Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

Helpful Tips for Those Buying New Manufactured Homes

by Luke Fields

If you prefer to live in a new home — but you don't have the funds or desire to have a home custom designed and built — then you may want to look into manufactured homes. These homes are already designed and made. They're put up for sale, generally by the company that makes them. If you order a home, it will be delivered in pieces or parts and then assembled on your land. New manufactured homes come in a wide range of sizes, styles, and prices. Here are a few helpful tips to follow as you shop for and buy one.

Consider layout along with size.

Sometimes, people look at a certain home for sale, think it's a bit too small, and instead decide to buy one that offers more square footage. Adding square footage might be the solution, but it also may not be the solution. The problem may actually be that the first home you're looking at doesn't have the best layout for you. Before you assume you need more square footage, look at different manufactured homes with the same square footage. For instance, if you look at a 1,500 square foot home and it feels too small, look at a few other 1,500 square foot homes with different layouts before deciding you need a 2.000 square foot home. 1,500 square feet might be enough for you if the home is laid out the right way, and the smaller home is almost always more affordable than a larger one.

Consider the quality of the materials.

You may come across two homes with about the same layout and size, but different price tags. Often, the difference comes down to the quality of the materials. Homes you pay a little more for are generally made with higher-quality materials. If you can afford to do so, these materials are usually worth paying for. You'll pay less to maintain and replace those materials over the years you live in the home. Examples of higher quality materials worth paying for include metal roofing, tile floors, and stone counters.

Consider the timeline.

Once you find a manufactured home you like and think you want to buy, ask the seller how long it will take to have that home delivered to and assembled on your land. Sometimes, the company may need to manufacture the home before it can be delivered. Other times, the home may already be made and just needs to be delivered and assembled. Your timeline will depend on the company's process, and it's good to get an idea of that timeline from the get-go.

Buying a manufactured home is a great way to enjoy living in a new space, affordably.


About Me

Do You Need Private Mortgage Insurance?

Welcome to my website. My name is Larry Silva, and I want to talk a bit about private mortgage insurance. You may have heard the term PMI mentioned when you were in the process of purchasing real estate. When I first heard my lender talking about PMI, I was very confused. It was my realtor who sat me down and explained what private mortgage insurance was and when someone is required to purchase it. He told me that PMI is not lifelong insurance; it can be cancelled when the mortgage principal balance reaches a certain point. Once it was explained to me, private mortgage insurance was no longer a mystery or a confusing concept. I would like to pass on what I learned and hope that you find it to be of value.