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The REAL Cost Of Manufactured (Mobile) Homes - YouTube
Channel: Kristina Smallhorn
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i have done a plethora of videos about
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manufactured homes but i haven't really
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broke down the cost of getting one so
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today we're going to be going over the
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real cost of buying a brand new
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manufactured home whether you're putting
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it in a park or you're buying land to go
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with it we're going to be talking about
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all the prices so that way you know how
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to budget for one so first let's talk
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about some of the benefits of buying a
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manufactured home according to
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homesdirect.com they say manufacturer
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homes are less expensive because the
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factory uses an assembly line to build
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these homes the process becomes more
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efficient they're built inside so
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there's no weather delays which i'll
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argue with that in a minute
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manufacturing is not
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this is the funny thing manufacturing is
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not disrupted by theft or workers or in
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hooligans what is definition of
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hooligans due to the scale of production
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the manufacturer buys a large quantities
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of materials for a less expensive cost
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this is true the property taxes for
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manufactured homes are lower than
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on-site homes this is true as well
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mortgages on manufacturer homes are
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easier to obtain that's debatable but
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what is the real cost of actually doing
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this right now if you're looking online
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for a manufactured home you're probably
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seeing all sorts of different prices so
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you're probably wanting to figure out
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what the average cost of a manufactured
[68]
home and according to the census bureau
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then 2020 the average cost of a
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manufactured home was eighty eight
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thousand two hundred dollars in august
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of 2020. the census bureau reports that
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the average price for a single wide
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manufactured home was fifty seven
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thousand seven hundred dollars and
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that's also in august of 2020. the
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census bureau also said that a double
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wide is about 109
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300
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for a double wide manufactured home i
[92]
could not find the pricing one that came
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to an average for triple wide
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manufactured homes but with that being
[98]
said this information is a year old i
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couldn't get anything updated since then
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anybody that knows anything about
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building and building materials in the
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past year the average you can pretty
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much add another 20 000
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in your area for the average price of a
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manufactured home but that's just for
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the house there's a lot more that goes
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into purchasing a manufacturer home than
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the actual structure itself so let's
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just jump into some other costs so that
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way you know what to budget for so first
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you're going to want to know what kind
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of foundation you're putting your
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manufactured home on if it's in a park
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sometimes parks will already have the
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foundation that's already set up for you
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so you can just place your manufactured
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home on the park if you have a piece of
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land you're gonna need to budget for
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that in foundation costs they can be as
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little as eight to ten thousand dollars
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depending on what kind you get so you
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can get a foundation that is on peers
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you can get a foundation that's on a
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basement you can get a slab foundation
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and the cost of that manufactured home
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is gonna depend on the size of your
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manufactured home itself because of
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course you're going to have to pour more
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concrete then it's going to cost you
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more because the manufacturer home is
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bigger now here in my area in the state
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of louisiana it is very common to see
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manufactured homes sky high in the air
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because we have a lot of flooding
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problems so you'll see homes like
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sitting on piers that are like way in
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the sky and that type of foundation can
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cost you a lot more money than if you
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weren't in a flood zone area and it was
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just sitting on a slab foundations up
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north that are on a basement are going
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to cost a lot more than the ones that
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decided to put a crawl space underneath
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so just know that when you're looking at
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foundations not all are the same you can
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have them very inexpensive all the way
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to super expensive but that's going to
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depend on the area that you live in and
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some areas are going to require you to
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have a certain kind of foundation so
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that's the first thing you should be
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budgeting for when you're looking at
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manufactured homes other than the house
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itself i did find this little chart
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online you may want to freeze it right
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here that gives you a breakdown of how
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much foundations cost for your
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manufactured homes and that way you can
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decide if which one's going to be the
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best for you and your budget now there's
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some people that are pretty brave and
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want to tackle this foundation creation
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on their own and here's some things
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you're going to need to know if you plan
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on doing this make sure you get the
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right kinds of permits make sure the
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area is excavated correctly make sure
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you have the proper grading of your lot
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make sure you have the right materials
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and you understand the kind of mixture
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that you need and always have it
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inspected by an expert after you finish
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doing this it's not something i would
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suggest you doing on your own but if you
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have that ability just make sure you do
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those things ahead of time so let's talk
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about the land that you plan on putting
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your manufactured home if you're
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deciding to put it in a manufacturer
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park just know that you will never own
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that piece of land the good news is that
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you won't have to pay property taxes on
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the piece of land that you put your
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manufactured home on you will be paying
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rent to the park itself lot rents for
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manufacture home parks arrange all over
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the place but manufactured home magazine
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said that the average lot rent for
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mobile home parks for each state in late
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2019 revealed that vast differences in
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the average monthly cost in california
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it was 707 dollars while in florida it
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was about 400
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and in indiana it's only 140 so you're
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going to want to budget that out ahead
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of time if you decide to rent also note
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that if you're planning on renting a lot
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space most likely you're not going to be
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removing your manufactured home from
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that specific space if you do have plans
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to do that know that when you move it
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it's going to be really difficult for
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the next person to purchase it if
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they're going to be getting a regular
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loan because most loan companies once a
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manufactured home has been moved off of
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its original location they will not
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finance that manufactured home just note
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that in your head another thing to be
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aware of is that if the park gets bought
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out there's nothing that states that
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they can't raise your rents also know
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that they do raise your rents all the
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time so make sure that you understand
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what it is your lot rent pays for does
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it pay for your actual maintenance and
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landscaping around your specific home
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does it pay for security does it pay for
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the streets that are being taken care of
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does it pay for the lights the street
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lights that are above does it pay for
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water and trash pickup all these things
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you need to know before you decide where
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you're going to put your new
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manufactured home and uh always talk to
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the neighbors because the neighbors have
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stories for you and if they hate living
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there they can't wait to tell you how
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much it sucks and if they love living
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there they can't wait to tell you how
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great it is and they want to make you a
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new neighbor so just be aware of that
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ahead of time and one more tip if you're
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not sure of the park and you aren't able
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to speak to the neighbors that live
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around the area the thing to do is visit
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that park
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at all different times of the day
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morning noon and night and see what the
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atmosphere of the neighborhood is you
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can get a good feeling or vibe when you
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drive through there as people are
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looking at you if they seem like they're
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giving you the stank eye that may not be
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the place you want to live but if they
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seem friendly and they wave to you as
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you drive by then maybe that's the place
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for you just just a little hint i tell
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that to everybody in every neighborhood
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just always visit it morning noon and
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night just make sure double make sure
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that that's the place you want to live
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forever now buying land this is one of
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those things i can't give you a concrete
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price
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of what it will cost you to buy a piece
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of land because it doesn't matter
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throughout the united states a piece of
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dirt is going to cost different even
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from the county over so you have to
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budget that out with a local real estate
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agent i don't know you're shooting she's
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pushing real estate agents i'm not
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pushing real estate agents there is ways
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for you to look up landlords on your own
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without a real estate agent first you
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can contact a real estate agent just for
[420]
them to send you listings of land lots
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in your area that are available for
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manufactured homes be sure you were
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clear on this because there is a lot of
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zoning throughout you know every state
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that will not allow for manufactured
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homes so be clear with them that you
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only want to see land listings that will
[437]
accept manufactured homes that are
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considered residential then you'll get a
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list that they can set up for you
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instantaneously it literally takes them
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five seconds and then you could start
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looking at some of these pieces of land
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on your own and that way you can also
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interview your real estate agent to see
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if that's somebody you really want to
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work with but in the meantime they're
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really not doing anything for you other
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than sending you some land listings that
[458]
took them two seconds to do so let's see
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you do find a nice lot in a nice area if
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you're going to be walking that line
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make sure you can get a plat map for
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that specific area so you know exactly
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how far that the manufactured home has
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to be set back also when you're looking
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at a piece of land find out if it
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already has improvements to the lot and
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if you look at a lot of those listings
[479]
it will say improvements and it will say
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like water or electricity or cable or
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cable ready so if those things are
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already there and established on that
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lot and you've got a good price on it
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that's a good piece of land now raw land
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is something completely different so
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when you're looking at something like
[494]
that just know you're gonna have to pay
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for the clearing of all the trees you're
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gonna have to make sure that you're
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gonna be able to get water out there if
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not you're gonna have to dig for a while
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and wells can be very expensive and that
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is area specific as well those can run
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as little as ten thousand dollars or
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thirty sixty seventy thousand dollars
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depending how far they have to dig down
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for that well itself not only that
[515]
you're most likely gonna have to have a
[517]
sewer system put in here they call him a
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modad i know that's the weirdest
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sounding thing in the whole entire world
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never heard of it until i moved to
[523]
louisiana but their sewer septic system
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that is approved by the parish is called
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a modad and that can be very expensive
[530]
as well if you haven't budgeted for it
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so raw land know that you're going to
[534]
have to be paying and expecting a lot
[536]
more expenses that you weren't expecting
[538]
but if you got land that already has all
[540]
those utilities on it and it's set at
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that price you're going to have a lot
[543]
easier time putting down your
[544]
manufactured home and that new
[546]
foundation you just budgeted for one
[548]
more thing to think about when you're
[549]
looking for a piece of land is find out
[551]
the road access so if you had turned
[552]
down a main highway down a dirt road and
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it was three lots over that you found
[557]
the piece of land that you're gonna put
[558]
your manufactured home on it already has
[559]
the utilities and everything find out if
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the road that you were driving down to
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get to your lot you have permission to
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drive on that piece of land this has
[568]
happened here in louisiana that they
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have lots for sale there is a road there
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but that road does not belong to anybody
[575]
but the first house so you have to ask
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for permission to use that road to get
[579]
to that landlocked piece of land most
[581]
likely they're going to allow for that
[583]
but that is something you're going to
[584]
want to check ahead of time because
[585]
nothing is worse than having to deal
[587]
with that kind of nonsense now you have
[589]
the permission
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to ride down that road and it's written
[592]
in the deed also know that you're gonna
[594]
have to pay for a driveway now this is
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one of those things that you can really
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budget for and you don't have to have it
[600]
immediately and there's different types
[602]
of driveways when it comes to
[604]
manufactured homes you don't have to do
[606]
a concrete drive but you don't have to
[608]
do a paved driveway one of my clients
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just did a what they call a crushed
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concrete driveway and i was like what is
[613]
this kind of like stones and it looked
[615]
just like stones until it rained and
[617]
then it was like a hard driveway was it
[619]
smooth and beautiful no but it was it
[621]
functional and something they could use
[623]
right now it was perfectly fine there
[625]
wasn't anything wrong with it another
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thing a lot of people do is they do
[628]
limestone driveways where that's just
[630]
the rubble and they'll keep those for
[631]
years which is really good because then
[633]
it packs the ground down and then years
[635]
later if they do decide to put up a
[638]
concrete driveway they already have that
[640]
limestone at the bottom that secures the
[642]
concrete and then they don't have to
[643]
worry about it slipping or falling apart
[645]
on the edges so just know that ahead of
[647]
time if you're planning on budgeting and
[649]
buying a brand new manufactured home and
[651]
you need to have a driveway now if your
[652]
land is in an hoa they may require a
[655]
specific type of driveway you may want
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to check your covenants ahead of time if
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you did purchase the piece of land your
[660]
title company will hand you any kind of
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uh covenants or hoa amendments in your
[666]
paperwork so take a look at that ahead
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of time and it doesn't matter if the
[670]
neighbor has a dirt driveway or the same
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kind of driveway you're thinking about
[673]
getting they may have gotten
[675]
grandfathered in just check you don't
[676]
want to have to get in a fight with all
[678]
the people at the hoa if there is one
[680]
but if you are searching for lots that
[682]
are not in an hoa make sure you tell
[684]
that real estate agent that you spoke to
[685]
earlier that you want to make sure that
[687]
it's for manufactured homes and on a
[689]
rural track so that way you do not have
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to deal with an hoa so yes rural track
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there's no covenants on those so which
[696]
comes first buying the land or buying
[699]
the manufactured home well you're going
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to be surprised by the answer neither
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the first thing you're supposed to be
[703]
doing is meeting with a lender if you're
[705]
not purchasing either these cash your
[708]
lender is going to be telling you
[709]
exactly what you need to do before you
[712]
ever look at any of those things so that
[714]
way they know your budget and what they
[715]
can do for you as far as a new
[717]
construction loan to tie everything into
[720]
one loan one of the most predatory
[722]
practices i've seen that's happened to
[725]
clients of mine in the past is that they
[727]
bought a piece of land then they bought
[729]
a manufactured home they took the
[731]
manufactured home put it on their new
[732]
lot and now they have a land loan and
[734]
then they have what they call a chattel
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loan now an interest rate on land is
[738]
going to be a lot higher and a chat
[740]
alone has historically much higher rates
[743]
because they consider them to be more of
[745]
a risk than a traditional mortgage if
[747]
they had met with a local lender ahead
[749]
of time they could have taken that land
[751]
and the manufactured home and all the
[753]
improvements they planned on doing to
[754]
that manufactured home and with the land
[757]
like the driveway the well the
[759]
electricity the cable all of that they
[761]
could have rolled that into one loan and
[762]
in many cases they can do that with a
[764]
30-year fixed-rate mortgage like a fha
[768]
va or even a rural development loan and
[770]
it would have saved my clients thousands
[773]
of dollars now when you walk on a
[775]
manufactured home lot they don't tell
[777]
you this because they want you to use
[779]
their lending company and in some cases
[782]
some manufactured home lots will have a
[784]
whole package where you can roll
[786]
everything in and if this is the case i
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still want you to meet with a local
[790]
lender to see if they can beat those
[792]
rates i bet you
[794]
five times out of ten they're going to
[795]
beat him by a long shot and don't let
[797]
anybody talk you out of a loan package
[800]
when the interest rate is lower there's
[801]
nothing wrong with a va fha or rural
[804]
development loan and in some cases i've
[806]
heard people say to me that salesmen
[808]
told me that it was going to be too
[810]
difficult to get a rural development
[812]
loan for my situation how would the
[814]
salesman even know what your situation
[816]
is first and secondly all it wasn't the
[819]
salesman's job to tell you that it's too
[821]
difficult to get a real development loan
[822]
for the type of house that they were
[824]
getting he's a salesman he's not a loan
[826]
officer so don't listen to the sales
[828]
people when it comes to this me
[830]
personally i would never use the lending
[831]
institutions that are on that lot uh
[834]
that's just me and while we're on the
[835]
topic of salespeople do me favor
[838]
whenever you go into these places don't
[839]
give them too much information don't
[841]
tell them you just lost your home in a
[843]
fire or a flood don't tell them you have
[845]
kids don't tell them anything that they
[847]
can use to pull on your emotional
[849]
strings to get you to sign and buy now
[851]
there's no reason you can it's a house
[854]
and you can wait and they can wait
[856]
nothing makes me more irritated than a
[858]
pushy salesperson and when you're in an
[860]
emotional state when if something
[861]
terrible has happened and you're in you
[863]
have to get a house right now they don't
[865]
let them do that to you i just don't
[866]
want them to do that to you but there
[868]
are good questions you can be asking
[869]
when you're going into a manufactured
[871]
home and talking to salespeople ask them
[873]
how long is it going to take before they
[875]
can deliver your manufactured home if
[877]
you were to sign today how long would it
[879]
take to be delivered to your lot ask
[882]
them what the r value is of the walls
[885]
and ask them about the insulation of the
[887]
walls ask them how they affix their
[890]
manufactured homes to certain kinds of
[893]
foundations tell them the type of
[894]
foundation you're thinking about getting
[896]
ask them what the wind rating is if it's
[899]
at a one two and three and ask them what
[900]
the wind recommendation for your area is
[903]
i always want the highest because even
[905]
though i may not be in a wind zoned
[907]
three i wanna win zone three house so
[910]
that way i know for sure that it's good
[912]
well and protected ask them how much
[914]
extra it would cost to have that
[915]
manufactured home with a win zone rating
[918]
three ask them about the shingles that
[920]
they put on the roof are they
[921]
architectural shingles are they three
[923]
tabs ask them if they have metal roofing
[926]
available because that will last you a
[927]
lot longer get a breakdown of all those
[930]
costs and definitely ask about the air
[932]
conditioning unit that they plan on
[934]
using now some of these places are going
[935]
to tell you that you need like a special
[937]
warranty to get for your manufactured
[939]
home just know that 99 of manufactured
[942]
homes come with a one-year warranty so
[945]
if anything happens to your manufactured
[947]
home within that one year you get a hold
[949]
of the sales people and they're supposed
[950]
to come out there and fix it there are
[952]
other things in your manufactured home
[954]
that are going to be covered for a lot
[956]
longer like your air conditioning unit
[957]
itself will have its own separate
[959]
warranty and then your windows
[961]
themselves if they're double pane some
[963]
of them come with five to ten year
[964]
warranties on them and oh and one more
[966]
thing about the windows ask if they're a
[968]
specific size because some manufactured
[971]
homes have a smaller window size and
[973]
when you go to replace them it's almost
[975]
impossible to find a replacement so make
[977]
sure that the windows and the
[979]
measurements of the doors are in line
[981]
with what is available if you need to
[983]
replace it really quickly at a place
[985]
like home depot or if it's some kind of
[987]
special weird size and you have to have
[988]
it custom built because of the fact that
[990]
it was smaller than what typically is
[992]
sold that can really stink especially if
[994]
has storm damage we have lots of that
[996]
here in louisiana all right you've
[997]
gotten your manufactured home you've got
[999]
that picked out everything's good you've
[1001]
gotten your land it's all set up you've
[1003]
got yourself a nice 30-year fixed-rate
[1005]
mortgage that your lender's working with
[1007]
you on but now don't forget you're gonna
[1009]
need to know about your insurance and
[1012]
your taxes now a lot of people will tell
[1013]
me that it's really difficult to find an
[1016]
insurance company that will cover a
[1017]
manufactured home here is my advice to
[1019]
you call a insurance broker who can
[1023]
basically farm as many quotes as
[1025]
possible for your specific piece of
[1027]
property and don't just take the first
[1029]
one i would work with a couple different
[1031]
ones to see who's going to give you the
[1032]
best rate but typically the rates for
[1034]
manufactured homes on insurance are a
[1036]
lot less than a traditional built home
[1038]
now there's other insurances you need to
[1040]
consider like if you live in a flood
[1041]
zone area that's not typically rolled
[1043]
into your mortgage payment itself fema
[1046]
flood insurance can cost as little as
[1048]
500 and then it can go all the way sky
[1050]
high depending on where you are on the
[1052]
flood map so you're going to want to get
[1053]
that quote ahead of time as well so that
[1055]
way you know if it's something you can
[1056]
afford every single year and you never
[1058]
want to let your flood insurance policy
[1060]
lapse ever for as little as it can cost
[1062]
at 500 it's 500 of peace of mind now if
[1066]
you're buying this brand new just be
[1069]
aware it doesn't matter if you're
[1070]
building a manufactured home a modular
[1072]
home or traditional built home
[1074]
unexpected things happen and i know at
[1076]
the beginning of this video i had
[1078]
explained the fact that they had said
[1080]
that you don't have time constraints but
[1081]
the way the world networks now
[1083]
besides weather delays we have building
[1086]
delays and in some cases some
[1088]
manufacturing home companies are telling
[1089]
you right now it's a 15 month wait
[1092]
before they can ever have it delivered
[1093]
to your lot and there's other things
[1095]
that can happen as well so when you're
[1097]
having it delivered the truck itself by
[1099]
accident can knock over some power lines
[1101]
even some mailboxes and you have to pay
[1104]
for those kinds of expenses that happen
[1106]
yes the mobile home company should be
[1108]
paying for those but in some cases just
[1110]
to make your neighbors happy go ahead
[1112]
and replace their mailboxes it's one of
[1114]
those expensive it stinks it stinks
[1116]
don't get me wrong but let's not get
[1118]
your neighbors on a bad foot with you
[1119]
because your mobile home company knocked
[1121]
over their mailbox so just anticipate
[1123]
those kinds of unexpected expenses i
[1126]
always say to have an extra ten thousand
[1128]
dollars in your pocket just in case so
[1131]
what other real cost about manufactured
[1133]
homes did i not cover in this video let
[1135]
me know in the comments section to watch
[1136]
more videos about manufactured homes
[1138]
you're going to want to click this video
[1139]
right here my name is christina
[1141]
smallhorn your real estate whisperer and
[1143]
i tell you all this because good real
[1145]
estate information matters
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