So Where Do You Want To Live?
Finding a location for your new home is often the most fun and exciting part of homeownership–and also the most tricky. The right piece of land in the right area can truly turn your new manufactured home into your dream home!
Choosing land for your new home in a less-than-ideal location can provide on-going headaches and frustrating issues for months and years to come–so choose wisely!
When deciding where to locate your new home, you have two primary options: placing your home on land you own or intend to purchase, or leasing property on a private lot within a community or park.
Owning the property underneath your home is attractive to many. Owning the land certainly makes it easier to qualify for conventional financing. Additionally, the land and home combination may appreciate in value faster than owning a home alone.
Leasing a site can be a less expensive option. Typically, it is also a less complicated process than buying the land outright. However, it is important to keep in mind that you own the home and not the land.
Finding the perfect piece of land for you can often be difficult. The good news is that we have real experience helping homebuyers with this challenge. We can usually refer you to a real estate agent who is well versed in residential and rural land availability throughout our delivery radius.
As mentioned on our pre-purchase planning page, thinking through what you really want in your home site is crucial. You can limit your search and shorten the time you spend looking for land by knowing exactly what you need and want from the start.
Are you prepared to develop land?
Are you looking for a home site where minimal preparation will be needed?
What neighborhood amenities are important to you?
Are you interested in a planned community?
Be prepared to look at a lot of properties. Buying or leasing land is a big commitment, so take your time and look for the property that really meets your needs.
To ensure the timeliness of the home delivery process, utility hook up, and any site improvements, it is important to take some precautions to ensure long-term home site usability and durability for your new home:
Regional Homes of Hamilton will provide you with all the information necessary regarding placing one of our homes in your specific area of choice.
An increasingly popular option is purchasing a lot for your new home in a planned subdivision. These are typically attractive, well-thought-out communities. One big advantage it can offer is that much of the preparation work (including streets, lights, landscaping and utilities) has already been completed.
As with undeveloped land, consider these practical factors:
If purchasing land is not right for you, learn more about leasing property below.
Leasing can be a good option because the costs of the property are usually much lower than buying land outright. With that said, leasing may have costs over and above your rent. Ask questions and be sure to know what you’re committing to.
Make sure you understand and can live with the terms of your lease. As with purchasing land, there are a number of issues to consider:
Simultaneously buying land along with a Regional Homes of Hamilton manufactured, modular or mobile home is the most common way to begin home ownership. This method is called a “land/home” transaction.
This method offers you some substantial advantages:
Land/home buyers can use conventional home mortgages to finance their new home purchase. As a result, they can often save thousands of dollars compared to chattel loans.
Conventional loans do require more documentation and a more detailed application process, but the money that you might save with the lower interest rates available may be worth it to you.
Our affordable financing and home site planning expert is happy to help sort through the details and options of all this with you.
Want to live close to beaches? Want to play golf every day?
Planned communities might be just what you’re looking for. These developments feature manufactured homes and often other amenities like clubhouses, planned activities and swimming pools. You purchase the home and lease the land. This allows you to stretch your budgets because you are not buying the property.
Many planned communities cater to seniors and restrict the number of young people. Other communities are open to families. Most have a homeowners’ association and detailed rules that owners must follow.
If you’re interested in a planned community, consider:
If you’ve found a community you like, be sure to talk to the people that live there. How do they like the community? How are conflicts resolved? Do the owners take care of the property?
All the above is a lot to think about, isn’t it? Never fear, or be overwhelmed. We are here to help you!