Make Your Factory-Built Home Purchase More Affordable

new factory-built home purchase The Jackpot from Platinum Homes
The interior of a new Platinum Homes model, shown during The Tunica Show in 2019.

Improving the Affordability of Factory-Built Homes

Buying a home is one of the most important decisions you will ever make. When going about the process to purchase a factory-built home, it’s important to educate yourself so that you’re fully prepared.

Beyond just getting the best price on your home, there are some simple steps you can take to ensure you reduce the overall cost of owning your new factory-built home.

Know Your Budget and Your Needs

Laying out your budget before you start shopping for a home will help greatly with successful homeownership. Certainly, it’s important to buy a mobile home that fits into within your financial means. Some monthly payment plans may sound reasonable and within reach – but loan terms and interest rates can vary greatly and can increase the amount paid monthly for your new home.

Most experts recommend not spending more than 30 percent of your take-home pay on housing (for example: if you are making $2,800/month, you should try to keep your monthly housing costs around $840). This will vary based on where you live, but these are all considerations you should take as you plan your home purchase.

Also, talk to a few lenders before moving toward a home purchase. Pre-approval for a home loan will give you a better understanding of which homes you can afford.

new factory-built home purchase - Fairmont Homes
The kitchen in a new factory-built home from Fairmont Homes, showing during The Louisville Show in 2019.

Shop Around for Home Financing Options

There are several ways to finance your factory-built home; depending on what kind of home you buy and where you plan to place your home. Speak with a trusted advisor – someone who has a sense of your finances and needs – before making any financing decisions.

Visit multiple lenders to shop for your loan options and compare rates. A national mortgage lender and your local community bank will have different offerings, and you’ll want to figure out which one makes the most sense for you.

Getting pre-approved for a loan will make your home buying process much less stressful. It takes some time and dedication to ensure that you have a good credit score. If you struggle in this area and are looking to buy, don’t worry, there are several loans for mobile homes with bad credit.

Invest in a More Energy Efficient Home

Buying a factory-built home - making home ownership more affordable
A new manufactured home from Kabco Builders, shown at The Tunica Show in 2019.

Insisting on an energy-efficient home is a smart decision, for both your wallet and the environment – now and for the future.

Factory-built homes that are ENERGY STAR®-certified, or equivalent, can save you up to 30 percent on your monthly utility bills.

Many new homes can be upgraded to ENERGY STAR® (or similar energy-efficient home packages). Increased energy-efficiency boosts value – and can be a powerful investment. Talk to the sales representative you are working with for more information.

Also, be sure to ask if there is a rebate available for upgrading to an ENERGY STAR®-rated home – as some utility companies and power cooperatives offer rebates for home buyers.

For more information about the ENERGY STAR® program, visit

Regular Home Care/Maintenance Can Increase Your Home’s Value

Today’s factory-built homes built by highly skilled home builders, and constructed and assembled in a dedicated home-building facility. You’ll want to make sure to take care of your home to help maintain its value.

Like any home, location plays a key factor in the appreciation and resale value of your home, but upkeep is key. Be sure to have funds set aside for routine home maintenance, and take time to learn the basics of keeping up your home – it will pay dividends in the long run!  

Next Step’s HomeCare Guide video series is a great place to start when learning how to properly maintain your home.

Helpful Resources

Want to learn more about factory-built homes? Need assistance with your credit score or other financial considerations? Next Step Network has helpful programs and resources that can help prepare you to be a successful home buyer and owner!

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