Is a factory-built home a good
investment?
Generally, a home is a great investment.
Appreciation of both factory-built homes and site-built homes are affected by
identical factors: the stability of the community and neighborhood, supply and
demand in the local market, style of the home and of course, location.
Do I have to design my home or can I buy one
that's already built?
Most model home sales centers have an inventory of
homes for you to tour. Your NDMHA member retailer can explain available
options, or if you choose, they will assist you with designing a floor plan
best suited to your lifestyle and needs.
How will I know what to order?
Your professional housing consultant and NDMHA
member can be a knowledgeable resource for information about the construction
upgrades and interior amenities. It's common for buyers to custom design floor
plans, upgrade appliances, or include an attached garage and full basement. The
best way to start your search for a new home is to make a written list of what
is most important to meet your needs and then use it as a guide when visiting
model home centers and asking questions.
What are the differences between a
manufactured home and a modular home?
In many cases, modular homes and manufactured homes are built in the
same factory with most of the same component products and by the same highly
skilled workers-the difference is in the building code. Manufactured homes are
built to a federal building code, often referred to as the "HUD Code,"
a performance-based building code. The federal building code allows for greater
flexibility in integrating the latest in construction technologies while still
meeting the code's requirements. Modular or prefabricated homes are built to
the IRC Residential Building Code, which is the same building code that applies
to on-site construction. Both manufactured homes and modular/prefabricated
homes are inspected throughout the construction process and must receive either
a State or Federal "Seal of Approval" before leaving the factory.
Once at the home site, and the home is placed on the foundation, the work then
is inspected by the local building official.
Can I customize a manufactured home or a
modular/prefabricated home to make it my own?
You bet! Both types of factory-built homes offer
spacious floor plans, vaulted ceilings, walk-in closets, fireplaces, brand-name
appliances, customization packages, whirlpool tubs and many other upgrades. In
addition, exterior designs can be compatible with almost any neighborhood.
How long will it take to get my home?
From as little as a few weeks for a manufactured
or modular/prefabricated home being placed on a basement or permanent
foundation as real estate, to even less time when purchasing a model home at a
sales center and placing it in a land-lease community.
What are options for financing my new
factory-built home?
Today's factory-built homes can be financed with
traditional 30-year and 15-year conventional mortgages offered by your local
bank and national mortgage companies; FHA, VA, Rural Housing Administration, MN
Housing Finance Agency, Fannie Mae and Freddie Mac loans may also be available.
