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Mobile homes are a low-cost retirement option
They were once called trailer parks, then mobile home parks. Today, residents who live in them generally prefer the term "manufactured home communities." As the names changed, so did the design and features. The old mind's eye picture of a rectangular trailer, with dull metallic exteriors, plain square windows, creaky screen doors and tiny bathrooms, pales when compared to the options available for buyers today. Exterior designs can be made of vinyl or wood, while interiors can include ceramic tile, wood cabinets, large windows and vaulted ceilings. But buyers should be on their guard: From financing to lot ownership to maintenance, there are important things to consider before purchasing a manufactured home. Affordability is clearly a draw for buyers planning their retirement. The average sales price of a new manufactured home is about $65,100, compared with about $313,600 for a new, single-family home, according to Census data. However, while design advancements have made manufactured homes stronger, they aren't as sturdy as site-built homes, causing potential homebuyers to cringe as they picture it smashed to bits by winds from a tornado or hurricane-blown debris. Some communities where they are found are poorly maintained by disinterested management and disorganized residents, leading to the stereotype of "trailer park trash." Production of manufactured homes is down. Deliveries of manufactured homes were more than 95,000 last year, down about 60 percent from 2000, according to the Manufactured Housing Institute. Tom Beers, the institute's vice president of home finance, said financing problems in the subprime market struck the manufactured home industry three years before it hit the broader residential market. Lax lending standards brought in underqualified borrowers to the market, resulting in more foreclosures. Lenders that stuck around tightened standards. In 2006, slightly more than half of manufactured home applications were approved, lagging behind the 80 percent rate in the conventional home market, Beers says. Still, manufactured homes can appeal to older residents on fixed incomes. AARP estimated that there were 3.3 million manufactured home households with residents 50 or older. Median income for those in 50-plus manufactured home households was around $22,000 in 2005 compared to $44,000 for residents of conventional single-family housing in the same age group, the AARP reported. Longtime owners of manufactured homes say it's imperative for prospective retirees to make sure they are familiar with each state's laws. For example, due to hurricanes, insuring manufactured homes in Florida, especially in the coastal regions, is difficult and expensive. Taxes and licensing fees also differ by state. Also, buyers of manufactured homes must make sure the home has been inspected and ask to see the manufacturer's warranty. Manufacturer warranties usually cover defects in the structure and factory-installed plumbing, heating and electrical systems, but do not cover problems stemming from improper installation or maintenance. There are two options when it comes to the home site: They can either rent the lot or buy it. In land-lease communities, residents pay a monthly fee to managers of the communities. Fees also are paid for upkeep, including water and electricity hookups on each rental lot. Manufactured home residents who own their land have more responsibility, but also more benefits. Lot owners must consider zoning laws and regulations for water, electric and sewer hookups when they move in. However, they don't pay rent, making them immune from sudden increases in monthly fees. Seniors should do their research and make sure the community they are moving into is well-maintained and a homeowners association is in place. Watch out for communities that have a history of raising fees, warns Clarence Cook, former president of the Manufactured Home Owners Association of America. Cheney, 61, said there's several types of communities nationwide that cater to seniors of all interests. More active seniors can choose a community with a community center, swimming pools and fitness facilities, while those seeking a more out-of-the-way location, such as near a body of water, can find that as well. Further, because lots are close together and there's no younger people who tend to be messier and make more noise, there's a sense of camaraderie that emerges. "You get to know your neighbors. You feel safe," Cheney said. "They take care of each other." http://www.forbes.com/feeds/ap/2008/08/01/ap5281523.html |
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