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Frequently Asked Questions
Questions for Our New Home Builders
in the Olean, Springville, & Buffalo, NY Areas
Buying a home is a huge step and a big financial decision. It's no surprise that you may have a lot of questions. From choosing a mobile home for your property in Olean, NY, or a modular home for the Springville, NY area, our team can help guide you through the process. Take a look below at some of our frequently asked questions. For further questions or concerns, contact our new home builders today.
Q: What is a Manufactured (HUD) home?
Q: What is a land-lease community?
Q: What is a system built home?
Q: What is a stick built or site built home?
Q: In the United States, how many people live in a system built home?
Q: How does the price of a system built home compare to site built homes?
Q: Do I have many options when it comes to system built housing?
Q: What if I want to move my home later?
Q: What makes a system built home better?
Q: Can you help me sell my existing home?
Q: What is the difference between a “Mobile Home” and a Modular?
Q: Aren’t these homes “cookie cutter” homes?
Q: Can I be pre-qualified for a loan before I have selected my new home?
Q: Can I use my land as equity?
Q: Do I have to pay closing costs?
Q: How much money do I have to have for a down payment?
Q: What is a Manufactured (HUD) home?
A: A Manufactured home is constructed in a factory according to the US Department of Housing and Urban Development code (HUD). It is transportable in one or more sections, and is designed to be a dwelling with or without a permanent foundation.
Q: What is a Modular home?
A: A factory built home constructed in one or more sections. Modular homes are different from Manufactured ( HUD code) homes in that they are regulated by, and adhere to, local and state building codes instead of national code. These homes are built to be placed on a permanent foundation.
Q: What is a land-lease community?
A: A Manufactured (HUD) home community where the owner of the home leases land from the owner of the community.
Q: What is a system built home?
A: A system built home is a modular or manufactured (hud) home.
Q: What is a stick built or site built home?
A: A home constructed from scratch at the home site as opposed to in a factory. These homes are built to the same state and local building codes as modular homes and are placed on a permanent foundation.
Q: In the United States, how many people live in a system built home?
A: Nearly 20 million people live in over 8 million homes.
Q: How does the price of a system built home compare to site built homes?
A: System built homes in relation to comparable site built housing is significantly less expensive, sometimes as great as 30 - 40% less!
Q: Do I have many options when it comes to system built housing?
A: System built homes start around 500 square feet. With many floorplans to choose from to fit your housing needs and your budget! You will also be able to choose from a wide variety of carpet and flooring materials and colors as well as faucet and lighting fixture, windows and doors, cabinetry, and your exterior colors including siding, shutters, shingles, and even doors. The system built housing industry has truly moved in a direction that allows the consumer to customize their home.
Q: What if I want to move my home later?
A: If you live in a land-lease community (see definition above), it is conceivable that you MAY choose to relocate your home. However, you should carefully consider the placement of your home because the location adds to its value and moving it, although feasible, is not necessarily the most practical because of the costs associated with moving your home.
Q: What makes a system built home better?
A: A system built home is constructed in a controlled environment where the construction process is never affected by weather. Materials remain indoors and are bought at a quantity that saves the consumer a lot of money. Also, a multitude of rigorous quality control measures are conducted by independent inspectors to ensure that your home is of the highest quality.
Q: Can you help me sell my existing home?
A: The owner of Twin Lakes Homes is also a licensed real estate broker in the state of New York and can have one of his licensed real estate professionals at Realty One Briardale assist you.
Q: What is the difference between a “Mobile Home” and a Modular?
A: The term mobile home refers to a home that is transportable and is usually a single section, often no longer than 60’ to 70’ . It would have been built to H.U.D Code, installed on Pier foundation. A Modular is built to N.Y. State Code, and is designed to be placed on a basement or a frost proof foundation.
Q: Aren’t these homes “cookie cutter” homes?
A: You will have a wide range of choices in the home buying process, we have hundreds of floorplans to choose from and the ability to customize the interior and exterior of the home to fit your likes and needs. From the floorplan to floor coverings, countertops, shingles, siding, cabinets and appliances, you will have the ability to completely customize your home.
Q: Can I be pre-qualified for a loan before I have selected my new home?
A: Yes! We encourage you to fill out our pre-qualifation form or speak to a lender before beginning the homebuyers process. By getting pre-qualified it will allow you to know how much you can afford.
Q: Can I use my land as equity?
A: Yes. Owning land is a great way to decrease the amount of cash you need for a down payment and to help you get the best interest rate.
Q: Do I have to pay closing costs?
A: Yes. Closing costs are required with any mortgage loan. There are programs that allow you to finance some or all of the closing costs.
Q: How much money do I have to have for a down payment?
A: A downpayment of 20% between land and cash will give you the best interest rates. But we do have lenders that offer 0 or little money down.
Twin Lakes Homes, Inc.