Credit: Original article by Champion Home Builders via the Champion Homes Blog. Photo by a manufacturer of Champion Home Builders.
If you’ve wondered why manufactured homes are becoming more popular with first-time homebuyers, first-time move-up buyers, baby boomers, empty nesters and retirees – there are two simple answers:
- The current state of the housing market
- What manufactured homes now offer
It’s no secret that the U.S. is in an affordable housing crisis. According to a recent Harvard study, millions of Americans are currently priced out of homeownership, struggling with housing cost burdens or without shelter at all.
Long story short: Traditional homes are too expensive (average home price is ~$358,021 – 413,160). Interest rates are high: over 7%. There are not enough affordable homes (a gap of 7.2 million homes).
The other side of this equation is the impressive evolution of manufactured homes. Today’s manufactured homes offer high-quality builds, customizable styling, luxury upgrades, eco-friendly amenities and energy efficiency, upscale communities and more.
Let’s look at why manufactured homes are increasingly becoming the first choice for so many homebuyers.
What are the Benefits of a Manufactured Home?
Attainable Homeownership: Affordability and Lower Cost
Manufactured homes are generally more affordable than site-built homes. The average price of a new manufactured home typically ranges from about $86,000 – 158,000 which is significantly lower than the average cost of a site-built home (see above). This also makes the down payment much lower and the monthly cost of ownership comparable to renting an apartment.
But this lower cost means you have to sacrifice quality, right? No, it doesn’t.
Here’s why Cavco’s homes are more affordable while still being high-quality:
- Our homes are built more efficiently than site-builders allowing us to pass savings along to our customers.
- Our highly trained teams utilize advanced building techniques that reduce construction costs and waste.
- We use quality materials to ensure durability and longevity.
- Our homes meet or exceed the code requirements of the U.S. Department of Housing and Urban Development (HUD).
- Each home undergoes careful testing and inspection to ensure quality and safety.
- Our construction process is quicker than the site-built process, with no construction delays or cost overruns.
- We buy construction materials in bulk at wholesale prices allowing us to pass that savings along to our customers. These add up to major cost savings (about 10 – 30% compared to the cost of a site-built home).
This gives customers comparable or higher home quality with more buying power to upgrade their new manufactured home.
Faster Construction and Move-In
One of the standout features of Cavco’s manufactured homes is the speed of construction. Our homes can be completed in a fraction of the time it takes to build a site-built house. An average home can be completed in about five days and ready to move into in 2 – 4 months, not up to a year or more like site-built homes.
Fewer Surprises (Less Maintenance)
Manufactured homes oftentimes require less maintenance and upkeep than site-built homes. This is for a variety of reasons, including:
- Precise Construction: Manufactured homes are built in controlled environments using precise assembly techniques that minimize material defects and construction errors, which can reduce the need for ongoing repairs and maintenance.
- Quality Materials: Manufactured homes incorporate durable materials that are resistant to wear and tear. For example, the roofing and siding materials used are designed for longevity and require minimal upkeep beyond routine cleaning.
- Design and Setup: The design of manufactured homes often features simple, open floor plans and fewer architectural complexities, which can decrease the time and effort needed for common maintenance tasks.
- Community Support: Many manufactured home communities offer maintenance services as part of the residency agreement that cover common exterior maintenance tasks, further reducing the homeowner’s burden.
Location Flexibility
One of the standout advantages of manufactured homes is their location flexibility. This flexibility stems from their unique construction and installation processes, allowing homeowners to place their home in various settings.
On Your Own Land
You can install a manufactured home on privately owned land, which offers the freedom to create a standalone property. This option allows for the customization of the surrounding landscape and the addition of external structures like garages or gardens.
In a Manufactured Home Community
For those seeking a sense of community or certain amenities, manufactured home communities are ideal. These communities often come with pre-installed utilities and shared facilities like pools, clubhouses, and playgrounds, providing a convenient and social living environment. If you’re looking for a manufactured home community, click to use Cavco’s handy search.
Diverse Customization Options
Manufactured homes today offer surprisingly diverse and unique customization options, reflecting advances in construction technology and design. Cavco’s homebuyers can choose from a variety of layouts, materials and finishes to personalize their space to suit their style and functional needs, including;
Floor Plans and Layouts: Homebuyers can select from single-wide, double-wide, triple-wide or modular options, with layouts that can be customized to include open-concept designs, additional bedrooms or specialized spaces like home offices.
Interior Finishes: Interior customization can include choices in flooring, wall colors, cabinetry and fixtures. Advanced options may even offer higher-end finishes like granite countertops or hardwood flooring and luxury bathrooms.
Exterior Designs: Exterior options are not limited to the traditional manufactured home appearance. Options can include different roofing styles, lighting, siding materials and porch designs that enhance curb appeal and individuality.
Energy Efficiency Upgrades: Customization also extends to functional aspects like energy efficiency. Homeowners can opt for upgraded insulation, energy-efficient windows and modern energy-efficient heating and cooling systems and appliances.
Energy Efficiency and Sustainability
Manufactured homes are energy efficient and have a reduced environmental impact:
Efficient Construction: Manufactured homes have a distinct environmentally-friendly advantage over site-built homes. The factory setting allows for precise building material usage, reducing waste significantly. Additionally, the controlled environment minimizes the risk of weather-related delays and damage, further conserving resources.
Energy Efficiency: Many new manufactured homes are designed with energy efficiency in mind, featuring more precise construction, better insulation, energy-efficient windows and even green ENERGY STAR® appliances, which can lead to lower utility bills. Passive solar positioning with a north-south orientation can also reduce heating and cooling costs.
Sustainability: The ability to use less land for construction and the potential for less disturbance to the site also make manufactured homes an environmentally friendly choice.
Multiple Financing Options
A common misconception about manufactured homes is that it is difficult to get financing to buy one. That’s not true but can vary depending on if you’re only buying the home or buying the home and land.
There are many options on how to finance a manufactured home. Cavco even has its own internal bank, CountryPlace Mortgage — one of the nation’s leading lenders for factory-built homes for 25 years.
Financing options include:
- FHA Loans
- VA Loans
- USDA Loans
- Chattel Loans
- Conventional Mortgages
Community Living
For many buyers, living in a manufactured home community adds an extra layer of appeal. These communities often offer benefits that extend beyond the home itself, including:
Built-In Amenities
Manufactured home communities come with shared amenities such as clubhouses, fitness centers, sports fields, walking tracks, swimming pools, access to nature, lakes and community parks.
Maintenance and Security
Community management often includes upkeep of common areas and some utilities, reducing the burden on homeowners. Gated community options provide added security.
Location and Lifestyle
These communities are frequently located in desirable areas with access to good schools, shopping and recreational activities.
Purchasing a manufactured home offers multiple advantages that are particularly attractive to first-time homebuyers. These quality, affordable homes provide an attainable, efficient and faster path to homeownership with modern amenities, customizable options and supportive communities.
With so many benefits, manufactured homes stand out as a smart choice for anyone wanting to achieve the dream of homeownership.
Sources:
- Federal Reserve Bank of Atlanta
- Bankrate.com
- Realtor.com
- Manufactured Housing Institute
