Deciding Where to Live
Searching for Your Site
Location is one of the top factors to consider before buying a home. Here are
three questions you should ask yourself when deciding where to locate your home:
- How close are the schools? Check to see how well they're rated with the
Homestore School Report.
- Where are the nearest shopping and community centers?
- How far will I have to commute to work? (Try a "dry run" at midweek during
commuting hours.)
Once you've selected the area, you have three options.
Your factory-built home can be placed on land you own or plan to buy. If you're
a land lover, you'll be glad to know there are a lot of practical reasons for
placing your home on your own property. Sixty-five percent of homeowners who've
bought factory-built homes choose this option.
- Your home can be placed on a leased home site in a land-lease community.
- You can purchase a factory-built home already on a site in a planned community.
Personal Real Estate
If You Own, You'll Get a Better Loan
If you purchase your home as a package with land, then it's considered "real"
property. That means your factory-built home can be financed with the same kind of
long-term mortgage as site-built homes. These lower-interest loans are available only
for permanently located houses.
"Land/home packages," as these loans are often called, come in a variety of forms.
Depending on the lender, they can be virtually identical to conventional home loans
with 30-year mortgages and competitive interest rates. Often, lenders have several
programs from which to choose. You can choose fixed or variable rates, a variety of
terms (lengths) and other options. Visit our
Finance Center for more information.
Finding Property
Before looking for land, ask yourself some basic questions.
- How much money can I spend on property and still have enough for the house I want?
- What kind of land do I want? Flat or hilly? Cleared or wooded?
- Do I want a house with unobstructed views of the surrounding landscape? Or do I
not care if I'm so close to my neighbor that I can see what he's cooking for dinner?
- Do I want several acres of land, or just enough for a nice yard?
Once you've located your wooded retreat or that perfect suburban site within the
blue-ribbon school district, there are a few things you should know about placing a
factory-built home on private property.
- Zoning:
Check with your local community planning and land use department
to see if there are restrictions on factory-built homes, their size or appearance.
You can also go to the courthouse or city hall and obtain a copy of the zoning
ordinances that apply to the area in which you are interested. Don't buy a
factory-built home until you know you can satisfy the local restrictions.
- Restrictive Covenants:
Many covenants in property deed regulate housing
size or how the land will be used. The title search, conducted when you buy the land,
may reveal information about such restrictions.
- Utilities:
A factory-built home comes complete with plumbing, electrical
and heating systems. However, like all homes, it must be connected to electrical,
water and sewage facilities. Find out what utilities are available and what the
costs are to connect your home to utility sources.
Keep in mind that if the land you're buying doesn't have ready access to electric
power, hooking up could cost you big bucks. The same is true for water lines; you
may end up having to drill a well and well, that's a deep subject, especially if
you have to dig deep into your pockets to hire a well-drilling company. Then,
there's everyone's favorite subject: sewage. If you can't connect your home to a
sewage system, you'll have to install a septic tank. However, the local health
department may determine that the ground can't absorb the discharged waste.
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Equal Housing Opportunity.