taxes will eat u up so i say live in one of theses i love mine ..
@@sophiemckenzie7527 You find a low property tax state! That's why we dropped looking in California for a retirement place.
@@traskstoneworks i pay 12.89 a year i live in a community and i love it .id never live in California nor any state around there ..we owned a house in Virginia and sold it ..i hated Virginia came back to my home town in Michigan and we happy ..love my place and i have great neighbors ..we are blessed
I bought a manufactured home 4 years ago, it is on a permanent foundation, in a gated 55+ community in Palm Springs area, and I got a mortgage. Its more attractive and comfortable than any other home I've ever lived in. It's more than doubled in value since I got it, very glad I did.
May I ask which company did you go with?
I was in California years ago. They called them Pre-Fab homes.
It was cool to see them set up up in a slab of concrete, because they dont have basements in California.
But here in the east coast. I would want a basement.
And I dont think those type of homes come built for that.
Hello . California is tough! You did very well . I am on the Central Coast and it is very expensive .
Has not doubled in value. The money used to buy initially has lost its value. You only make money on a home if you buy and then sell in the same “ money value”. All you have achieved is it takes more green pieces of paper ,that has a lesser value, to buy the house you live in.
@@mikekellum6238 that’s not necessarily true either. Housing market plays by a different set of rules.
I have a modular home that I bought for $62,000 in 2013. It just sold this past summer for $210,000 and we paid off the $40,000 we owed.
A car worth $20,000 in 2013 certainly does not value at $75,000 today. That can be said about many other things as well.
Now, if you try and purchase a home with what you made from the old house being sold right away then you will find you’re not getting much in return because they are all valued higher.
We actually just paid cash ($72,000) for a manufactured home in Florida on 1 acre. We are in our 50’s and don’t need anything huge. Kids are grown. So now we have no mortgage anymore and $95,000 leftover.
I will just be grateful to not end up living in a van, DOWN BY THE RIVER!
Classic 😂
I could do vanlife! 😊
Funny enough that’s trending hahaha!
😆😆😆😆
I would love to live in a cozy van. ...down by the river at a beautiful spot, and elsewhere. Like AdventureVanMan here on YT does. And to see amazing places everywhere. Seems to be an exciting and great way to live.
My grandparents purchased their manufactured home for around $30,000 in the late 80s. they recently passed and the home was sold for $110,000
Lucy Fuir Most of that if not all is probably the value of the land.
@@sherriitsamea3476 not at all it was in an 55+ park
Yea in South Miami Dade these things are going for 100000 easy.
Lucy Fuir i dont believe that unless it was in a certain spot in commyforina.
@@googleuser8448Believe what u want. No need for me to lie.
My grandmother bought a manufactured home for $26,000 less than 10 years ago in a community for cash. She is selling it and it has almost quadrupled in value. The housing market is nuts & don't let someone sway you out of living your best life
We’re purchasing our first home. It’s a manufactured home built in 2014 and is on a fully-landscaped 6,670 sq/ft lot. The people who built and beautified it did an amazing job and it’s 5 times what it was worth 6 years ago. As long as we continue the legacy of beautification and maintenance, I have little doubt it’ll continue to grow in value. I love Dave Ramsey but he’s not always right on this.
Final thought: Value is subjective and if you’re happy with your home, who cares what others think?
Very well said!
I'm a real estate appraiser with 33 years of experience and I can state for a fact that, in the vast majority of cases, what Dave Ramsey said in this video is flat out wrong. Manufactured housing, just like site-built housing, cars, as well as with most commodities, appreciate and depreciate in value at the same time.
Their rates of depreciation are driven by their economic lives (how long for which they're financially viable). While the economic life of manufactured housing is generally shorter than it is for site-built homes, a manufactured home's economic life is a lot closer to a site-built home's economic life than it is to a car's.
The rates of appreciation for cars, homes and most other goods are mostly driven by how much it costs to replace them (how much a comparable new one costs).
Again, these commodities appreciate and depreciate in value at the same time, but because the economic life of cars is much shorter than it is for manufactured housing and site-built homes, a car's rate of depreciation generally outpaces its rate of appreciation, meaning the value of cars usually go down, whereas the rates of appreciation for manufactured housing and site-built homes generally outpace their rates of depreciation, meaning the value of manufactured housing and site-built homes usually increase in value.
That guy was wrong about credit cards, too! You can actually MAKE FREE MONEY using them. Points/cash back...
@@windsofmarchjourneyperrytr2823 Credit cards are great IF you can control them! A lot of people can’t control them and need to stay away from them. My wife and I have 4 credit cards and haven’t paid a dime of interest in 30 plus years. And like you say, we make a little money on them in rewards. But most of the people Dave Ramsey helps are people that need help because of credit cards getting out of control. So it all relative.
Exactly. If you like your home and keep up the the maintenance and beautification of your own home...that's your home your living in...not other people.
My husband and I currently live in a manufactured home and we love it. We downsized from a 3000 sq ft home and love the financial freedom we now have. I think manufactured homes get a bad rap because you always see the run down homes on the news with the toothless dude in a sleeveless shirt out front talking about how the hurricane took out his house. I live in Louisiana so I can say that. Manufactured homes are no different than a regular home, they require regular maintenance and upkeep. We have replaced our roof with a metal roof, replaced windows, doors, flooring all kinds of stuff. No different than a regular home. Our place is 23 years old and no one believes us. It looks great! DO YOUR MAINTENANCE!
Imagine, the realtor trying to dissuade people from choosing the option she benefits the least from.
Often, people have unique situations & having a manufactured home might be a plus. What we did is to buy land in the country, & a well-kept used single wide for 10,000, & lived in it as we built the house, then remodeled the mobile home into a woodworking shop. Sometimes a person can use strategy to make things work.
Situations like that make a lot of sense. The problem is the weirdos in the mobile home cult on channels like this that all tell each other the value of their trailer will increase, then people see that and make terrible financial decisions.
Yep, I imagine that mobile home wasn’t 10k or less when new. There are many valid situations where mobile homes are the best choice. But mobile home buyers need to understand that the value of that structure will likely decline faster than in a traditional house.
Very smart move buying land. This is where many buyers fail when purchasing Mobile homes/manufacture homes because the land is not theirs then later you hear cases of tenants getting kicked out of these gated communities. At least you have land you can always build or replace your home.
There are double-wides galore up north in Michigan. Everywhere...like near Baldwin Michigan...70 miles north of grand rapids Mich. I wonder if they can keep bears out. Seriously.
I had a triple wide manufactured home and it was sooo beautiful! I loved it. We had it on a permanent foundation.
What happened to it?
Kristina, Thank you for helping Veterans. My husband is a disabled veteran and we are blessed to be living in our home. I Love watching you.
I have no idea why this showed up on my suggestions but this is really interesting👍🏻👍🏻👍🏻
foxopossum thanks for watching.
I was watch videos on how rice is made and 2 dudes who faked being strongmen and then this video. Looks like the algorithms are all jacked up, fake news...lol
Kevin Roche I’m not fake! I’m a real person. 😁. Thanks for stopping by.
@@KristinaSmallhorn i know, i enjoyed your video. Informative and interesting. Keep them coming.
@@KristinaSmallhorn y would u say that nobody said anything concerning that
I would like to give a minute to pre-owned homes. Some people have kept these up beautifully and made them much more than they began life as. If you would like me and pushing 60 and have the money to spend $53,000 say in a place where you will be happy that's okay as long as the home makes you happy!
houses here sell for as little as 30 thousand with 3 to 4 acres
@@sissymurphy9620where?
One of the most important reasons for getting a modular home or manufactured home is the fact that you don't have to deal with home damages when your looking for a home. You may run into minor issues, but the company usually fixes these things. Plus modular or manufactured home can withstand high winds. I prefer something new without tons of damage before you even buy the place. I believe that modular and manufactured homes are the best way to live and are much safer and energy efficient for everyone!
Some friends were lucky enough to have a house in the city and a lake front cottage in cottage country. When they retired, they demolished the 80 year old cottage, constructed a full basement foundation and had a modular home (3 sections) placed on the foundation. Sold the city home and moved into the new modular. It's huge and beautifully constructed with quality materials and almost impossible to identify as a modular home. They now have the money to live their summers in their paradise location and spend 3 months of every Canadian winter travelling the world.
Great info Kristina. Nice to see someone with an understanding of manufactured homes and the fact that yes, they can appreciate in value. Location is definitely key. I always find it funny when the “gurus” say pad rent is the worst thing in the world but have no problem when people rent an apartment... or pay HOA fees in a condo 🤦♂️
The “gurus” like to talk. That’s their favorite thing to do.
@@KristinaSmallhorn thats the truth 😂
Lol. That Dave Ramsey guy is a clown. Every person that calls his show goes like this.."Hi Dave. I'm 22 and paid off 30k in credit card debt in the last year using your expertise. I have 100k to play with and wonder if I should pay it towards my 500k mortgage or buy a rental income property..??" Right. All 22 year olds are rolling dough earning six figures or close to it. Already own a half million dollar home..such a scripted bs thing. Lol😏
@@Gypsygirl9 Yeah, most 22 year olds are living in their parent's basement and spending all day playing video games..😁
Dave Ramsey is sometimes incorrect. Try to buy a manufactured home on a permanent foundation that you buy the lot underneath.
I think he's talking more single wide and double wide rectangular prism homes more so than a manufactured home that does not look like something brought in on a truck.
I bought a property w a manufacture home. It is paid off and I am renting it out.
He clearly said MOBILE homes...it was even in the caption of the caller on the screen.
He's incorrect about several things
Dave Ramsey is OFTEN incorrect but he has attained guru status peddling common sense.
Hi Christina, Great Video. Modular may cose a little more, but in my neck of the woods they are the same or much better than a site built home. One example alone is on a modular home the Electric is done to the national electrical code (same as a site built) instead of the hud code. All my neighbors site built homes are 2"X4" exterior walls (sometimes 24" on center). My new Modular is 2"X6" exterior walls (16" on center) with better insulation. Site built homes are built by disgruntled employes doing substandard work in the rain and snow and heat. Modular homes are built in air conditioned factories with code inspectors on site. Site built homes are built on foundations, Modular homes are tied down to the foundation or footers. Here in Tennessee they go up in value just like a site built home. I could go on and on but I will take a modular home any day of the week.
Here’s the deal with us, we bought a traditional house in 1988 for 130k just sold it 2 months ago for 625k. Bought a manufactured home, the next day for 245k cash, in a 55 community. The MH is 52’x 42’ it’s bigger than the house we sold. I pay no property tax, it’s a land lease, HOA isn’t bad. Beautifully landscaped, they cut the grass in the front and take care of my landscaping, I pay additional $100 for the summer months to cut the backyard grass. The best thing is living on one floor, no more stairs to climb. We love it.
My mother in law loved living in a mobile/manufactured home. She preferred it to the stick-built house they owned. Great video as always!
Thanks for sharing! You are the best space man. 👨
I made money on my manufactured home.
Yah we purchased a nice modular on water front among very expensive mixed middle class and million dollar homes. Payments $388 a month . Not living for the fancy’s place on earth. Live in HOA . Have freedom to enjoy life instead of giving it all to the bank
PERFECT!!
Our HOA fees $120 yr just redid our pool and club house from the 1960 $65,000 very nice job. We have three public parks play grounds, fishing piers . Don’t over pay HOA fees. Or yes your getting ripped off.
where?
Hertford, NC. There are a few out this way. Holliday Island, Snug Harbor, Chowan Beach, Arrow Head Beach. All these on rivers or sound water inlets
My parents just sold their modular home on a 1/2 acre lot with RV hookups for power and septic in Pahrump Nv for $200k. They bought it 3 years ago for $120k.
Not a bad return for 3 years.
That’s awesome!
In the last housing crunch, I saw a single wide listed for $180K. It definitely went up in value. The value is depending on the housing market’s supply & demand.
Yes, and traditional houses that were worth $200k at the time are now listed at over $500k in some places. This bubble will not last much longer, and when the market finally collapses the manufactured homes will be worthless, but that's not gonna be the biggest issue considering food shortages, black outs, and general economic die-off will be the most of our troubles. The silver lining might be that people owning manufactured houses won't take as severe of a hit considering most traditional homeowners will face the same suffering with higher value of loss, likely lots of repo for those with big mortgages payments.
I was in the business for 12 years so I know. You are an excellent source of great info. Kudos!
Please get everything you do in writing from the city your putting the land own. My sister finally resolved her issue with the Town in Tx, they have to move their manufactured home off the land. Make sure you get it in writing if that City allows Manufactured homes, apparently the builder doesn’t have to, please do your own research on zoning, and talk to the people in the city 1st.
.
W W great advice!!
Allways buy OPEN rural unrestricted no CCR etc and you will be fine in all areas! Just insure you have a electric line close to your property!
@@michaelsmith9308 hello i have a question regarding your comment, i have just purchased unrestricted land 1.66 acres with a well and septic already on the land, my question is, just what does it really mean to have unrestricted land?, I'm new to the land owning community, i was told that i can't live in a 5th wheel as a permanent residence, however if my 5th wheel is on a permanent foundation like a concrete slab wouldn't that be considered a mobile home?, also i hear that i can only have a 3 bedroom dwelling unit due to the septic, so would i be allowed to put 3 one bedroom tiny houses on my land?, idk how all of this works but i thought "unrestricted" residential/agricultural meant that i don't need to get any permits, no zoning etc. Can you please provide me with some info or maybe some ways around this for living in a 5th wheel as a permanent residence?, thank you in advance
@@khadijahdavis1572 land gets "perked" for maximum amount of bedrooms/ septic size. If you already have 3 bdrms in your home you CANNOT bring in a 3 bdrm manufactured home because you will be in violation. You can be cited and levied a monetary violation for every day the unit isn't removed because it violates health regulations. Also, many places restrict hooked up RVs in addition to your home. Every place has its own housing codes so it pays to be familiar with them. Many of these regulations can be accessed through the state's web site. You DO want unrestricted land for manufactured or modular homes. Most restricted land requires brick and mortar, site- built homes. Once again, this varies by state so always check this out in advance to avoid costly, heart- breaking errors that can bankrupt you in penalties. Hope that answers your questions.
Regarding the 5th wheel business this does not refer to a manufactured home that is placed on a foundation. You still have to get permits for unrestricted areas to comply with local laws (doing anything with the land constitutes improvements which affects the taxes you pay). I can't stress enough to check your local laws governing land use and dwellings.
26 years ago my manufactured home cost $50,000 and the acre that I put it on cost $10,000 plus Septic and well.
Today my property is worth over $130,000. Maybe more with everyone leaving New York.
At the end of the day, "Location location location.
I live 5 miles directly to the Atlantic ocean, so a Boat slip could cost $75,000. A Summer getaway of a 1956 toaster trailer on 1/4 acre could be worth $200,000
At the end of the day, I'm retired, I've lived on this same piece of property since 1987. This is what Home looks like.
I'm a veteran, I am currently in the underwriting stages of getting a manufactured home via Clayton Homes (5 year bumper-to- bumper warranty) vs. Titan Homes (Lifetime warranty) so this really neutralizes me vs. Past videos & comments I've seen. Thanks for helping us!
Are you buying land to put the home on? I am thinking of buying land and purchasing a modular home. Is it really complicated?
I had a clayton built precovid an was hung up for sometime during the plandemic. We looked at stick builts an manufactured. All in all we saved about 60-70k for the same size house had we went stick built. Its a nice home but by no means is custom. We are in our early 30s so its perfect. We dont need a massive mortgage.
I bought a 2900 ft. Manufactured home and it came in four sections interior walls are 11 feet tall and it’s on a permanent engineered foundation. I had the exterior of the house stuccoed with a smooth texture with a Spanish style roof. Added and oversize three car garage and large patio with outdoor kitchen It’s sitting on 3 acres and have enjoyed it for 12 years. It’s valued at just slightly over $800,000 now.👍🏻👍🏻
You instilled a ton of confidence for people in this video. Especially in this economic environment we are in now. Keep thinking of ways to help people who may be having to downsize to a mod or man home....
In 1993 I bought a double wide manufactured home and placed it permanently on 20 acres. The home and outbuildings have appreciated in value by quite a bit
Most of that is probably the land
@@kbanghart And the rest is Inflation.
@@JoeZyzyx is real estate affected by inflation that much? I don't think home prices are going to fall by a lot
@@kbanghart Actually, when I worked with real estate salesman license in my Dad's firm between 1975-1981, it was home mortgage rates that affected home prices most. Remember, it was Jimmy Carter years, with first inflation, then rising interest rates. Wage and Price increases had been frozen while Nixon was in, but in truth mostly it was Wages that failed to rise, even with inflation rising. Mortgage interest rates were running 8-10% as I recall, and this actually depressed home prices, because fewer buyers, renters instead increased, and home owners were reluctant to sell homes which had failed to rise in price along with inflation. I left for AF duty end of 1981, when Reagan was in office, but it still took 2 years for him to get things turned around from the Carter years. I remember gasoline was 40 cents per gallon, and due to Arab Oil Embargo, and gas lines, even rationing by license plate numbers (last number either odd or even to determine if you could buy fuel that day), so gas prices rose to about 75 cents per gallon. In short though, I'd have to say mortgage interest rates have a greater effect on real estate market than inflation itself, but both did contribute to hard times in real estate markets then. It was when mortgage interest rates began coming down, that the price of homes started rising again, since more buyers appeared to buy homes instead of being renters. Rent values were relatively low during the higher interest rates. It was sort of opposite of what was expected at the time, but... live and learn. What about today? The Federal Reserve is raising interest rates, due to inflation, so I expect the same to happen again, but I don't think it will be too bad an impact on housing costs till mortgage interest rates get near 6-7% rate. That's about where it was when home sales died off back then. History repeats itself usually. As interest rates finally began dropping in the 80's, and home sales were recovering there were many who also wanted to refinance the mortgages they were suffering under the higher rates. My Dad then went exclusively into Appraisals only, since all the refinancing of higher interest home loans, which had to be backed by current appraisal, and that's where the better income was for him. Dad passed in 2011, a year after retiring.
@@JoeZyzyx thank you for sharing. My dad was a realtor and he also passed in 2012
Bought a manufactured home six years ago and just sold it for a 224% profit. So as Kristina said if you find the right manufactured home in the right location you can make money off of it.
what if you don't want to re-sell? what if I just want to buy land and a mobile home and not spend $200,000+ to be in debt until i'm 70 yrs old? people told us "don't buy a mobile home, the value goes down and you can't resell it"... i'm not looking to resell. I'm looking to spend as little as possible and have 2-3 acres and a roof over my head. I could careless about value because I don't want to resell it.
Then if that’s not an issue for you then you should do it. That’s my plan for retirement. I don’t care if it goes down in value.
I've lived exactly like this for the past 35 years. I have an acre and a manufactured home. I paid off the home 20 years ago, so all I pay is taxes and utilities. Before you invest, learn basic carpentry skills! Plumber hate to work on them, so make sure that you get standard plumbing...and access panels to services like bath plumbing and water heaters. Research, research, research! The biggest problem is that you must decide what is important to you. You have options if you buy new. Do you really want that dumb island and an open floor plan? Take your time and look around.
There will always be issues, just like in a stick built home. I've had to rebuild my yard water service, the electrical input, put in two new heat pumps, and have repainted countless times. Be aware of drainage, and get the best skirting available, preferably one that does not involve paint. Nevertheless, I've enjoyed my home, made modifications to it, and found that it is much cheaper to live in than a stick built home.
@Just think True. The advances are enormous, but you still have to do your research! Given where I live, gas is not an option, so I've done emergency preparedness for when the power goes out. My latest pump is excellent and I'm very happy with it.
@Just think Yes. Deep South. I'm still cutting grass at Christmas! Try 98 w/90% humidity. It can get brutal.
Buy a run down home on a few acres.. the sweat equity will be more than you would ever see out of a mobile home.. Dave R was 100% correct that mobile homes depreciate in value, but he didn't add that land will increase...
Manufactured homes also different from typical single family homes in how you finance them as well. This is primarily because, like you point out in the video, you are typically not buying the land, you are just buying the home itself. It's important to be aware of all the financing differences before you go down this route! Thanks for the helpful info, Kristina!
Thank you for this information. My husband and I would like to buy a modular or manufactured home eventually, but i am still trying to figure it all out. I especially love that you have a heart for our vets. My husband served for ten years and my father was a Vietnam vet so they are dear to me as well.
Thanks for not sounding like Dave Ramsey who just sounded down right judgemental about a manufactured home. I have always liked Dave and have listened and watched his shows before and I have never seen him act like he was better than anyone until that clip. He is upfront and honest about making mistakes financially and wants the best for others. But that clip didn't look good maybe it doesn't seem as bad in the full context I don't know.
I'm not sure why this video popped up but it was very interesting. Thank you for the work you do to get our great Vets a place to live. I will be watching to see what all you do to help. This is a cause every red blooded American should get behind. Count me in!
I like Dave Ramsey except when he speaks about manufactured homes. He has said "its a car you sleep in" in several podcasts, which burns my butt every single time.
Kay J Carp Ramsey is not the fount of wisdom many believe him to be. Your problem with his attitude towards manufactured homes in only the tip of the iceberg.
@@KristinaSmallhorn Why? If you buy a car you love, and drive it daily for 14 years and it cost 30k, but you smile every time you start it...where's the loss?
Car-wise, 2 doors are worth more. Then, insurance, maintenance and garaging, plus...
I mean, drive it 300 days for 14 years, that's 4,200. If you pay 40k for it a year old, that's 9.53 every time you drive it.
Not to mention other costs, depreciation and such.
The more you use it, the better your value.
Thank you helping our verts they deserve way more than they get and most never complain. God Bless our soldiers and the USA.
I put up a double wide with a pitched roof, plastered walls, regular siding and had it put on a brick foundation. It looked as nice a a stick built house and sold it for 20k more than I paid for it a few years later.
One of the most crucial parts of getting a manufactured home is finding a company that can set it up properly. If the set crew knows what they are doing a manufactured home can last a life time.
Mine is on a foundation plus straps
And it appreciated too.
“Location...location...location....”
Alan T Absolutely!
I'm putting mine on a 5-acre lot with well/septic and a 1800sqft shop! BTW, it's a 2100sqft unit on a foundation.
The modular homes shown here were gorgeous! If they're cheaper than traditional houses, this might be an idea I'd like to go with, especially as I'll likely be living on my own (or hey, maybe I'll decide to finally co-habitate with someone permanently, lol) and won't need a lot of space.
I love love my home. We bought in 1985, and is in great condition. People can't believe it's a manufacture home. After 15 yrs we added a carport with room, the 5 yrs after that added a room and foyer to the front of house. It's been a blessing for our family.
Look at the two master suites model. They can be customized beautifully.
We built our modular house in 1994 and have lived here since then. No one has any idea it is modular - you can't tell unless you go into the attic and look around. Three bedroom three bath split level. It has a full basement and two car garage, patio, decks, and it's on two acres. It's built better than most homes on this street, because it had to be - they don't know which state the houses will be going to so they are built to meet the highest ordinances around.
One of my goals in life is to get something like this and just chill with my family, hopefully sooner than later. Thanks for the information!
Thank for watching. :)
Real estate taxes are a lot cheaper on Manufacture homes then modular! I've had both.
You are correct.
Be careful about what your expectations are. Bought a trade in double wide 25 years ago because I got married, had my-yours-ours kid syndrome and needed room fast. I'll build or buy a house later. Got people working on it as we speak
I'm 60 now. The kids are grown. It's long since paid for and taxes are dirt cheap!! Great for retirement soon. If I had it to go over I'd build a house. They will never be the same thing!!
That's true, but as I said, it will never be the same as a house. I'm shocked at the retail on there upscale double wides. Do not be decieved, it's still a moblehome. The construction is better than it used to be, but is what it is! Get references from others who have used the transporters also. Most of the repairs I've made were due to poor setup. .
Thays not entirely true. If the home is considered real property it is taxed like a stick built home.
I know because I've owned one for over 20 years.
Roof pitch plays a big role as well.
Most places require a minimum.of 4/12. If less then you must apply for a variance.
Ours is on a full foundation 3.5 ft deep with center piers since the house is 26' wide x 66 ft long.
It has vinyl siding and brick exterior, full drywall throughout.
2x6 exterior walls as well.
We replaced all the windows with Anderson renewals.
We added a 200 sq ft 3 season room to the back of the house.
It sits on 10.acres very nicely.
@@walkermom100 Taxed as stick built because on 3.5" foundation?
Always a fountain of knowledge. I never knew the differences until today. Thank you Kristina
Raad Alawan thank you for watching.
My Wife and I decided we were gonna full time RV when our Grandson moved out. We needed a "home base" though. Note we had a 4000 Sqft house sitting on 4 acres of land. Upstairs, downstairs, 5 bedrooms, 4 baths, 800 Sqft Garage....WAY too big for the 2 of us. So we decided to go with a Mobile (Manufactured) home. We found 2 acres of land ahead of time and settled on a 1500 Sqft unit. 3/2. Pretty nice layout. Big Master BR. Open Kitchen. Then we yanked out all the cheap appliances and installed high end (SS)stainless stuff. Replaced the kitchen sink with SS modern farm style with restaurant style faucet. Pulled all the light fixtures and replaced with upgraded LED styles and also installed Ceiling fans with LED's. Changed out water heater for high efficiency one. Then we added on a 450 Sgft 4 Season room with 8 sets of sliding glass doors. We spend most of our time out there! So long story short, less space to worry about cleaning, less yard work, less house maintenance, etc. Many would say we spent a bunch of money upgrading. Not really. This place cost us less than my Truck payment! And no...it's not some fancy truck. Just a regular old Ram Tradesman. Payment is in low $600's but I throw much more at it to get it paid off sooner. And we have a "home base" to come back to when we go off RV'ing. And also I'm not worried about selling this place off cause it will most likely be our last. But happy thing is it has already appreciated almost 40K in less than 2 years!
Mr51Caveman Wow, your home builder should have been able to do those upgrades for you! Mine will when we buy.
Best advice ever, thank you so much.
I will say oddly enough most manufactured homes rather be a single wide or a double wide that is near a lake with lakefront views normally goes for a lot of money; a great example of that are homes near mountain Island and lake Norman in North Carolina.
I’m not even in the market for a home and I felt informed and empowered by this video!
You are so right about manufactured homes and their value being tied to their location. My husband bought a new manufactured home and had it delivered to a mobile home park. We did not know each other at the time. I bought a 1300 sq ft home in a middle-class neighborhood. After marrying several years later we decided to sell his home. We could not get any takers and started renting out the trailer. We did this for about five years. Most of the renters were considering buying the trailer and moving it to a piece of land near a lake. When a tornado went through a nearby community one of those renters left in the middle of the night because she became deathly afraid of living in a trailer and being killed. Can't say I blame her. We finally sold to a renter who purchased an acre of land near a large lake. We were only able to sell for what remained on the loan. No appreciation whatsoever. Meanwhile, my home in the suburbs increased in value and we eventually sold it and moved to a larger home. I enjoy your videos. You are smart, well-informed and very amusing.
Thank you for sharing your experience, I am happy you enjoyed the video.
Your problem was two fold. First, it being in a "mobile home park" and paying lot rent. The second was because of lot rents, they all wanted to escape that mobile home & it's park rent, so that meant transportation cost for them to a lot they owned where zoning would allow it.
I’m a Realtor and this video is awesome!
I appreciate your knowledge and expertise 👍🏼
Thanks Kristina for your excellent videos!! I just purchased a manufactured home in Florida!! Paying cash for it and the lot rent right now is reasonable. I do realize it will increase each year and that is the cost of living in this nice community with 2 clubhouses and 2 pool areas! I transferred with my job also and my work is only 15 minutes away! The people seem nice in the community and the grounds are well kept. This is the next chapter in my life. I am 63 years old now and will work another 2-3 years and then retire and collect SS. Looking forward to becoming a Floridian. I will report back in 6 months with an update on how I like living in my community!!
I just wanna buy a piece of land and grow a garden. So I don't plan on selling. Manufactured seems like a great idea for someone like me.
Resale is irrelevant as long as I can stay employed in the area.
The upfront investment is the lowest of the three.
And they are simple designs that are very utilitarian, which I appreciate. I can live without all the accents on traditional homes. I'm trying to save money on a greenhouse for the backyard
Trevor Doge I totally understand. I’m actually considering buying 3 smaller manufactured homes and putting them on a large piece of land to keep things more simple in my life.
@@KristinaSmallhorn do you have any videos on how to get that done? The steps to take? The process? Thank you!
I did a manufactured home and I am trying to refinance with these record low rates. I am finding that interest rates are higher even if you have great credit. Many lenders believe it is riskier even when it is permanently affixed to a foundation and title is eliminated. Also...they want to inspect every deck and get L&I and county permits for everything! Even if your county doesn't require a permit. After sales tax on home/construction I think I could have done a stick built for the same price.
You definitely need to weigh out your options with taxes and improvements you plan to make to the property when buy any type of home. Have you found a lender that specifically works with manufactured housing for your re-fi? It makes a huge difference.
Kristina Small
Through personal experience I think I trust both of these methods over stick built homes reason being is on construction sites some people just dont give a crap and take no pride in their work, you end up with crooked walls doors that dont shut properly improper trim cuts cock eyed and improper stairs and squeaky floors and so on. The times is money is all that matters to a lot of contractors.
Same thing can happen with a trailer home..
I just saw your video. There is another factor with manufacturered homes. My wife and I are retired and moved from Florida to the Mountains of North Carolina. We bought 10 acres of beautiful land on top of a 3600 foot mountain with 360 degree views. We decided to go with a manufactured home because at the time 2 years ago COVID-19, hit and the mortgage loans were at their lowest. We choose a manufacturer who does a wide variety of options and will do custom requests as well. It's a 2022 model, 3 bedroom, 2 Bath Farm house with gorgeous kitchen and master bedroom, fireplaces etc. We chose metal roof, upgraded exterior walls and studs, and floor joists. Maximum insulation everywhere and drywall through out the home. But the cost was lower than a modular equivalent. We intend to stay here until time ends for us. We are very happy with our plan and ours is yet another reason we chose the way we did. Our deck is 50 feet by 15 feet and the roof matches our home one piece. Whole house generator with 1000 gallon propane tank and gas appliances.
It really depends on the purchaser plans and what fits. You did very well explaining the process. Unlike other experts who cut their nose off in spite of their faces
Kristina .... Lady , you are more helpful than you can ever imagine ... THANK YOU FROM THE HEART ; When i began to buy , i sure wish i could hire you to coach me through it .
Thank you so much for your kind words. I appreciate it more than you know. :)
@@KristinaSmallhorn indeed... and you are soo welcome
Your video's are SUPER INFORMATIVE . . . THANK YOU SO MUCH!
Lol i tell everyone about this interview from Dave Ramsey. There are parks in Phoenix area that most people purchased their homes for 9-15k and now they are selling them for over 100k.
I love watching your videos because you are so smart and know exactly what you're talking about. I'm looking for a permanent place to live (I'm tired of renting), and I watch as many of your videos as I can so I can learn as much as I can. Thank you for being such a great teacher!! Continue the great work you are doing, please!!!
Could you please do something on log houses and log housing kits financing and
the resell value. I am a vet and the widow of a vet who died on active duty. Thank you for helping vets.
That sounds like a wonderful idea!! We have a log cabin place close by and I’ll film it and have a video out in about a month.
Also a Vet (AF) and a widow of a Vet ( Navy). The only thing I know about log homes is that the wood needs regular care/ treatment to keep it up and termite free. They look nice, visited a few when looking around in Virginia when stationed in Maryland. Decided to opt for a sturdy vinyl or other type of siding/ frame. They have log home kits with all the parts that you can put together yourself or have one site built. Wood prices have gone up so this is going to be a more expensive home and there may even be delays in getting all the materials you need.
I’m seeing clearly that a person who went thru the housing crisis and someone who read about it have very different perspectives.
What do you mean?
You mean like the housing crisis right now?
Just a note: when talking about a manufactured home that is "attached" to a property (especially when buying one thats already in place), they are all PHYSICALLY attached to the land with the strapping. The question is are they LEGALLY attached- meaning is the manufactured home DEEDED as REAL property (real-estate), or was it purchased and placed, but not deeded WITH the land, and therefore would be considered PERSONAL PROPERTY (like a vehicle or camper). This makes a big difference. Mostly seen in older homes. Just wanted to clarify what we ran into when trying to purchase manufactured homes early in my marriage.
Valid point, in other states it's termed Title Elimination, which makes it no longer personal property like an RV, but now the Real Property on your land. This vocabulary difference can make it a challenge when communicating with banks in other regions.
Thank you for this!!
@@brittanyr1456 You're welcome, hope it helps!
It has to be 433A here in California . Just because you are looking in a community where you “own the land” does not mean that the MH is attached ! I just learned that this week after months of looking !
Many lenders (when purchasing with a VA loan in particular) will look which regs it falls under ... HUD regs means it's a manufactured home (it is still on its metal rigging) and VA won't cover it, IRC regs and it's a modular (it's permanently on the foundation) and they will cover it. IRC reg homes usuall go up in price (like a regular stick built home), while HUD regs don't (like a mobile home). One is simply built to better standards than the other.
Ive been really considering a manufactured home. Rent prices have gone up 30% since July here in Boise. Unfortunately the real estate market is insane also. Anything not in a mobile home park is still 350k+ and still has a HOA fee
Thank you, thank you !!!!! I need to hear this. No one tells you about this stuff. This really helped
Thank you for correcting the falsehood that a manufacture home does down in value. My Mom bought hers 7 years ago used for $50k. Now we are selling it for almost double that price. The real state market has gone up so much it's crazy.
I bought a mfg. home a few yrs. back. It was 24 yrs old and needed some work. I had to re-roof it and will have to have a new HVAC maybe this year or next, but the selling price was so low and the location so good that I was happy to do all this. Main reasons for my decision was the location and the quality of the residents here. Still have to pay rent on land, but this is much less than any apartment/home in my urban area. Bought it directly from the REIT that owns the land. They made the offer, which was unbelievably low and offered no reason why they did it. I asked , but never got a real answer. Go figure. Always enjoy your channel.
A good deal is a good deal!!
Also mobile home parks in my area are including property tax, water and sewer, plowing.
Darth Vader I actually did a video on how residents of a park could buy it back and freeze their lot rents.
@@KristinaSmallhorn Could you provide a link ?
It's in a trailer park, that's why.
Fantastic information!! I’m buying land in a year or so and have been looking at modular or a barndominium. Saved and subscribed!
Mark Cole thank you for watching 🤩
The first conversation we have with nearly every client in our area is the difference of Modular and Manufactured. Thank you for this video explaining the difference.
I was given a mobile home from the early 80s. I put a pole barn roof on top of it. The next year built new walls and have a whole new home that is NOT a mobile home. The mobile home was grandfathered in where I live. And is still considered a mobile home by the town. But we live way out in the country in 100 acres with a pond and lots of land. Never moving. Love it
My husband and I wanna buy a place free and clear- no loans if at all possible. I know it's hard but that's the dream.
Drink Your Nail Polish YOU CAN DO IT!!
We paid cash (6k) for my house in the 4th worst city in the United States, the worst/best decision we made, kept us from being homeless.
crazy dumb sick I will always say if it’s a home you can afford and keeps you from renting than it’s perfect for you.
Most people are under the impression that your home is an investment. Talk to any investor and you will quickly realize the house you bought and live in is a liability...not an investment. If your home is a rental property, that is considered an investment. After you figure your mortgage (30 years for most people),taxes, repairs/upgrade, and interest, I assure you the money you spent will be far more then what you sell it for. NOT an investment in my book!
My wife and I currently own a home in broward county fl. In the next few years we are looking to sell, buy land and place a modular home on it. Your videos are very informative and have already given me information I didn’t know. Thank You!!
I think a lot of it depends where you live. People will frown upon a modular where I live in Central Pa but they are normal in Western PA. My father built them for 25 years at Champion. Modulars have come a long long way.
Just found you today. Love your information. I had a modular home at one time. It was a great home. It was actually built better than the stick built home that I live in now. I subscribed to your channel. Thanks for your videos
a home in which you live is not your "investment", it might be the bank's investment but not the homeowner's
Oregon - Tuesday March 23, 2021 - i bought a used 1978 doublewide mobile/manufactured home in 2017 for $38,000 cash (plus my monthly park space rent) today - mine as well as the other 4 in my cul-de-sac - are all selling for over $77,500 each (mine is the least expensive of the 5) - my property tax assessment has increased as well from 2017/18 @ $31,215 (525.00 tax) to 2020/21 @ $64,835 (840.00 tax) - 4 years! . . . yes - i'm VERY happy! :)
Kristina makes the best content around real estate. Not only does she deliver valuable content, she will entertain you as well. I'm a loyal fan!
Thank you Scully for being a loyal fan!!
Is better then renting!
Modular can be combined with timber framing very effectively. Installing mechanical systems in a timber structure can be tricky but using modular in design intensive areas- bath & kitchen areas in particular can be awesome.
At last ! Someone that seems honest and speaks to the point. Thank you !
The manufactured home community that I live in has plenty of homes that have increased in value. They hold onto their value if not increase. Granted not as much as a traditional home but the beauty of the desk is how inexpensive they are upfront.
I have a manufactured home on 5 acres ,and is on a full basement and is welded to the beams it is rested on,which makes it permanent. Half the price of what a house would have cost.
What city/state?
@@01Lovelycreation Mi. North of Detroit
I bought a 2 year old mobile home, actually I just took over the payments. In MIami Dade county Fl. It was located in a nice mobile home park. Ten years later I sold it for more than it cost new. I considered that a very good deal. Not the norm, I know.
I don’t meet minimum financial requirements for housing …so I live in a camper attached to my pickup in the Northern California Redwoods….AND WORRY FOR NOTHING
I'm a disabled veteran looking at buying a man. House in central Florida. Not gonna lie you've got me a little spooked. Planning on selling my house in TX and moving this way.
Having worked construction, I would buy pre-made homes any day over built on site. The day-to-day compromises from just trying to get workers to show up transfers to quality and durability issues. Illegal labor, drug-addicted workers, etc. The only area being safe is the electrical and plumbing. They are solid. The rest can be done by inexperienced and flaky people.
Thanks for the information. I just purchased a beautiful modular home. Loving the process.
Wonderful! I hope you love your home for a lifetime.
Hi Kristine.. Something no one really talks about is the nightmare that some unsavory manufactured home dealers do to cut corners. Even after putting the home on a concrete footing.. If the home isn't properly sealed underneath.. Animals like Pack rats will invade & bring with them .. Other vermin, even with a iron clad pest control contract.
We found this out after building a home on a property in the city.. You would think that rural areas would be plagued with this. This was a city dwelling that within 8-years of development.. Had major issues. Sad to say.
A friend's son and daughter in law had a trailer (manufactured home?) on a family lot. It was white with bushes in front and grass all around. Upon entering, you were in the great room with a fireplace, perfect for entertaining because the kitchen and dining area were there, too, like the Blu Breeze but smaller. The bedrooms were on the sides. It was beautiful.
My dad has a modular home .its put together in the factory .two pieces .brick lay out. It's very pretty
This didn't really go into detail about cost. I thought there would be mention of having to have a foundation (with or without basement) poured, sewer or having a well drilled, power lines, septic tank etc.
Thank you, thank you, thank you. I was just asking my father about the difference since I'm not going to have kids and will be retiring in 15 years. I dont need anything big. I want to sell my house and move.
I bought a manufactured home on a rent controlled lot in Silicon Valley. I fully expected the value to decline year over year, but it’s gone up $100K from my original purchase. Just illustrating her comment about where the home is in California.
Thank you for sharing your experience.
I have one in San Diego my went up +140k in 5 years
this is a real home for me also. it's not about resale value, this is the home we can afford and retire in. we dont want to be mortgaged up to the neck worried about the burden of paying that off on a limited retirement income. ours is going onto land we bought. in a nice quiet area, near a town we like and friends nearby. people forget that life is about living it now not "passing down" something that will have given you a financial headache while you are alive. appreciate the life you have.
I am single and don’t make a ton of money. I want to buy a house so badly but I the houses in my price range are basically falling down or in an unsafe neighborhood. A good compromise for me would be a modular home but there is so much negativity about them. Some people don’t understand that some of us out there can’t afford to buy a nice stick built home. I wish people could be more understanding and less judgmental.
This video just in time.Looking at all my options including single family homes.Mobile homes seem an attractive option price wise however the space rent here in California is pretty high unfortunately.
Good luck with house hunting. I'm Glad my video helped you out.
@@KristinaSmallhorn Thank you it definitely did.I'm excited to look at places pretty soon.I also really liked your video where you and your husband installed the wood planks on your wall.You both did a fabulous job I want to do a wall like that in my new place as well I just love that look👍
What do you consider "high" space rents? The average space rent here in San Diego county is around $1,000 per month.
Orange county is higher.
You had me at "veterans". Subbed