Home Buying Guide
Taking the Next Step to Factory Built Home Buying
Choosing to buy a factory built home is an exciting decision, yet it is one quickly followed by a number of additional critical choices that you will need to make. In order to go from wanting a factory-built house to actually owning one, it is advised that you first establish a realistic idea of how much you can afford to spend on a home. An easy way to do this is to use an online mortgage calculator. This is a tool that can generate your estimated monthly mortgage payment after factoring in a variety of relevant variables, such as your loan amount, interest rate, and desired loan term length.
You will also need to decide where you want your factory built home to be located. Your options include:
- Owner-occupied land – MHIA-affiliated retailers and other members will be happy to advise you on both the benefits and challenges of putting a factory built home on your own land.
- Land lease community – Another option is to live in a land lease community, where you will own your home but lease the land it sits on. Land lease communities are highly affordable residential environments that exclusively feature factory-built housing. Some, but not all, land lease communities restrict residency to individuals who are 55 or older. The main attraction of a 55+ community is that it affords older adults the opportunity to purchase a low-cost factory built home and live in a place with age-appropriate facilities, activities, and services. An aging population, combined with advances in factory built housing, has helped spur an ever-increasing number of retirees to buy homes in 55+ communities across the country.
MHIA is a not-for-profit organization that has been instrumental in helping to bring homeownership within reach for countless people. With help from MHIA and our constituent members, you will be able to make informed decisions throughout the process of buying a factory built home.
For more information on taking the next step, refer to the MHIA website–one of the most influential voices in the factory built home industry for more than twenty-five years. We also invite you to contact any of our members directly, whether you have questions about financing a factory built house, obtaining insurance, selecting a floor plan, or any other matter related to the home-buying process.