Manufactured homes, commonly known as mobile homes or trailers are a type of prefabricated housing that is mostly constructed and assembled in factories and then transported to sites to be sold and lived in such as manufactured home parks.
The idea behind the concept of manufactured homes was for easy mobility if a home owner had to relocate. While they had a rocky start with some construction problems and quick depreciation in the 50’s and 60’s, the new units built and sold today are produced with a much higher standard of quality and tend to hold their value quite well in a real estate market. That value however, is typically substantially lower than that of a comparable single family (traditional) home.
Modern manufactured homes are easy to care for, have low maintenance costs, have all your living on one level and can often look identical in appearance to a site built home They are most often sided with durable and easy to clean vinyl siding that does not need to be painted or stained; the plumbing, wiring and structure of the home is usually accessible under the unit and easy to repair or replace; and with a double wide unit placed on a large pad with decks and car ports, the look can be fantastic!
Manufactured home park living also has advantages. There is very good security in the parks, as the neighbors are close together and tend to keep an eye out for one another. A resident can leave on vacation with peace of mind knowing that traffic in and out of the park is monitored by the residents and park manager. Since the residents are often of the same age group there can be great opportunities to make new friendships and the community feel is warm and comfortable. On the down side, parks often lack privacy and just about always have rules that must be followed. Some of these rules may include: restrictions on the size and number of pets you can have, whether you can rent out your home or not, and the type and quality of landscaping you are permitted to have at your home, to list just a few.
It also must be mentioned that financing a manufactured home is not as straightforward as obtaining a mortgage on a traditional home. A purchaser may face having to put up a larger down payment, pay a higher interest rate or agree to a shorter borrowing period. There is also always a pad rent fee that must be paid to the owner of the park, as you do not own the land. This fee in Powell River ranges from $250-$340 per month and covers the land tax, the park manager’s services, plus water and sewer if the park is rural.
Re-sale of a manufactured home is not difficult in our community. Many people appreciate the affordability of the homes, the security and well maintained appearance of the parks and the living without stairs. You can expect that the home will depreciate somewhat however, meaning the gains on your investment will be smaller than the gains during the same period on a traditional home. There are also electrical issues that could arise when you sell your manufactured home because a valid CSA certification needs to be in place prior to a sale.
If you are considering a manufactured home for yourself or have further questions about the homes or parks, I am happy to chat and provide accurate information.