How Much Do New Double Wides Actually Cost?
Get a comprehensive understanding of what a new double-wide truly costs, including hidden expenses, financing, and how to get accurate estimates.
Double-wide manufactured homes offer a housing option. While their initial purchase price is attractive, the true cost extends beyond this figure. Prospective homeowners need to understand all associated expenses to establish realistic financial expectations.
Understanding Double Wide Pricing
The base price of a new double-wide manufactured home is influenced by its size, floor plan complexity, and chosen manufacturer. Double-wide homes range from 1,000 to 2,000 square feet, with larger models costing more. The national average for a new double-wide manufactured home was around $156,300 as of late 2024.
The quality of materials and finishes impacts the base price, differentiating between standard inclusions and optional upgrades. Enhanced kitchen cabinets, premium countertops, upgraded flooring, and advanced appliance packages can increase the cost. Exterior options like siding and roofing materials also contribute to price variations. Regional factors, such as local market demand and transportation distances, influence manufacturer pricing.
Beyond the Purchase Price
After determining the base price, several additional costs arise for installation and habitability. These expenses can substantially increase the total investment.
One significant consideration is the land or lot cost. This involves purchasing land or leasing a lot within a manufactured home community. Lot rent in such communities ranges from $500 to $1,200 per month. If land is purchased, its cost depends on size and location, and unimproved land may require additional expenses for preparation.
Site preparation is another expense, covering activities like clearing, grading, excavation, and creating a level pad for the home. Foundation costs vary depending on the type selected. Pier and beam systems cost around $2,000 for a double-wide, while concrete slab foundations range from $4,000 to $8,000. Crawl spaces can cost between $6,000 and $15,000, and basements, though adding living space, range from $12,000 to $25,000.
Delivery and setup fees encompass transporting the home from the factory to the site, crane rental, joining the two sections, leveling, and securing the home. Utility hookups involve connecting to water, sewer, and electricity, including costs for well drilling or municipal water, septic system installation or municipal sewer, and electrical service. Permit and inspection fees are required by local and state authorities for installation and occupancy.
Sales tax application to manufactured homes varies by state and whether the home is classified as personal or real property. Additional expenses include skirting around the home’s base, steps or decks for entry, landscaping, and driveway installation.
Financing Your Double Wide
Financing a double-wide manufactured home involves distinct approaches depending on whether the land is owned or leased. Chattel loans, which are personal property loans, are used when the land is leased or owned. These loans finance only the home itself, featuring higher interest rates (5.99% to 12.99%) and shorter repayment terms (15 to 25 years) compared to conventional mortgages. Down payment requirements for chattel loans can be as low as 5%, but lenders may require 20% or more.
When a double-wide is affixed to owned land and qualifies as real property, traditional real estate mortgages become an option. These mortgages offer longer terms, often 30 years, and lower interest rates compared to chattel loans. Government-backed loans, such as FHA, VA, or USDA, are available for manufactured homes that meet specific criteria. FHA loans allow borrowers with credit scores as low as 580 to qualify with a 3.5% down payment. VA loans offer no down payment for eligible veterans.
Regardless of the loan type, a borrower’s credit score significantly influences eligibility and loan terms, including interest rates and down payment size. Lenders look for a credit score of 620 or higher for manufactured home loans. A higher credit score leads to more favorable loan terms. Factors such as debt-to-income ratio and employment stability are considered by lenders in the approval process.
Obtaining Accurate Estimates
To secure accurate cost estimates for a new double-wide manufactured home, preparation is necessary before engaging with dealers. Prospective buyers should have detailed information regarding their desired home size, specific features, and the characteristics of their land. This includes understanding utility access and assessing overall site conditions.
When communicating with dealers, request a detailed breakdown of all costs, not just the base price. Inquire about estimates for delivery, setup, foundation installation, and utility hookups. Obtaining multiple quotes from various dealers or manufacturers allows for a comparison of prices and ensures all cost components are included. Asking targeted questions helps clarify what is included versus what will be an additional expense.