- What shape is your credit in? When purchasing a manufactured home you will most likely be using a mortgage, not paying cash. Several months before beginning your research for a home, you should check your credit. Make sure your credit history and information is correct; if there is anything incorrect, be sure to fix it immediately.
- If you move frequently or aren't ready to commit to a home for a while, you may be better suited to rent. There are many costs associated with purchasing or selling a manufactured home (depending on if this is a new or existing home purchase costs can include escrow costs, transportation costs, broker fees, etc.) If you are not ready to commit to a home, you may end up losing money in the end.
- How much home can you really afford? There are many online calculators that can assist with this. Investigate what type of taxes and bills you might be incurring as a home owner (space rent, taxes, utilities, insurance, etc.)
- Create a wish list. Keep this list in mind or take it with you when looking at homes. This will help you to stay on track and not lose sight of items that were important to you at the beginning of your search.
- Consider the area you are looking including school districts and schools that your children may attend. You'll also find that strong school districts are a top priority for home buyers; this would be beneficial if you sell. Make sure there are no plans for future adverse construction that might affect the value of the area and ultimately your property.
- Research, research, research before purchasing your home. This is one of the largest purchases you may ever make. Be sure you've done your homework from top to bottom before making an offer or purchasing a new manufactured home. What are the sales trends for the area? What are comparable models selling for? Do you have the best possible loan for your individual situation? These are just a few of the questions you should be asking yourself.
- Have a professional home inspection done. This is different than the physical appraisal. Typically, a bank will request a physical appraisal from a qualified manufactured home appraiser to determine the appraised value of the home. In addition, you should hire your own home inspector with experience in manufactured homes. They will be able to point out any potential problems that could require repairs in the future.
