Looking for advice, might be buying manufactured/modular

11 years ago

Hi! My husband and I will be looking at this house tomorrow! When we first saw the listing we didn't realize it was listed as a manufactured house. From what I have read on here though it is really a modular house? I am hearing from different people that it is harder to get a loan for a manufactured house, and even that they don't appreciate? We really like how it looks so far and love the location. I have always found great information on this site and am hoping you can help eliminate some of the confusion and possible help us know what to look for if necessary!

Thank you!!!

http://www.realtor.com/realestateandhomes-detail/5328-1st-Rd_Bremen_IN_46506_M40101-99090?row=46

Featured Answer

turner58800

11 years ago

Just thought I would give an update! We bought this house back in January for $125,000. Appraisal came back at $133,000. We were able to get a 30 year fixed rate mortgage with 20% down. There were some extra fees due to being manufactured, but with insurance and taxes payments are still less than $600/mo so I am happy! We just had the sellers, fix the well pump bladder tank as it was leaking. We also need to install a water treatment system which sellers paid a portion of. Sellers were building, so they have been renting it back from us for the last few months and we received keys yesterday! Thanks for all the advice!

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Comments (14)

cathyyg
11 years ago
Nice place! It is definitely a manufactured home, as the listing specifies so. It is also definitely affixed to a permanent foundation, the basement.

I am not a fan of the sloped ceilings, as it limits the amount of ceiling insulation that can be put in.

You may wish to investigate the possibility of getting the home defined as real estate instead of a manufactured home. The laws vary by state. Then the house is no longer legally a manufactured home and may appreciate as a normal house. Or not; a lot depends on the area.
christopherh
11 years ago
I looked at the basement photos and didn't see a steel chassis under the home. That would tell me it's modular.

Ask questions. Who was the manufacturer? Modular or Manufactured?

It's on a permanent foundation so getting financing should not be a problem.
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cathyyg
11 years ago
I saw what is probably the beams, boxed in with wallboard. The property description clearly specifies manufactured home.
Turner58800
Original Author
11 years ago
It is still classified as a manufactured house, it was made by Fairmont in Nappanee, IN (local company, from what I understand good reviews). Financing will be a bit of a challenge, but manageable.
Will this house continue to depreciate in value due to it being manufactured? I keep getting mixed answers on this.
cathyyg
11 years ago
It may either appreciate or depreciate, depending on the local assessors and local feelings about manufactured homes on permanent foundations. Technically, there is a way to get the manufactured home status removed, and then the odds of it appreciating are better. It varies by state.
cathyyg
11 years ago
Congratulations on your new home!! And stick around the forum here, too. It is not so busy as to take up a lot of time, and there are always new posters who need advice.
bindy1
11 years ago
anyone here recommend a 400sq ft kitchen/famly room addition to ranch.? sticke built price quoted was $ 120,000

shocking? my budget is $50,000? bin dy
cathyyg
10 years ago
$300 a square foot for an addition? You need another estimate. Is this just a plain on slab addition, or is a basement included? Kitchens are expensive, and need plumbing plus extra amounts of electrical work, but still, that seems like a really high estimate. Location matters, too. Does this include an architect to draw the plans, and to figure out how and where the beams must go to attach the addition to the old portion of the house? Will it require the entire roof to be redone?
bindy1
10 years ago
We already have the architect's drawings/plans. Its just plain old addition on slab. .No basement, one storey.Roof rafters continue outward from the current walls/roof. Its extending the walls outwards which will be loadbearing.Only the new portion needs roof. I could send you a basic line drawing. its 25' by 14".

I thinks the estimate is too high. its a very basic simple addition. Thx for the feed back, Cathy.
cathyyg
10 years ago
Now, a kitchen remodel job can run 50k all by itself. Is the devil in the details, the finishes the contractor plans to use? Flooring, cabinets, countertops?
bindy1
10 years ago
Btw I am in Somerset County NJ
bindy1
10 years ago
the cabinets and countertops are not even in that price quote. I had already sourced all that from a cabinet manufacturer in town.
bindy1
10 years ago
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