I only know personally of 1 person who successfully did this-but they'd already owned the lot for decades and the existing home was a horrible eyesore that was falling apart. She had to get several hearings and exemptions from the city, and it really came down to her persistence. However, it still sticks out as an anomaly in the neighborhood.
â€œWhat is the difference between a normal site-built single family home on a residential lot and a manufactured home installed on that same lot?â€
Iâ€™m assuming you are either interested in putting a manufactured home on a normal residential lot OR you are interested in buying a home that happens to be a manufactured home that is already on a normal residential lot â€¦
The answer is a bit convoluted:
If you mean a manufactured home such as the type you see in mobile home parks (usually a 2 or 3 piece home â€“ double-wide or triple-wide), then those can be installed on a normal lot on a permanent foundation (I actually know where are few are located), HOWEVER, it is VERY difficult to get financing to buy one of these. Most lenders do not want to be a party to this type of manufactured home â€“ especially FHA. It makes no sense at all, but is very true. Therefore, if the home is like this, value will be lower because itâ€™s virtually impossible to get a loan.
If you mean a manufactured home that is modularized and assembled like a jigsaw puzzle onsite, these are different. These are viewed as normal homes and financing is not an issue, therefore value will be the same as any other home in the neighborhood.
With a manufactured home, you own the box you live in but need to rent the lend that it sits on. Manufactured homes can be relocated. I get calls from time to time from people enthralled at the low prices of the manufactures home..here in San Diego though, the monthly rental fees are up to $700-$800 a month...so that is added to your mortgage payment.
Hope this brief overview is helpful.