How to Buy Land for a Manufactured Home
Many people buy land for a manufactured home instead of buying a home that is already built. The buyer should research the price of the land before making the seller an offer. If the buyer cannot pay cash for the land, obtaining a loan from a local lender can help to pay for the purchase.
- Search for land in your town that allows a manufactured home on the property. Looking in a park that has other manufactured homes is a good place to check. You can also search for vacant land elsewhere in your area.
- Call a realtor to help you find land for a manufactured home if you cannot find a lot on your own. Meet with the realtor and drive to the land that is for sale. Walk around the area to see if you want to make an offer to buy the land. If there are other manufactured homes in the neighborhood, look them over to make sure the area is in good condition.
- Check the tax value of the land to see what it is worth. Look online to find the value on your city’s tax collection website. Call or stop by the local office if online information is not available. Write down the value of the land, so you know how much to offer the seller.
- Contact a bank in your area to pre-qualify for a land loan once you decide on the property to buy. Ask a loan officer what the interest rate is to finance the land. Also find out how much money you need to put down. Get a payment quote for the loan to make sure you can afford the monthly amount.
- Negotiate the land purchase once the bank issues you a pre-qualification amount. Use the tax value as the starting price, unless the owner is already selling the land for a lesser amount. Once you agree to the purchase price with the seller, contact the lender and arrange a time to close on the loan.