Buying a new home is never an easy thing. It requires getting the right information, regardless of source, on several real estate aspects including new open units, size (sqft), cost, among others. You might find yourself undecided between buying a site-built house for sale or a manufactured home.
There are benefits and disadvantages to buying either of the two options. In this article, we will compare the differences between manufactured homes and houses for sale in Fenton, MI.
Houses For Sale: Fenton, MI
Fenton, MI is among the best cities in the state of Michigan. The municipality has a total population of over 11,000 people, with over ten neighborhoods. There are new construction efforts in the city, which have given rise to more new houses for sale.
Generally, Fenton, MI, is one of the best places that you can live. That’s why we’ve created a list of top places that you can find new houses for sale in Fenton, MI.
Tyrone Woods Manufactured Home Community
If you’re migrating to Fenton, MI, there is no need to spend a lot of money setting up a new site-built home. Instead, Tyrone Woods has a collection of new manufactured homes for you.
The community is located about 10 minutes from downtown Fenton, MI. This means that you can access exciting amenities, new open house events, and recreational activities, all while having a very short commute to do so. Investing in a manufactured home is always a good idea at Tyrone Woods.
Parshallville is another top Fenton, MI real estate destination you should consider. The area is known for top new construction projects and exciting multi-family apartments.
The only challenge here is that houses for sale cost twice that of the neighboring areas in Fenton. For instance, the price of a typical new home goes for $35,614. If you’re planning to rent a new house, you’ll likely pay $1,470. The prices could also go up for 3 beds/2 baths or 3 beds/3 baths units due to their bigger sizes (sqft). However, the cost in the neighboring areas could be as low as $10,000 based on their smaller size (sqft).
Most of the houses here in Fenton are new 3 beds/2 baths or 4 beds/2 baths units. The demand for new open house spaces in Parshallville is higher than the national average. This is exactly why there are new construction projects everywhere in Fenton, MI.
Bancroft is also located in Fenton, MI, and has new houses for sale, which are mostly valued around $8,700. The community has received positive reviews, especially from new tenants who have fallen in love with the climate. Bancroft is popular for having more site-built homes than manufactured homes.
The cost of living here in Fenton is lower than the national average. Bancroft is a small locality with a total population of over 600 people. At least 40% of the people there are children.
Over the last ten years, Bancroft, in Fenton, MI, has seen an appreciation rate of 7.8% for new homes. The sale pending of these new homes has also gone up. If you buy a house here, your children will attend the best schools. You’ll also have access to the best restaurants, and shopping centers in Fenton, MI.
Linden Rd. / Bennett Lake
Linden Road and Bennett Lake are other exciting neighborhoods in Fenton, MI. The average cost of a new home in the area is about $350,000. Although this is higher than most communities in Michigan, the houses are top quality. In addition to this, many landlords buy houses in the area because they’ll get a high rental income.
For instance, if you were to buy a new two-bedroom home, your rental income will be around $1,500 per month, according to the Fenton, MI real estate market statistics. Having such few new open house units attracts such returns per sqft.
The area surrounding Bennett Lake, in Fenton, MI, is also very populated, making the cost of new homes for sale high. Most new homes here are single-family homes, having four to five bedrooms. With that said, you’ll also come across several multi-family units.
The reason why houses have a high rental income is that the landlords have many new homes. There are 2nd and 3rd generation families here. Observers believe that this is because there are very few homes for sale that were developed before 2000.
At least 5% of the new and existing houses on Linden Rd. are listed for sale each year. This is good for landlords, since it shows guaranteed demand for housing.
One thing about this Fenton area is that 95% of the population commute using personal vehicles. The area has many wealthy managers and professional executives. If you’re a parent, there is no need to worry since there are good schools for your kids. Hurry up to get a house here, since the sale pending rate is always on the rise.
Faussett Rd. / Runyan Lake Rd.
If you are looking for a quality new house in Fenton, MI, then Runyan Lake is the place for you. The cost of new 3-bedroom homes for sale averages $340,000. If you buy a house, and then rent it out, your average income will be about $1,681 per month. There are few new open house units available, which helps attract such rental income per sqft.
The Faussett Rd./Runyan Lake Rd. location in Fenton, MI is categorized as a rural area having large multi-family homes for sale. The trend of developing mobile homes has been accepted in the area, and you’re likely to come across a new modular home at least after every 100 meters. Most residents in the area moved there in the 1970s.
Since the new open vacancy rate on Bennett Lake Rd., in Fenton, MI, stands at 3%, it’s not easy to find a vacant house. You might even spend more than two years before you find your ideal home. There are new construction projects to set up new homes, but the sale pending rate for these units are high, so act fast!
Comparisons Between Manufactured and Site-Built Houses for Sale
There are several differences between site-built houses for sale and manufactured homes. Even before we explore these differences, it’s important to let you know what the two involve.
Manufactured homes are prefabricated homes that are developed in a factory and finally moved to their new location. The new location can be a leased location or the owner’s piece of land. Site-built homes are traditionally developed houses. These homes for sale are permanent structures that can’t be moved.
Types of Homes
According to various sources, manufactured homes can refer to both modular homes and mobile homes. Mobile homes are developed on a steel chassis and are then set on a property site. Since mobile homes are not considered houses, they must be developed to conform to the U.S. Department of Housing and Urban Development building code.
Modular homes are also created in factories, just like mobile homes, however, they are required to comply with the local building codes. Modular homes are more closely related to site-built houses for sale than they are to mobile homes.
If you purchase a new manufactured home, you’ll enjoy more benefits than developing a new site-built home. For instance, buying new manufactured homes has proven to be cheaper than site-built houses. As a result of having simple designs, manufactured homes have a low maintenance and repair cost.
Developing a new modular or mobile home will also take less time. However, site-built homes for sale attract more rental income in the long term.
Appreciation in Value
A site-built home has a higher appreciation value compared to manufactured homes. Among manufactured homes, modular homes have a low appreciation rate, while mobile homes don’t appreciate at all. On the contrary, mobile homes normally depreciate.
Site-built homes are more durable as opposed to manufactured homes. Since a new mobile home isn’t placed on a permanent foundation, it isn’t appropriate in areas that experience extreme weather conditions.
Mobile homes aren’t legally considered as houses, but rather a form of personal property. This situation complicates everything for new owners who would want to venture into manufactured housing investments.
It’s important to note that manufactured homes may be set up on leased land or mobile home parks. Investors can’t take mortgages, in such cases, but can instead take expensive personal property loans. However, site-built homes are real houses that you can take mortgages on.
There are many dissatisfactions when it comes to manufactured homes. There are complaints, especially from new investors in manufactured homes, about the designs not meeting their expectations. They also express dissatisfaction with the difficulties in accessing loans. Such frustrations aren’t found as often by those who invest in site-built homes.
Although there are several differences between manufactured homes and site-built houses, they both have certain benefits. The one you choose should depend on your needs and budget.
For instance, manufactured homes are more affordable, while site-built homes appreciate faster in value. However, if you’re a new investor, we recommend that you visit the Tyrone Woods Manufactured Home Community, in Fenton, MI. The homes there are affordable and come with excellent amenities.