Quote:
Originally Posted by ranchlandsselling
I'd seriously reconsider that bolded statement.
Look into how long the average person owns a home for, there's a reason people move so often. Things change, life changes, you may end up moving, changing jobs, family situation, etc. It's too easy a thing to jump into and only consider the immediate impacts and how a few variables (interior, exterior, renovation ability) will impact what you get out of the house. Consider that you're going to be dumping between 30-40% of your family income for a substantial amount of time into this home from purchase through payoff. Would you invest that much of your family's money in a company without wondering how well it would be valued in 5, 10, 20 years?
Get a realtor (I'm sure Travis can help) to search for Modular homes and how they compare on the market to neighboring houses that are conventionally built.
Actually, I've never financed a modular, I'm guessing they're the same as conventional and not part of the mobile/manufactured pricing segment. But consider how a bank will lend you money on the modular as well, if the interest rates are higher than discount mortgage rates it's costing you more money and will cost the next buyer more money too.
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I know we normally finance upon delivery if it's a new purchase, otherwise just a standard mortgage.
Some companies want money up front, but I would never go for that myself. We did a deal within the last two years where upon delivery wind ended up causing the truck to go into the ditch with the house on top of it. They needed to provide a new one.
They were very fast to act. I wonder if they would have been as fast to act if they already had the money up front like they originally wanted.