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The VERY COSTLY Differences Between Modular and Manufactured Homes - YouTube
Channel: Kristina Smallhorn
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there are some very costly mistakes that
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people make when they decide if they're
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going to buy
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a modular home or a manufactured home
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today we're going to be going over those
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differences before you decide to
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purchase one
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so that way when you go to resell your
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home you'll get the most money that
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you're expecting back
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so let's go ahead and look at those
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differences so you don't make those
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costly mistakes in the future
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what most people don't realize when they
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hear the word modular home
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and manufactured home they think well
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it's the same thing
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yes both of these homes are built in a
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factory
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a modular home it's built in pieces and
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it's built
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to exact specifications that it would be
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for a universal building code
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it will meet if not go above the
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standard
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of your area and they have the two by
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fours they have the windows
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just like they would for a traditional
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stick built home the only difference
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is that it shows up in pieces and they
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put it together
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within that day now when you go to
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purchase your manufactured home
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they usually come in one to two sections
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whether you're buying a double wide
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or a single wide or even a triple wide
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somebody told me there's a quadruple
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wide but i'm not 100 sure about that but
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i did also see one that is
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a two-story manufactured home when these
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come they come on
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a chassis and they're put together
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on not necessarily attached to a
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foundation
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unlike a modular home that once it's put
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in its location
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it's adhered to a permanent foundation
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most manufactured homes are not attached
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to a permanent foundation
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they're left on a chassis where the
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tongue and axle has been taken
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off and then they're put on a sometimes
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a concrete pad
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sometimes it's a limestone pad and then
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they put hurricane straps
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in to keep it into its location it's not
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permanently attached to a foundation
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itself
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[Music]
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now when you go house hunting you're
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gonna probably notice a big difference
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in the look of a modular home in
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manufactured home
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now manufactured homes have come a long
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way since probably 1976 when you
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think of manufactured homes some people
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call them mobile homes
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anything built before 1976 is called
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a mobile home or a trailer anything
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after 1976
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has to meet hud's standards of building
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codes which always are changing
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with the times so they are upgrading
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those uh standards
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just know when you're looking at a
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manufactured home a lot of times they do
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have a certain look to them that says
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i'm a manufactured home
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now when you look at a modular home
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sometimes you're kind of questioning
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is it a mobile home is it a standard
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home
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the ones that they have in europe they
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are just modern beautiful pieces of
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artwork
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and the ones we have here are beautiful
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country
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style homes and it appraises the same
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way
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this is where the differences between
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manufactured homes and mobile homes
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have the biggest discrepancy so over
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time
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when you buy a manufactured home some
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people
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some experts will say you'll never gain
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value on it what's your what's your gut
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feeling tell you that that mobile home
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is going to do is it going to go up in
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value or down in value
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probably not very much in value probably
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not going to go up from valley very much
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it's not going to go up at all but i'm
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just trying to go down as quick as i can
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right it's going to go down in value
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it's going to go down in value okay
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it's a car you sleep in
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okay which i will argue to death so what
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does that mean for you
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in the long run when you go to resell
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your property
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in many cases if you found the right
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location you can still earn and gain
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value
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on your manufactured home so don't let
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anybody poo poo
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on that idea i will tell you this though
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do not buy a manufactured home and then
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put it in a manufactured home park and
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feel like that you're going to gain any
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value off of that
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but buying a mobile home and renting the
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land underneath it
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can be financially catastrophic you will
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not
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like i've never seen anybody gain any
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value except for in uh
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this little area in california you have
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a good location
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of your manufactured home you're gonna
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earn more money
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and it doesn't mean that just the land
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increased in value
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the structure itself does have value in
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some cases it will not it depends on
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your area but make sure you find
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an area for your manufactured home that
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will increase in value
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always work with your real estate
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professional that's an expert
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in manufactured homes so that way you're
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getting the best bang for your buck
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and if they don't know anything about
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them move on to somebody else that does
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now another huge difference when it
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comes to
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a manufactured home or a modular home
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is the way that they're financed now if
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you're purchasing a manufactured home
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that's already settled into a place and
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it's attached to a piece of property
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now they qualify for every single loan
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that you can think of when it comes to
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traditional financing
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they will qualify for va rd
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conventional fha a lot of times real
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estate agents will tell you if they do
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or they don't
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and then you work with a traditional
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lender if you buy them off the lot
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though this is where a lot of people
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have had their problems happen
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sometimes they give you loans with
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extremely high interest rates
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when you could have qualified for
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something that was a lot less expensive
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so make sure prior to ever even signing
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on the dotted line for a manufactured
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home
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check with your local lender only if
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you're attaching this
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manufactured home to a piece of property
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i would not use the lender that they
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have
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at the facility itself find one outside
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that works with manufactured homes
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and that way you can get the best
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interest rate you don't be stuck with an
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interest rate
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that's not going to help you in the long
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run when you go to resell your house
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because you ended up spending so much
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money
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on the interest itself always check with
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as many lenders as possible that work
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with
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manufactured homes now if you're
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purchasing one that's already been lived
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in
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and it's already attached to a piece of
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land again make sure you find a lender
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that works with manufactured homes if
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they're unsure
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find somebody else because somebody will
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get you the best bang for your buck
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i want you to get the best interest rate
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you can and there's plenty of lenders
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out there that are willing to help you
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[Music]
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now when it comes to financing a modular
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home if you're purchasing one
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before it hits the land you're gonna
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need a new construction loan
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meet with a couple lenders that are not
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in the facility that you're purchasing
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the modular home from and see what they
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have as far as new construction loans
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and see if you can beat the price that
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they're offering from the lot itself
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there's no difference in purchasing a
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brand new house that was
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traditionally built in a modular home
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you can qualify for the same loan
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so the biggest difference between the
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modular home
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and the manufacturer homes comes to the
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point when you want to resell your home
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so every single home that's sold within
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the united states
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before you can get a loan on it has to
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be appraised
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and the appraiser comes in and gives it
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a certain kind of value
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well with a modular home even though it
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was built in a factory
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they appraised the same level as a
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traditional stick built home
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now with a manufactured home they're
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gonna praise for a lot less
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but don't panic if this is what you can
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afford
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that doesn't mean that you made a bad
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investment it just means that you could
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have made a lot more if you were able to
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purchase
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a modular home
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now you know the costly difference
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between a modular home and a
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manufactured home
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either one is a great alternative way of
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buying an affordable house
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one of them is just going to get you a
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little bit more money in the long run
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and that's modular but i don't want you
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to think that because you bought a
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manufacturing home
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you're in a bad way because manufactured
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homes are fantastic
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they're energy efficient they're a great
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way to get out of renting
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and they do resell as long as they're in
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the great area
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for more money than what you purchased
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it for i don't care what those experts
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say
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if you find a good real estate agent to
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sell your property
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and you put it in a good location you
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will make money there's plenty of people
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in
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many of my videos that will tell you
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that they made money off of their
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manufactured homes so don't listen to
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people that will poo poo on you
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plus it's a great affordable way that
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i'm trying to find housing for the 40
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000 veterans throughout the united
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states so keep following me on this
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journey because i'm trying to get as
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many
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homeless vets into manufacturing homes
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as possible
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so be sure to subscribe now my name is
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christina smallhorn
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your real estate whisperer and i tell
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you all this because you matter
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