What You Need to Know
Southern California is a hotbed for real estate, with median home values coming in at just over $550,000 – up 1.3% over last year. Home values are expected to increase again this year, according to Realtor.com and Zillow, by about the same amount. A great alternative to the high price of real estate is a manufactured home purchase – which Monarch Home Sales can help you with!
Monarch Home Sales is unique in the industry, as we are a dual-agency company. Many first-time home buyers can experience sticker shock when it comes to the Southern California housing market, and Monarch Home Sales can help ease that shock by offering you some great alternatives to traditional site-built single-family homes.
Have you considered a manufactured home? Typically referred to as “mobile homes,” manufactured homes are quality built homes that offer many of the same amenities as traditional homes – but they usually come with more space and include the latest creature comfort and upgraded green technologies that traditional homes are now required to have in California. These mobile and manufactured homes are located in the same neighborhoods, and share the same schools and shopping centers as traditional neighborhoods while typically offering a greater sense of community by sharing space in a park that could offer amenities such as community parks, pools, and clubhouses.
Today’s modern manufactured home builders created many different floorplans to suit the needs of discerning home buyers like yourself. There are some things you need to know if you’re looking at purchasing a mobile or manufactured home:
Mobile Home Types
Manufactured homes typically come in different configurations, and offer different placement as well. Depending on the home and placement options you choose, your mortgage or financing options may differ. Your personal Monarch Home Sales professional is here to help you navigate your options and make the best purchase decision.
Modern mobile or manufactured home builders generally build either “single-wide” or “double-wide” units. There are some Some companies that can also configure “triple-wide” or even two-story new homes, as well!
Single-wide manufactured homes are built on a narrow frame, and interior rooms can either be connected to each other (common) or via a narrow hallway.
Double-wide manufactured homes are typically made of two single-width platforms joined in the center. These homes tend to look more like conventional stick-built homes and offer roughly twice the square footage of a single-width home.
Triple-wide or two story manufactured homes offer additional floor plan options, and greater square footage, but the placement of these larger units within a mobile home community can be problematic, as these homes are much larger than a typical mobile home. These units will usually be found on larger lots and are sold on a “land & home” basis.
When you purchase a mobile home, you must also purchase or rent real estate where you can place the home. Options to rent or lease are available in most areas of Southern California, as are land-home packages. Your Monarch Home Sales professionals can answer any questions you have about the various land options available in the area you wish to live.
Generally, urban areas in Southern California have mobile home parks and communities that will rent or lease land to a new homeowner. These established communities have modern amenities and “hook ups” that allow you to place your home and plug directly into the electrical, gas, and plumbing grids that are pre-plumbed for your home.
In a rural or developing suburban area, you may have the option to place your home on an existing parcel as part of a “land-home” package. This type of package will bundle private real estate with the mobile home purchase, which means you can ‘bundle’ your monthly payments into one convenient mortgage.
Financing a manufactured home is different than financing a typical stick-built home. Because Monarch Home Sales is a dual agency, our professionals are trained and knowledgable on the differences and can help you successfully purchase your home – manufactured or traditional – with minimum headache!
For example, financing a single-wide manufactured home can be problematic as some larger private real estate lenders typically will reject loans on these smaller homes. However, Monarch Home Sales has great relationships with these and other lenders – as well as Southern California lenders and credit unions – and we have had great success securing financing for our clientele.
Double-wide home financing rules are easier, but it takes a dual agency like Monarch Home Sales to successfully navigate the process as it is slightly different than what a typical real estate agent will run into.
There are other options that are not found in a typical home purchase as well. For example, conventional loans may be limited by some lenders to manufactured or mobile homes that are no older than 15 years. Or government-back loans may insist on “original set.” Monarch Home Sales professionals have been in business for decades, and understand the requirements of lenders, and work with them to ensure your home purchase meets all the necessary requirements.
The great news for manufactured home purchasers is that this option offers an opportunity ownership at a price you can afford. The lower cost of home purchase may even come with added bonuses when it comes to down payment. Many conventional loan programs have a minimum down payment requirement of 5% – and some government-backed programs require even less.
As with conventional home ownership, your lender will likely to require new home owners to carry mobile-home insurance for as long as you have the loan. As with traditional homeowner insurance, this will protect the purchaser and the mortgage holder in case of natural disasters, damage from fire or loss from theft.
Enjoy your new manufactured home!