4 Money Saving Tips For Buying A Manufactured Home

If you’re thinking about buying a mobile home, these four money-saving tips can help you get the most for your money.

1. Hire a professional.

A licensed Realtor that is familiar with manufactured home sales will help you find the best homes for your money and negotiate the lowest possible price on your behalf. Realtors know the necessary laws and regulations, and are trained to recognize buying and selling trends. A Realtor can lookup mobile home values in the area and will provide an unbiased opinion of your prospective mobile home’s market value. Fees depend on the specific services you need. Rates can be as low as $60 per hour or a percentage of the selling price. Flat rates are also available.

2. Negotiate fees.

Mortgage products and services are very competitive, so it pays to shop. You can save money if you negotiate certain fees related to your mortgage, application, appraisal and inspection. You should ask a number of mortgage lenders about their rates, points, settlement costs and administration fees. Negotiate rates with your lawyer. Consider paying your attorney an hourly rate instead of a percentage of the selling price. Also, be on the lookout for duplicated legal services that are already provided by the bank’s attorney.

3. Research your mortgage options.

If you want to find the right mortgage, then research your lending and mortgage options carefully. Banks or residential mortgage lenders are a convenient, first-stop, but may not offer the best deal. Seek out alternatives, such as federal or state sponsored loan programs. For example, you can qualify for a 15 or 30 year fixed-rate mortgage from the Federal Housing Administration. These loans are insured by Uncle Sam and feature low or no down payments, and fixed or adjustable interest rates. Other resources include the Veterans Administration and the seller, who may finance some or the entire mortgage.

4. Inspect your mobile-home-to-be before closing the deal.

You can avoid costly repairs, if you discover structural or environmental problems before the closing. Hire a professional home inspector to check for any deficiencies in the plumbing, heating or electrical systems, as well as structural and environmental problems. Make sure that the home inspector is familiar with the special problems found in mobile homes. If the necessary repairs cost more than $1,000, try to renegotiate the selling price or get the seller to fix the problem. Otherwise, the manufactured home may not be worth the added money and frustration.

Finding ways to cut costs will help you to find a mobile home at a price you can afford.