Magnificently Built Modular Homes
We often get asked questions regarding financing a modular home. We thought we would address that subject in this blog post. If you are considering financing a modular home, there are few things you need to know.
Modular homes are built in sections at a factory and transferred to the building site on large truck beds. Modular home manufacturers and local contractors will put together the sections and local inspectors make sure that the modular home meet local, state and regional building and permitting requirements and all finish work is done properly and beautifully. Therefore, modular homes are considered the same as far as financing as traditional stick built homes.
A title company needs to provide acceptable recorded evidence that the modular home was converted to real property and is covered by a standard real estate title insurance policy. Your lender might also request a satisfactory licensed structural engineer’s report that certifies the foundation is in compliance with guidelines. Your property appraiser will need to thoroughly inspect the home and include photos. Modular homes appreciate in value the same way traditionally built home do.
Your appraiser will note whether your home has been connected to a septic tank or sewage system and other basic utilities as well.
Lastly, the modular home must conform to the neighborhood and have sufficient living area and room dimensions to be acceptable to the market.
Although there are numerous modular home lenders, you should plan in advance on the best way to finance one. Modular homes manufacturers or local contractors can refer you to the lending institution they usually use in your area if you need assistance in finding a lender. If you buy a modular home with cash and want to refinance it or even sell it later on, your resale strategy should take into consideration the tighter lending requirements and higher interest rates for these properties too.
For more information, contact Avalon Building Systems in Stoughton, MA.
Excerpts - Nappa Valley Register
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