I bought a fantastic mobile home when I was 24. I've been a renter my whole adult life, in Los Angeles - stupid high cost of living city. modular homes -- These are fixed to permanent foundations and cannot be disassembled after assembly. It is possible to purchase land, build a permanent foundation, and place the manufactured home onto a permanent foundation, thus making it "real" property. In some instances and states they actually need to be registered like a vehicle. (the plan is to get settled and live there for 3 years or so then either flip it or transition it to a rental property) Manufactured homes do increase in value over time but not as rapidly and out of control as traditional housing. Manufactured housing can also last as long as site-built housing, according to the "Consumers Union" website. Insurance studies reflect the fact that manufactured homes today are designed to prevent fires, and have features designed to inhibit and limit the damage caused should a fire occur. Average Modular Home Cost. All this can be achieved because the build tolerances in the factory are so much tighter than they would be on site. 99% of the things you think you know about a manufactured home is most likely false – they are safer than stick-built homes and have 50% fewer deaths by fire. Will some boards rot and need to be replaced, sure. Lastly is going to be the closing costs to the lender. So I dont have a reference for you. Second, OP is on crack. But only individual pieces, not the whole house. Moreover, from an investment standpoint, there are plenty of good arguments making the case that real estate isn't a great. Know that manufactured home salesmen are essentially selling very fancy cars, so know what you want going in and don't be swayed. I typically did new construction manufactured homes. For a construction project, the fees are quite a bit higher than on a traditional purchase. 2010 ]. And that is the recommendation I make to anyone considering it. But the real answer to “how long does a mobile home last” is that it depends. The article explores the average cost of the different kind of manufactured homes as well as the cost of land. How that works is the park will take ownership of it, scrap it, and remove the husk. We've discovered that not at lenders offer mortgage loans for manufactured. A real estate agent can help navigate this step, but finding the perfect site for a modular home isn’t always easy. Expect to pay ~10 percent of the total project price in lender fees, taxes, and draw administration for the construction phase. I was not licensed in California, so I dont have a referral for you. They are a bad financial move. Homes built before this time weren’t nearly as safe. I do worry about long-term condition, though. An older study done in 1990 by the Manufactured Housing Institute placed the average life expectancy of a manufactured home at 55.8 years. However, some of the stereotypes and negative perceptions of this era still haunt the modern industry. My credit sucked and could not qualify for a house. The average modular home costs $50 to $100 per square foot or between $60,000 and $200,000 for a base model with delivery only. There is just no place your conditioned air can escape. When calculating your costs make sure you look into the monthly lot cost, the mortgage, the insurance, utilities, property tax, and saving money for maintenance/repair. Edit: worked in the manufactured home financing industry ages ago. Does my manufactured home qualify for a mortgage? If you buy a plot of land that needs a house, a manufactured home is a great economical choice. While manufactured homes in isolation are high quality shelters, they are not good investments. I do not know how much my parents spent on this house, it was brand new and I've been here for like 15 years (was in HS and my parents moved 3 years ago). A healthy roof is a healthy house. Built Tight for Safety The construction quality of manufactured homes is provided by trained labor and rigorous in-plant inspection and quality checks. Had a yard to call our own. I looked into purchasing a mobile home a few years ago and ran into the same problem, the person at the mobile home place told us traditional banks won't mortgage a mobile home because they are technically considered "vehicles" because they are mobile, and as such their value continues to decrease, instead of increase and gain equity as a traditional home does (although not true as much lately as the real estate market is so insane a friggin' cardboard box would appreciate). 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