The cost of a double wide trailer, often referred to as a manufactured home, varies significantly depending on several factors but generally ranges from $100,000 to $250,000. This price reflects the base cost of the home itself, before considering land, site preparation, transportation, installation, and other associated expenses.
Understanding the Base Price of a Double Wide
While the $100,000 to $250,000 range serves as a solid starting point, it’s crucial to understand what influences this figure. Think of it like buying a car: the “sticker price” is just the beginning.
Size and Layout
Unsurprisingly, size matters. Larger double wide homes with more bedrooms and bathrooms command higher prices. Square footage is a primary driver of cost. Similarly, the complexity and customization of the floor plan will impact the overall price. Open-concept designs, vaulted ceilings, and unique architectural features often contribute to increased construction costs.
Features and Finishes
The level of finishes and the features included in the base model also significantly affect the price. Higher-end appliances, granite countertops, hardwood flooring, and upgraded insulation all add to the overall cost. Many manufacturers offer various packages with different levels of customization, allowing buyers to tailor the home to their specific needs and budget.
Manufacturer and Location
Different manufacturers have different price points. Some specialize in budget-friendly models, while others focus on luxury manufactured homes. The geographical location of the manufacturer and the distance the home needs to be transported will also influence the final cost. Transportation costs can be substantial, particularly for long distances.
Beyond the Base Price: Hidden Costs to Consider
The base price of the double wide home is just one piece of the puzzle. Several other expenses can significantly increase the total cost of ownership. Failing to account for these hidden costs can lead to budget overruns and unexpected financial strain.
Land Acquisition
One of the most significant expenses is land. Whether you purchase a lot in a manufactured home community or buy your own private land, the cost can vary widely depending on location, size, and amenities. Land in desirable areas with access to good schools and amenities will command a premium.
Site Preparation
Preparing the site for the double wide is another crucial expense. This includes clearing the land, grading, installing utilities (water, sewer, electricity, and gas), and building a foundation or support system for the home. The complexity of the site preparation will depend on the terrain and the local building codes.
Transportation and Installation
Transporting the double wide to the site and installing it requires specialized equipment and expertise. This includes securing permits, hiring a transportation company, and hiring a crew to set up the home on the foundation, connect utilities, and complete any necessary finishing work.
Permits and Inspections
Local governments require permits for the installation of manufactured homes. The cost of these permits can vary depending on the municipality. Inspections are also required to ensure the home meets local building codes and safety standards.
Other Miscellaneous Costs
Don’t forget about smaller expenses such as skirting, steps, landscaping, and property taxes. These costs can add up quickly and should be factored into your overall budget.
Financing Options for Double Wide Homes
Financing a double wide home is different from financing a traditional site-built home. Understanding the available options is crucial for making an informed decision.
Chattel Loans vs. Mortgage Loans
Chattel loans are personal property loans used to finance manufactured homes that are not permanently affixed to land. These loans typically have higher interest rates and shorter repayment terms than mortgage loans.
Mortgage loans are available for manufactured homes that are permanently affixed to land and meet certain eligibility requirements. These loans typically have lower interest rates and longer repayment terms than chattel loans.
Government-Backed Loans
The Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA) offer government-backed loans for manufactured homes that meet specific criteria. These loans often have more favorable terms than conventional loans and can make homeownership more accessible to a wider range of borrowers.
Credit Score Considerations
Your credit score will significantly impact your ability to obtain financing and the interest rate you’ll receive. A higher credit score will typically result in a lower interest rate and more favorable loan terms.
Frequently Asked Questions (FAQs)
Here are answers to some of the most frequently asked questions about the cost of double wide homes:
1. Are double wide trailers considered real estate?
Whether a double wide is considered real estate depends on whether it’s permanently affixed to land. If it is, and meets certain other requirements (like being on a permanent foundation), it’s generally considered real estate and can be financed with a mortgage. If not, it’s typically considered personal property.
2. Do double wides depreciate in value?
Traditionally, manufactured homes depreciated in value more quickly than site-built homes. However, with improvements in construction quality and design, this is changing. Factors like location, maintenance, and market conditions all play a role. Well-maintained double wides in desirable locations can hold their value or even appreciate.
3. What is included in the base price of a double wide trailer?
The base price typically includes the manufactured home itself, including the structure, walls, roof, windows, doors, basic plumbing, electrical, and HVAC systems, and standard appliances. It does not include land, site preparation, transportation, installation, or upgrades.
4. Can I customize a double wide trailer?
Absolutely! Many manufacturers offer a wide range of customization options, allowing you to choose floor plans, finishes, and features to suit your needs and preferences. However, keep in mind that customization will increase the overall cost.
5. How long does it take to build and install a double wide trailer?
The construction process typically takes several weeks to a few months. Installation can take a few days to a couple of weeks, depending on the complexity of the site and local regulations. The entire process, from ordering to move-in, can take several months.
6. What are the ongoing costs of owning a double wide trailer?
Ongoing costs include property taxes, insurance, utilities, maintenance, and any lot rent if you’re living in a manufactured home community. Factor in these expenses when budgeting for homeownership.
7. Is it cheaper to buy a used double wide trailer?
Generally, yes, buying a used double wide can be cheaper. However, you need to carefully inspect the home for any structural damage, water leaks, or other issues. Consider hiring a professional inspector to assess the condition of the home before making a purchase.
8. What are the advantages of buying a double wide trailer?
Advantages include affordability, faster construction time compared to site-built homes, customization options, and the ability to choose your location (if you own land).
9. What are the disadvantages of buying a double wide trailer?
Potential disadvantages include financing challenges (depending on whether it’s considered real estate), potential depreciation (although this is changing), and sometimes negative perceptions compared to site-built homes.
10. What is the difference between a double wide and a modular home?
While both are built in factories, modular homes are generally built to the same building codes as site-built homes, while manufactured homes are built to the HUD code. Modular homes also typically have more design flexibility.
11. How do I find reputable double wide trailer dealers?
Research online, check reviews, and ask for recommendations from friends, family, or real estate agents. Look for dealers with a good reputation for customer service and quality homes.
12. What are the best locations to place a double wide trailer?
Consider factors like accessibility, proximity to amenities, local zoning regulations, and personal preferences. Look for areas with good schools, low crime rates, and a strong sense of community.
Ultimately, understanding the nuances of cost factors, financing options, and hidden expenses is crucial when considering the purchase of a double wide trailer. By carefully researching and planning, you can make an informed decision that aligns with your budget and lifestyle.