Are you tired of renting? Do you dream of owning your own home but having a hard time making headway and following through on your dream? Think again!
Manufactured homes in Michigan could be the affordable housing solution you’ve been looking for.
What are Manufactured Homes?
Manufactured homes can best be described as homes that are built in a factory and transported to where they will be set up or installed.
Top on the list of modern manufactured homes is their quality and durability.
Why are Manufactured Homes a Smart Investment?
- Affordability
That’s right! One of the major and standout advantages of purchasing manufactured homes in Michigan rather than their counterparts is affordability.
Manufactured homes typically cost less than traditional stick-built homes because they are built in a factory and can be mass-produced. This means that they require less labor and material costs than stick-built homes constructed on-site.
Depending on the size and features, a new manufactured home can cost as low as $30,000. This is significantly lower than the median price of a traditional home in Michigan which is North of $200,000.
With such a significant price difference, purchasing a manufactured homes Michigan can be a smart investment for those looking to become homeowners without breaking the bank.
- Durability
Manufactured homes are built to strict standards and undergo rigorous quality control inspections. They are designed to withstand pounds of the elements and the stress of transportation and installation.
- Appreciation
Manufactured homes can appreciate in value over time, just like traditional stick-built homes. This presents the opportunity for manufactured homeowners to build equity in their property and potentially make a profit whenever they choose to sell it.
Last but not least, manufactured homes in Michigan are customizable and energy efficient.
Manufactured Homes In Michigan Funding Options and How They Work
Now that you know why manufactured homes in Michigan are a smart investment, let’s talk about how they are.
Here are some common funding options and how they work.
- Personal Savings
Personal savings are top on the list of manufactured homes in Michigan funding options. This option is much more convenient and carries no risks of litigation or financial embarrassment compared to other options.
However, it is worth mentioning that not everyone can afford one-time payments from their pockets. Unless they have enough saved up and dedicated to this sole purpose. If you can absorb the expenses without hurting other needs, this could be your best option.
- Financing
Another common way of funding manufactured homes in Michigan is by obtaining loans from a bank, credit union, or other financial institution.
However, you should be mindful of the interest rate and terms of the loan. Also, remember that the loan amount you will get will depend on your credit score and financial history.
- Manufactured Home Loans
As the name implies, these loans are special loans that are accessible to people who are looking to purchase a manufactured home.
Compared to traditional home loans they carry relatively lower interest rates and longer repayment terms. However, you may be required to make a higher down payment after scaling through strict eligibility requirements.
- Lease-to-Own
This funding option allows you to lease the property with an option to purchase it at the end of an agreed lease term.
This option is ideal for individuals who cannot afford to make upfront payments or purchase the home outright.
Conclusion
Manufactured homes have proven to be affordable housing solutions for people who are big on customizability, energy efficiency, and durability of properties.
Their huge potential for appreciation is also another factor that makes them stand out as a smart investment.
In addition to the low cost of living, growing demand for affordable housing, and teeming Michigan’s economy, it is clear why Michigan is the ideal place to invest in manufactured homes.
