A single wide trailer, also known as a manufactured home, typically costs between $60,000 and $120,000 brand new, though this price can vary widely based on size, features, location, and the retailer you choose. This figure represents the base price and doesn’t include land, site preparation, transportation, permits, or setup costs, which can significantly increase the overall investment.
Understanding the Base Cost of a Single Wide
The initial price tag associated with a single wide trailer is only the starting point. Numerous factors influence the final cost, and failing to account for them can lead to unexpected expenses and budget overruns.
Key Factors Influencing the Base Price
- Size: Obviously, larger square footage equates to a higher price. Single wides typically range from 600 to 1,300 square feet.
- Floor Plan: The complexity and customization of the floor plan affect the cost. Open-concept designs might be less expensive than homes with numerous smaller rooms.
- Features and Finishes: The quality of appliances, flooring, countertops, cabinetry, and fixtures plays a significant role in determining the price. Opting for premium materials and upgrades will increase the overall cost.
- Manufacturer: Different manufacturers have varying pricing structures based on their reputation, build quality, and the features they offer as standard.
- Location: Transportation costs are a significant factor. The further the home needs to be shipped from the factory, the more it will cost. Regional variations in material and labor costs also play a role.
- Optional Upgrades: Many manufacturers offer a wide range of optional upgrades, such as energy-efficient windows, upgraded insulation, smart home technology, and enhanced exterior finishes.
Beyond the Sticker Price: Hidden Costs to Consider
While the base price of a single wide provides a general idea of the investment, it’s crucial to consider the additional expenses associated with acquiring and setting up the home. These “hidden costs” can substantially increase the total price.
Land Acquisition
- Purchasing Land: This is often the most significant expense. Land prices vary dramatically depending on location, size, zoning regulations, and the availability of utilities.
- Leasing Land in a Mobile Home Park: Leasing land in a mobile home park can be a more affordable option, but it involves monthly lot rent payments. These payments can range from a few hundred dollars to over a thousand dollars per month, depending on the park’s amenities and location.
Site Preparation and Installation
- Site Preparation: This includes clearing the land, leveling the ground, and installing a foundation (even a temporary one). The complexity of site preparation depends on the terrain and soil conditions.
- Transportation: Transporting the single wide from the factory to the building site involves specialized equipment and permits. The distance and difficulty of the route will affect the transportation costs.
- Setup and Installation: This includes connecting utilities (water, sewer, electricity, and gas), anchoring the home to the foundation, and installing skirting.
- Permits and Inspections: Local building codes require permits for installation and inspections to ensure the home meets safety standards. These permits can add hundreds or even thousands of dollars to the overall cost.
Financing Options for Single Wide Trailers
Securing financing for a single wide can be more challenging than financing a traditional stick-built home. However, several options are available.
Types of Loans Available
- Chattel Loans: These are personal property loans specifically designed for manufactured homes. They often have shorter terms and higher interest rates than traditional mortgages.
- FHA Loans: The Federal Housing Administration (FHA) offers loans for manufactured homes that meet specific requirements. These loans typically have lower down payments and more flexible credit requirements than conventional mortgages.
- VA Loans: The Department of Veterans Affairs (VA) offers loans to eligible veterans and active-duty service members for manufactured homes.
- Conventional Mortgages: Some lenders offer conventional mortgages for manufactured homes, especially if the home is permanently affixed to land and meets certain criteria.
Frequently Asked Questions (FAQs)
FAQ 1: What is the difference between a single wide and a double wide trailer?
A single wide is a manufactured home that is typically one section wide, making it narrower and longer than a double wide. A double wide, on the other hand, consists of two sections that are transported separately and then joined together on site, resulting in a wider and larger home.
FAQ 2: Are single wide trailers considered real property?
Whether a single wide is considered real property depends on whether it is permanently affixed to land that you own. If the home is not permanently attached and you lease the land, it is typically considered personal property.
FAQ 3: Can I get a mortgage for a single wide trailer?
Yes, but it can be more challenging than getting a mortgage for a stick-built home. Chattel loans, FHA loans, and VA loans are common financing options. Some lenders also offer conventional mortgages if the home is permanently affixed to land.
FAQ 4: What are the benefits of buying a single wide trailer?
Benefits include affordability, faster construction time, and energy efficiency. They are a good option for those seeking homeownership at a lower price point compared to traditional houses.
FAQ 5: What are the disadvantages of buying a single wide trailer?
Disadvantages can include lower resale value, limited financing options, and potential stigma associated with manufactured housing. They may also be subject to stricter zoning regulations in some areas.
FAQ 6: How long does it take to build and set up a single wide trailer?
The construction process typically takes a few weeks to a few months, depending on the manufacturer and the level of customization. The setup process, including site preparation and installation, can take an additional few weeks.
FAQ 7: Do single wide trailers depreciate in value?
Yes, generally, single wide trailers depreciate more quickly than traditional homes. However, maintaining the home well and owning the land it’s on can help to retain its value.
FAQ 8: What kind of insurance do I need for a single wide trailer?
You will need homeowners insurance that covers damage from fire, wind, hail, and other perils. If you have a loan, the lender will likely require you to have insurance. If the home is classified as personal property (chattel), you may need a special type of policy.
FAQ 9: Are there energy-efficient single wide trailers available?
Yes, many manufacturers offer energy-efficient single wide trailers with features like energy-efficient windows, upgraded insulation, and energy-star appliances. These features can help you save money on your utility bills.
FAQ 10: What are the requirements for placing a single wide trailer on my property?
You will need to check with your local zoning department and building codes to determine the specific requirements. These may include setbacks, foundation requirements, and utility connections.
FAQ 11: How much are property taxes on a single wide trailer?
Property taxes on a single wide trailer vary depending on the location and the assessed value of the home and land. If the home is classified as personal property, it may be subject to personal property taxes instead.
FAQ 12: Can I customize a single wide trailer?
Yes, many manufacturers offer a variety of customization options, including different floor plans, finishes, and appliances. You can work with the manufacturer to create a home that meets your specific needs and preferences.