Acquiring a double wide trailer offers an affordable pathway to homeownership, blending cost-effectiveness with surprising spaciousness. This comprehensive guide will navigate you through every step, from financing to placement, ensuring your journey towards owning a double wide is smooth and successful.
Understanding Double Wide Trailers: More Than Just a Mobile Home
Double wide trailers, officially classified as manufactured homes, represent a significant step up in size and comfort compared to single wide units. Constructed in a factory and transported in two sections to their final destination, they offer a permanent housing solution with many of the amenities found in traditional homes. Understanding the nuances of purchasing, financing, and installing a double wide is crucial before you begin.
Financing Your Double Wide: Exploring Your Options
Securing financing is often the biggest hurdle. Unlike traditional mortgages, loans for manufactured homes can be more complex. Several options are available:
- Chattel Loans (Personal Property Loans): These loans treat the home as personal property rather than real estate. They often have shorter terms and higher interest rates than mortgage options. However, they can be a good fit if you’re placing the home on rented land.
- Mortgage Loans (Real Estate Loans): If you own the land where the double wide will be placed, you might qualify for a traditional mortgage, such as an FHA loan (Federal Housing Administration), a VA loan (Department of Veterans Affairs), or a conventional mortgage. These typically offer lower interest rates and longer repayment terms.
- Manufacturer Financing: Many manufactured home dealers offer in-house financing options. While convenient, carefully compare these rates and terms with other lenders to ensure you’re getting the best deal.
- Personal Loans: While not ideal due to potentially high interest rates, personal loans can bridge funding gaps or serve as a temporary solution.
Finding the Right Double Wide: New vs. Used
Choosing between a new or used double wide significantly impacts cost and availability.
- New Double Wides: Offer the latest features, energy efficiency standards, and manufacturer warranties. They are generally more expensive upfront.
- Used Double Wides: Can be significantly more affordable but may require repairs and upgrades. Thorough inspection is crucial to identify potential problems.
Locating Your Double Wide: Land Acquisition and Site Preparation
Where you place your double wide is just as important as the home itself.
Securing Land: Ownership vs. Rental
- Land Ownership: Offers greater control and long-term investment potential. Factor in property taxes, insurance, and maintenance costs.
- Land Rental (Mobile Home Parks): Provides convenience and often includes utilities and amenities. Rental fees can fluctuate, and restrictions may apply.
Site Preparation: Ensuring a Solid Foundation
Proper site preparation is essential for a stable and lasting foundation. This typically involves:
- Grading and Leveling: Ensuring a flat and even surface for the home’s foundation.
- Foundation Installation: Options include concrete slabs, concrete runners, or piers. Local building codes dictate the required foundation type.
- Utility Hookups: Connecting to water, sewer, electricity, and gas services. This usually requires permits and professional installation.
The Installation Process: From Transport to Finishing Touches
The installation process is a critical stage that requires professional expertise.
Transportation and Delivery
Double wides are transported in two sections on specialized trailers. This requires careful planning and permits, often handled by the dealer or a contracted transportation company.
Setting and Securing the Home
Once on-site, the two sections are joined together, leveled, and secured to the foundation. This process demands specialized equipment and skilled technicians.
Finishing Touches and Inspections
After installation, final connections are made to utilities, interior finishing is completed, and a final inspection is conducted to ensure compliance with local building codes.
Frequently Asked Questions (FAQs)
FAQ 1: What credit score is needed to buy a double wide trailer?
Generally, a credit score of 620 or higher is recommended for mortgage loan options like FHA or conventional loans. Chattel loans may be available with lower scores, but expect higher interest rates.
FAQ 2: How much does it cost to move a double wide trailer?
Moving costs vary based on distance, size, permits, and site preparation needs. Expect to pay anywhere from $5,000 to $20,000 or more for moving a double wide.
FAQ 3: Are double wide trailers considered real property?
Whether a double wide is considered real property depends on state laws and if it is permanently affixed to land owned by the homeowner. If it meets these criteria, it can be classified as real property and eligible for mortgage financing.
FAQ 4: What are the ongoing costs associated with owning a double wide trailer?
Beyond the loan payment, expect to pay for property taxes (if you own the land), homeowner’s insurance, utilities, maintenance, and potential land rent (if applicable).
FAQ 5: Can I get a mortgage on a double wide trailer?
Yes, you can get a mortgage, but it depends on whether you own the land and if the home meets specific requirements for permanence and construction standards. FHA, VA, and conventional mortgages are possible options.
FAQ 6: How long does it take to install a double wide trailer?
The installation process typically takes one to two weeks, depending on the complexity of the site preparation, utility connections, and local permit requirements.
FAQ 7: What are the size limitations for double wide trailers?
Size limits vary by state, but a typical double wide is 20 to 36 feet wide and 60 to 90 feet long. Check local regulations for specific restrictions.
FAQ 8: Do double wide trailers depreciate in value?
Like any home, the value of a double wide can appreciate, depreciate, or remain stable, depending on market conditions, location, condition, and improvements made. Securing it to owned land can enhance its potential for appreciation.
FAQ 9: What permits are required to install a double wide trailer?
You will typically need permits for site preparation, foundation installation, utility hookups, and transportation. Contact your local building department for a complete list of requirements.
FAQ 10: What is the difference between a mobile home and a manufactured home?
“Mobile home” refers to homes built before June 15, 1976, before the HUD (Housing and Urban Development) code went into effect. “Manufactured home” refers to homes built after June 15, 1976, adhering to federal safety and construction standards. Double wides are considered manufactured homes.
FAQ 11: Can I add an addition to a double wide trailer?
Yes, additions are possible, but they require permits and must comply with local building codes. Consult with a contractor experienced in manufactured home additions.
FAQ 12: How do I find a reputable double wide trailer dealer?
Look for dealers with positive online reviews, certifications from reputable organizations, and a track record of satisfied customers. Visit their model homes, ask detailed questions, and compare prices and financing options from multiple dealers.
By carefully considering these factors and seeking professional guidance, you can confidently navigate the process and achieve your double wide dream.