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Modular homes NEED ADVICE

Posted by on May. 21, 2011 at 7:14 PM
  • 10 Replies

My DH and I are in the process of buyin a house. I am considering a modular home...do any of you mamas (or your SO's for that matter) have any experience with modeular homes and how well they hold up. I live in NC so I have been told that they are not so efficient hin hurricane weather and that the resalve value is horrible...any tips or advice is welcome :)

by on May. 21, 2011 at 7:14 PM
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Replies (1-10):
lapcounter
by on May. 21, 2011 at 7:17 PM
We leased a modular home once and have a manufactured home now we have also owned a stick built home I have seen no difference in the up keep or in insurance coverage.
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mom_of2_n_twins
by on May. 21, 2011 at 7:19 PM

I live in a "modular" home down in Louisiana we call it a mobile home or trailer haha and we get hurricanes. I personally would like an actual house but the note on a mobile home is cheaper. To say it will or won't withstand hurricanes thats kind of hard to tell b/c it depends on how bad the hurricane can be.

luvemboth
by on May. 21, 2011 at 8:02 PM
The resale value on a stick house is much better. If you can afford a stick house, I'd go that route. A lot of home lenders don't even loan for modulars (because they decrease in value over time).

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luvemboth
by on May. 21, 2011 at 8:07 PM
Oh, and I'll also add that if you do find a lender that deals with modulars the interest rate is higher as well.


Quoting luvemboth:

The resale value on a stick house is much better. If you can afford a stick house, I'd go that route. A lot of home lenders don't even loan for modulars (because they decrease in value over time).




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nowaygourmet
by Gold Member on May. 21, 2011 at 9:13 PM

agreed. also if renovations are needed u can get a loan or refi or 2nd mortgage on stick built.

in my experience, modulars and manufactured homes are built for volume selling, there is no care to how it's put together and they don't last like a stick home does. our little house was built in 1899 and is amazingly sound. the resale value isn't bad either. u can't do that with modular/manufactured homes. they are very nice when they are new but imo built very shotty if u will, not meant to last.

Quoting luvemboth:

The resale value on a stick house is much better. If you can afford a stick house, I'd go that route. A lot of home lenders don't even loan for modulars (because they decrease in value over time).


starfilled
by on May. 21, 2011 at 9:18 PM

I am going to follow this post because we're considering it as well.

chrismom19
by on May. 21, 2011 at 9:47 PM

We lived in a double wide growing up and then my kids and I lived in one for about 6 yrs. Yea the resale isnt real good, but it was great for us...  But I did live in Ohio....

lapcounter
by on May. 22, 2011 at 9:35 AM
Look at Clayton Built Homes.
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erinsmom1964
by Gold Member on May. 22, 2011 at 10:31 AM

 We own the land and the modular my MIL lives in.  It is on a foundation and has been there for 25 yrs.  We had a hell of a time getting insurance for it because unlike "real" homes no one wanted to insure it because of its age ( even though its on a foundation) and the insurance actually is twice as much as our stick home than is over twice her size and has over 3 times the value of hers even counting the land

erinsmom1964
by Gold Member on May. 22, 2011 at 10:36 AM

 Oh one other thing.  If you buy one in a park then understand it is like a car loan vs a home loan.  meaning you don't have the same protections as home owners when it comes to being late in payments.....foreclosure etc. 

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