When getting financing for mobile homes be sure to realize what you are getting into. Mobile homes are NOT considered as actual Real Estate. They are more along the lines of that new Ferrari or Mercedez Bens. Meaning they are looked upon as actual personal property or looked at like cars.

Mobile homes look beautiful and if you have never seen one, I encourage you to look at the inside of one and then laugh. You can’t. Manufactured homes are designed with you in mind. they now are much more spacious, have lots of extras, and have more rooms than you can get in a regular home for the same price.

I said all that to say this, mobile homes while beautiful, depreciate over time just, like, cars….

you work really hard to make your house a home but unless your manufactured home is emaculate, its value will continue to go down from the minute it leaves the “home-lot.”

If you want your home to appreciate and not depreciate, LAND is key!!! - the land you purchase for your home has the potential to be worth more than your home because if you get a location that is not populated, usually over the years it will eventually be! this makes your property go up in value. the home usually is not what people want, its your land that you’ll get top dollar for.

When getting your manufactured home, try to get as much land as possible near as much as possible. What do I mean? - well if someone just cleared 100’s of acres to sell and its near something very, very important like a school district. That land is going to be very, very valuable one day. I have seen this happen, over and over again.

As city’s become OVER-crowded, people tend to stray off into the country. Parents don’t want to take kids to school, so they find land thats very close so that a bus can pick them up or so that if the parents do have to take them its not very far.

Chattel means Personal property. In the common law systems personal property may also be called chattels or personalty. It is distinguished from real property, or real estate. In the civil law systems personal property is often called movable property or movables - any property that can be moved from one location to another. This term is in distinction with immovable property or immovables, such as land and buildings.

Manufactured housing (also known as prefabricated housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use.

In the United States, the term “manufactured housing” specifically refers to a house built entirely in a protected environment under a federal code set by the US Department of Housing and Urban Development (HUD). The term “mobile home” describes factory-built homes produced prior to the 1976 HUD Code enactment.

The original focus of this form of housing was its mobility. Units were initially marketed primarily to people whose lifestyle required mobility. However, beginning in the 1950s, these homes began to be marketed primarily as an inexpensive form of housing designed to be set up and left in a location for long periods of time, or even permanently installed with a masonry foundation. Previously, units had been eight feet or less in width, but in 1956, the 10-foot wide home was introduced. This helped solidify the line between mobile and house/travel trailers, since the smaller units could be moved simply with an automobile, but the larger, wider units required the services of a professional trucking company. In the 1960s and ’70s, the homes became even longer and wider, making the mobility of the units more difficult. Today, when a factory-built home is moved to a location, it is usually kept there permanently. The mobility of the units has considerably decreased.

The factory-built homes of the past developed a negative stereotype because of their lower cost and the tendency for their value to depreciate more quickly than site-built homes. The tendency of these homes to rapidly depreciate in resale value made using them as collateral for loans far riskier than traditional home loans. Loan terms were usually limited to less than the 30-year term typical of the general home-loan market, and interest rates were considerably higher. In other words, these home loans resembled motor vehicle loans far more than traditional home mortgages. They have been consistently linked to lower-income families, which has led to prejudice and zoning restrictions, which include limitations on the number and density of homes permitted on any given site, minimum size requirements, limitations on exterior colors and finishes, and foundation mandates. Many jurisdictions do not allow the placement of any additional factory-built homes, while others have strongly limited or forbidden all single-wide models, which tend to depreciate in value more rapidly than modern double-wide models. The derogatory concept of a “trailer park” is typically older single-wide homes occupying small, rented lots and remaining on wheels, even if the home stays in place for decades. Modern homes, especially modular homes, belie this image and can be identical in appearance to site-built homes. Newer homes, particularly double-wides, tend to be built to much higher standards than their predecessors and meet the building codes applicable to most areas. This has led to a reduction in the rate of value depreciation of most used units.

Both types of homes are commonly referred to as factory built housing, but they are not identical. Modular homes are transported on flatbed trucks rather than being towed, and lack axles and an automotive-type frame. However, some modular houses are towed behind a semi-truck on a frame similar to that of a trailer. The house is usually in two pieces and is hauled by two separate trucks. Each frame has five or more axles, depending on the size of the house. Once the house has reached its location, the axles and the tongue of the frame are then removed, and the house is set on a concrete foundation by a large crane. Most modern modular homes, once fully assembled, are indistinguishable from site-built homes. Their roofs are usually transported as separate units, eradicating the telltale roof line of the factory built home. As the legal differentiation between the two becomes more codified, the market for modular homes is likely to grow. The traditional factory-built home industry would seem to have a bright future as well. As the demand for housing continues to grow, the price of housing continues to increase rapidly. The constant improvement of quality and features of these homes has led to greater acceptance by a growing segment of the marketplace.