Imagine for a moment having more romantic dinners for two. Or imagine having the car of your dreams (or boat, bike, four-wheeler, etc.). Perhaps you would like to travel more, both near and far. Maybe you want to enjoy a more secure retirement.
Many today long for less financial stress or to be able to do and give more to others. For most people, their biggest expense is their house payment. Well, imagine life… without a house payment! The list of fun things above are just a few of the many options that may come to mind when considering how life could be improved by owning a home without a mortgage, all made possible by homeownership ‘free and clear’. This could be your reality and it’s possible without sacrificing quality of home or lifestyle.
Many today are homeowners with considerable equity. According to the Wisconsin Housing Alliance, 49% of all manufactured home owners first owned a ‘conventional’ site-built home! This means that thousands of conventional homeowners have ‘cashed their chips’ by selling their home and then buying a new, custom or pre-owned manufactured home. They searched for themselves and realized that this housing option made financial and emotional sense for them and was a good fit with their lifestyles and dreams.
As we noted above, a new Manufactured Home (MH) costs about a third less than a new ‘starter’ site built home, with an ever-increasing margin of savings compared to more upscale new construction. Pre-owned and remodeled MH can save homebuyers even more. When you ‘do the math’, you may find that you have enough savings or equity in your current home to buy a good MH outright. This can open the door to an improved life made possible by the elimination of mortgage payments and can be done without sacrificing the quality of the home.
Frank and Shirley Iczkowski’s experience is a good example. After selling their two-story site-built home, Frank and Shirley Iczkowski moved into a nice manufactured home community about 15 years ago. “It’s not like years ago” frank said “It’s not a ‘trailer’, it’s a house! If you look at what we have, it’s like a house built out of sticks.” Looking around you at the stone fireplace, vaulted ceilings, taped and textured walls with nice crown molding, kitchen island and tons of cabinets, yes it’s easy to see what Frank was getting at.
Shirley compares her experience in her 1,700-square-foot multi-section home to her previous home in Rothschild. “You don’t have to run to the basement or up the stairs to do laundry or buy something. Everything is at your fingertips.” Frank intervened, “We like it here. You sit in the backyard and the squirrels and rabbits run around on the lawn.” Shirley added, “The birds sing in the morning. It’s very close here, with neighbors who care about you. A few years ago, we suffered a personal loss, and the support from our neighbors was incredible.”
The money saved turned dreams into reality. Perfect? No. But a good life and a better lifestyle? Yes, for many this is a way that you can ‘have your cake’ and eat it too!
Many manufactured home communities were developed decades ago and have a mix of old and new manufactured homes. While some may view this as a negative, savvy buyers see the potential in buying a used home and updating it cheaply.
Celebrated designer David Roedl did just that: He bought an older ‘mobile home,’ and the dramatic and sexy makeover he achieved drew media attention beyond his once-humble Wisconsin abode. Roedl can retire in style because his housing cost is so low!
Owning a manufactured home can be an easy way to get more out of life. When you combine the additional savings possible from having a more energy efficient home with the lower maintenance costs than today’s MH, the difference to your bottom line can be substantial. A little research and a firsthand look may surprise you and could open the doors to a lifestyle you may be dreaming of.