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3 Benefits to Locating Your Manufactured Home on Land You Own
Manufactured home buyers have two choices when it comes to deciding where to live: they can either opt for a manufactured home park, in which they will rent the land where their home will be located, or they can use land they own or purchase.
For our customers who can choose either option, Ma Williams always recommends owning the land. Here are three reasons why.
1. Mortgage
Manufactured homes are titled one of two ways: either as “real property” or “personal property.” “Real property” allows for your home to utilize a mortgage, which makes it eligible for financing such as FHA, VA, CalVet or Conventional. That means longer loan terms, special tax deductions, and lower interest rates. However, a real property designation can only be applied to a home that is permanently installed on land that the buyer owns.
2. Equity
While there is never a guarantee as to whether the value of a home will go up or down, the value of your land will likely be more stable, and if it goes up (as land typically does), it will help you build meaningful equity in your home.
3. Security
When you rent land in a manufactured home park, you may be at the mercy of the park owner. What if he or she chooses to sell? Or what if they increase the rent? When you own your home on your land, you are in control.
But what about deed restrictions and zoning laws? The legal minefield of regulations can be intimidating – but fortunately, you have a friend in the manufactured home business:
Ma Williams will help you deal with zoning and building code issues. Our Land/Home Package, offered to manufactured homes on permanent foundations placed on private property, is a way to streamline the purchasing process.
Whether you plan to build the home of your dreams, a second unit to add on to your property, or an urban “lot-in-fill,” the experienced team at Ma Williams will be at your side throughout the purchase and financing process, helping you secure the best deal to fit your family’s situation.
Find out more about our Land/Home Package
