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SUMMARY: Manufactured homes are normal homes that have been built in a factory rather then built from the ground up. This page will explain what a manufactured home is, where they are built and how to apply for a manufactured home loan.What are manufactured homes?
Manufactured homes are given their name because they are built in a factory in sections and then transported to site on one or more trucks. This contrasts to traditional construction where the house is built on site. Typically they are built in regional areas & rural hobby farms. In recent years the industry has grown rapidly as new technology reduce costs & increase design flexibility. According to yellopages there are now more than 300 builders in Australia that specialise in this method of construction.
Types of manufactured homes
There are several variations to the construction methods and uses of manufactued homesManufactured home parks are leasehold subdivisions of low cost housing. The residents lease their land on a 30 to 90 year lease and own their house. Because of this these people cannot fix their home to site and it is part way between a mobile home & a manufactured home. Typically these are more difficult to finance as a lender often can't take security of the leasehold land.
They are also sometimes used for purposes other then residential housing. It is not uncommon for them to be used for buildings at mines, cabins, holiday homes, offices, schools and also by the military.
However they are not to be confused with mobile homes. Mobile homes are often known as RVs or camper vans and are completely different to mransportable homes which are permanent structures that cannot be moved easily.
Advantages & disadvantages
So why do many people choose a manufactured home over normal construction? Below is a list of advantages you gain from building a factory built home.1. Cheaper to build.
2. Faster to build, often in as few as 6 - 10 weeks.
3. Perfect for rural locations with few available tradespeople.
4. Not affected by bad weather during construction.
The disadvantages include:
1. Brick & other heavier building materials can't be used.
2. Some design limitations because the house needs to be transported to site on a truck.
3. They can be more difficult to finance. We recommend you contact a specialist for a manufactured home loan.
Manufactured home loans
Borrowing money to build a manufactured home is a little different to a standard construction loan. Australian lenders often confuse manufactured homes with other types of properties such as temporary housing, mobile homes or manufactured home parks which are all considered to be poor security for a loan.In addition to that most lenders cannot release funds prior to the house being on site which creates a temporary cash flow problem where you need to pay the builder for the house before the bank will release the money.
Because of this many people have great difficultly getting a loan. These problems can be easily overcome by getting your manufactured home loan from a specialist.
Watch a real home get built on site
- Manufactured home loans
Specialist Mortgage Broker that works with manufactured homes. Australia wide, free service. - Manufactured housing association NSW
The industry association for manufactured housing. Contains links to builder & park managers websites. - Removal home loan guide
Removal homes are similar to manufactured homes in that they are transported to site. Financing removal homes sets a whole new bunch of challenges so you'll need expert advice to get your loan approved.