And while modular and
manufactured homes tend to get used interchangeably, they are actually very different.
Because mobile and
manufactured homes tend to have lower overall value than a modular or traditional home, their insurance costs tend to be lower.
Since
manufactured homes tend to be cheaper than single - family homes, the difference in price could help seniors retire earlier, supplement their incomes during retirement and even pay for moving costs.
Not exact matches
That's because
manufactured housing
tends to depreciate, while traditional
home values
tend to increase over time.
While
manufactured and modular
homes are built to high safety standards today, natural disasters like floods, hailstorms, windstorms and lightning
tend to pose more of a threat to these
homes than site - built
homes.
«It is the kind of quiet, but very damaging, loophole that will cause problems down the line,» especially because
manufactured home purchasers
tend to have low - to - moderate incomes, he said.
Because mobile,
manufactured and modular
homes are all different from traditional
home construction, they
tend to have different insurance options.
While
manufactured and modular
homes are built to high safety standards today, natural disasters like floods, hailstorms, windstorms and lightning
tend to pose more of a threat to these
homes than site - built
homes.
Mobile
homes tend to cost as much or more to insure as site - built houses because the light materials used in construction make
manufactured homes more vulnerable to storm and fire.
Mobile and
manufactured homes, on the other hand, are insured similarly to automobiles and other vehicles, since these dwellings
tend to depreciate over time, like a car or truck.
Along the same lines,
manufactured homes and condos
tend to be cheaper than single - family
homes and
tend to be sold as FSBOs more often than single - family
homes.
The whole geeky truth isn't that real estate agents can sell
homes for more money, it's that FSBOs
tend to be more popular with inexpensive
homes (mobile
homes,
manufactured homes and condos) and in inexpensive areas (rural areas, small towns and the Midwest).
By contrast,
manufactured homes only have to adhere to the standards set forth by the Department of Housing and Urban Development (HUD), which
tends to have more lenient rules and regulations.