Financing Modular with Steel Beams

Industry pros offer their experience in manufactured housing to help first time buyers to make informed decisions with confidence and peace of mind.
kmckay

Re: Modular vs Manufactured?

Post by kmckay » Sun Jan 29, 2006 11:09 pm

Thanks--you're more informative than any other source I've found yet, and you've raised my comfort level.

I was in a time bind when I bought this--I needed someplace down here for my horses and where I could have the privacy and quiet I need to work. I'd looked at 30 houses in less than two days. I told my realtor I'd buy a shack or live in a barn to get the right property--I could make anything livable--just no doublewides. I didn't look closely at the house--a quick walk through a clean "modular" that I thought I could remodel into a spacious timber frame--it was so cluttered I didn't notice the peculiar walls until I moved in. I had never heard the terms "manufactured" or "on-frame"--this has been a real education.

I will definitely take advantage of your book store.

Again, thanks.
km

rmurray

Re: Modular vs Manufactured?

Post by rmurray » Mon Jan 30, 2006 6:19 am

Your welcome...Now spend time enjoying the horses and that perfect land you found...Enjoy...

Heidi Price

Re: Modular vs Manufactured?

Post by Heidi Price » Tue Apr 18, 2006 12:10 pm

I am in the process of purchasing a modular, do they keep better value that a mobile home. Or is there really a difference?

rmurray

Re: Modular vs Manufactured?

Post by rmurray » Sun Apr 23, 2006 5:36 am

As this whole discussion mentions...appreciation/depreciation is only a function of condition and location..location..location.....Search these discussion boards for hundreds of other posts on this subject...

Todd

Re: Modular vs Manufactured?

Post by Todd » Thu May 04, 2006 11:06 am

I am in process of purchasing an "on-frame" modular. It is a cape style house with 2x6 exterior walls and 2x8 floor joist. The house will have piers underneath for support as well as an exterior weight bearing foundation wall (block with brick) with continous footing. The data plate states it is Commercial Indutrialized Unit under IRC2000. From my research under the Virginia Buidling Code a modular falls under the Commercial Industrialized Unit Safety Law. Other than the steel frame, how is this going to differ from an off frame?

rmurray

Re: Modular vs Manufactured?

Post by rmurray » Thu May 04, 2006 9:50 pm

Most off frame home have larger floor joists....The only other difference I can think of is that lenders will look at your home as a manufactured home..appraisers will as well.....Off frame are treated by all as a stick home...on frame is still a manufactured home in most eyes...This will restrict you mortgage choices..Stick built and off frame have over 150 different types of mortgage products to chose from...On frame and manufactured may only have 4 or 5...

Donna

Re: Modular vs Manufactured?

Post by Donna » Thu May 18, 2006 7:51 am

Just thought I'd mention a problem I've seen in the manufactured arena. I appraised a manufactured home that had a 3 room, site built addition. No lender would loan on the property! Apparently there have been so many problems with how they are attached that lenders don't want to loan on them. This one did have a roof leak at the joint between the addition and the original home, so perhaps they are right in taking that approach. So feel free to upgrade other things, but I strongly recommend against doing an addition. Oh, and on the subject of depreciation... manufactured homes don't have an expected life span as long as a site built or modular home. That means they do depreciate faster, but only because the components of the structure degrade faster than site built/modular. You also may want to limit the upgrading you do. If you want a better sink or light fixture, go ahead and upgrade that. But replacing walls with drywall, putting in all new cabinets or doors are items that probably won't return your investment (unless what's there is in bad condition). Appraisers call that an "over-improvement" -- it costs a lot more than what you'll get for it in the marketplace on re-sale. If your home is manufactured, accept it for what it is and enjoy the property for the reasons you bought it. Just don't try to make a silk purse out of a sow's ear, as grandma used to say!

Post Reply

Who is online

Users browsing this forum: Google Adsense [Bot] and 17 guests