Buying Manufactured Homes
Many of those who have been actively looking for 55+ homes in San Diego County with a limited budget understand that majority of their current housing options include manufactured homes. These San Diego manufactured homes are located in 55 and over communities with co-op owned land, leased land, or land owned by the homeowner (resident-owned).
Here are a few basic questions that you should get answers to regarding buying 55+ Manufactured Homes
What is the age of the home?
The age of the manufactured home will affect not only its safety and livability but also your ability to finance it with a loan. Verify if the home was built before 1977 or built after 1977.
Find manufactured homes for sale in San Diego built in 1978 or later – click here to view manufactured homes for sale (1978+).
What type of financing is available to buy manufactured homes?
In general, manufactured homes that were built after 1977 are easier to finance.
There are different types of mortgages available to buy a home such as VA ( zero down payment), FHA (minimum 3.5% down payment required), reverse mortgage, conventional mortgage (as little as 5% down payment), etc.
However, depending on the age and condition of the home, land ownership, and even the financial health of any applicable HOA, not all loan programs may agree to finance manufactured homes.
If you are not ready to pay cash for the home, it is critical to get to know what are your financing options are before looking at buying manufactured homes.
Do I own the land underneath the manufactured home?
Some land ownership in manufactured homes in San Diego 55+ communities are set up as a condominium or through a co-operative (co-op). These 55+ communities that have land ownership are called resident- owned. Some manufactured homes sit on land that is available for lease only.
What is the cost of replacing the home?
The barrier to entry in owning a home and living in San Diego is the high cost of land.
To afford owning a home, many seniors buy manufactured homes in affordable age- restricted San Diego 55+ communities.
Many of the 55+ homes available for you to choose from need minor work, or major upgrades. Some are move-in ready. And some older homes qualify to be pulled out. If you find a pull out home on a great location within the community and you can buy the home cheap with the land, consider putting in a new home with new systems and friendlier floorpan.
Check to see how much it will cost you to replace a home and make it your dream home.
What type of specialized home inspections do I need before I buy a manufactured home?
It is important to get a general home inspection on the home before you commit to buying it. After inspecting the home, your general home inspector should be able to advise you on further specialized inspections that you should hire out to specialists to check on – i.e. the integrity of the foundation of the home, roof, plumbing and electrical systems, and more.