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Replacing Your Current Manufactured Home With a New One? Now Is The Time
It’s no secret that today’s manufactured homes offer more deluxe features and energy efficient advantages than the homes built 20 years ago. That’s why many homeowners have opted to replace their current manufactured home with a new one – and right now there has never been a better time to do so.
Why? Here are five reasons:
1. Your Land is Worth More
The land market and real estate markets in Southern California are booming as a result of the pandemic, and in some cases are setting new records. If you purchased the land for your manufactured home 20, 10, even five years ago, there’s a good chance its value has increased dramatically. That higher value is equity that can be used as a down payment for your new home.
2. Interest Rates Have Dropped
At the same time that land value has increased, interest rates on new home loans, while just starting to rise again, are still well below where they have been in recent years.
3. The Home Buying Process Will Be Easier This Time
With replacement projects, permits can be obtained more quickly, and the costs for developing the property are substantially less since the infrastructure that had to be added the first time (water meter, electrical, etc.) is already in place.
4. No Development Fees
In most cases with replacement homes, development fees for permits are waived. That results in a savings of anywhere from $20,000 to $30,000.
5. Selecting A New Home That Fits Your Current Needs
Perhaps your family is bigger now; or perhaps the kids have grown and moved out and you have more space than you need. Maybe you’ve gotten used to working from home after last year, and would love a home office but don’t have the space now. Or perhaps you just want to cut down on your energy bills. With dozens of floor plans and sizes available, you can now find a perfect new home that suits the way you live now.
