Because they are often classified as personal property (chattel) rather than real estate, interest rates on loans can be significantly higher than standard mortgage rates.
If you don't own the land the home sits on, the home itself will likely depreciate over time. is buying a mobile home a good idea
When you attach a manufactured home to a permanent foundation on land you own, it is usually reclassified as "real property." This makes it easier to get a traditional mortgage, and the entire package (land + home) is much more likely to appreciate in value over time. The Verdict Because they are often classified as personal property
Because they are often classified as personal property (chattel) rather than real estate, interest rates on loans can be significantly higher than standard mortgage rates.
If you don't own the land the home sits on, the home itself will likely depreciate over time.
When you attach a manufactured home to a permanent foundation on land you own, it is usually reclassified as "real property." This makes it easier to get a traditional mortgage, and the entire package (land + home) is much more likely to appreciate in value over time. The Verdict
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