Home Buying in 08050>Question Details

Christina, Home Seller in 08050

Hello I am presently looking to purchase in a nice community that has resale manufactured homes on leased land

Asked by Christina, 08050 Mon Jun 30, 2008

is there any other type of disadvantage when purchasing these types of homes besides not being able to get a home mortgage.

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Answers

6
Other than the fact that you don't own the land, there isn't really any disadvantage. But since you don't own the land then you don't pay property taxes so that's a little advantage.
1 vote Thank Flag Link Wed Jul 2, 2008
In a manufactured home community you'll pay a monthly maintenance fee, for your land lease and the community area grounds. You pay no taxes. Depending on the community, you might have a pool and club house and other community activities. I believe there is financing available for manufactured homes, depending on the age of the unit..
1 vote Thank Flag Link Tue Jul 1, 2008
In some parts of the country NOT ALL these types of homes are difficult to resale, lost of value upon purchasing. However they can produce future rental income.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Dec 11, 2008
You are in Luck. There are some banks in The local area that are offering loans on these homes, TD bank (formerly commerce bank) but they do have strict guidelines. I would contact TD bank and also bank of America. I just closed on one that was approved to TD Bank
Web Reference: http://soldbypattie.com
0 votes Thank Flag Link Thu Dec 11, 2008
Personally it depends on lifestyle, however it is difficult to resale them Good luck http://www.lynn911.com
0 votes Thank Flag Link Wed Jul 2, 2008
Not really some home buyers don't prefer to purchase these types of homes for resale Good luck http://www.lynn911.com
0 votes Thank Flag Link Mon Jun 30, 2008
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