Manufactured Housing News

While a lot of people are buying manufactured homes as their main residence, others are looking into purchasing them as a second home or a vacation property. Whether you're looking for a change of scenery, or a cost-effective vacation getaway, manufactured homes have a lot of benefits. There are just some things you’ll want to consider before looking into buying a manufactured home as a second property. 

Financing

Financing a manufactured home for your second property or vacation home can be very different from a traditional house. While a lot of lenders offer loans for manufactured homes, you’ll need to explore the different options you have for financing and compare loan terms.
For example, manufactured homes that aren’t permanently affixed to land might require a chattel loan, which is a loan for movable personal property. If your second home is affixed to a foundation, it might qualify for a conventional mortgage, which could come with better terms.

Keep in mind that second-home financing might also come with slightly higher interest rates than primary residences, so it’s important to shop around and compare your options.
Some lenders may also have stricter requirements for financing a manufactured home as a second property. You might need to prove that the home will be used as a vacation retreat rather than a rental that will bring you more income.

Zoning & Placement

Before buying a manufactured home as a second property, it’s important to research local zoning laws and regulations. Different areas have different rules about the placement of manufactured homes, especially in vacation areas. Some communities or regions might restrict the placement of manufactured homes, while others may have specific requirements about the foundation type or the size of the home.

If you plan to place the home in a manufactured home community or a designated park, make sure you understand the community’s rules, including any restrictions on second homes or vacation use.

Investment and Resale Value

Another thing to consider when buying a manufactured home as your vacation property is whether it may have potential resale value. While traditional homes typically appreciate in value over time, manufactured homes don’t always appreciate at the same rate, especially if they are not attached to land. However, this may change over time— there’s a rising demand for affordable housing, and manufactured homes have improved in quality and design as the years go by.  Location also plays a huge role in resale value—choosing a prime vacation spot can make your property more valuable in the future.

Maintenance & Upkeep

Manufactured homes require regular upkeep, just like any other property, especially if it’s a second home that you’re not in all the time.  Depending on where you place your home, weather conditions like heat, cold, or storms might require more maintenance. And if your vacation home is in a remote area, finding maintenance services might be more challenging, so plan accordingly.

You can absolutely get a loan for a manufactured home as a second property or vacation home, and doing so can be a cost-effective way to enjoy a nice getaway. But first, it’s important to carefully consider your financing options, any zoning laws, and extra maintenance the home will need. With the right planning, a manufactured home can bring you the perfect combination of affordability, flexibility, and comfort in a second home or vacation escape.