State laws determine the process for surrendering the manufactured home title when the home is permanently affixed to the land, becomes part of the real estate, and is no longer considered personal property separate from the land. Like manufactured homes, modular homes are also constructed indoors, sheltered from the elements. But unlike manufactured homes, modular homes do not require a title. Since they are built to International Residential Code standards and not the HUD Code, ownership of modular homes is treated the same as site-built homes.
(BPT) - On June 15, 1976, the U.S. Department of Housing and Urban Development (HUD) instituted the Federal Manufactured Home Construction and Safety Standards — more commonly referred to as the “HUD Code.”
With these regulations, HUD defined the safety and quality standards required for construction of a manufactured home.
This was a pivotal moment for the manufactured home industry. Prior to the HUD Code, these homes were built with portability as a primary focus and were commonly referred to as “mobile homes” — hence the difference in terms.
You will often see the terms “mobile” and “manufactured” used interchangeably. But, according to the Manufactured Housing Institute, the HUD code draws a line of distinction between the two.
A mobile home refers to a home manufactured prior to the standards set by the HUD Code. Back then, the homes were built to voluntary industry standards enforced at the state level in 45 out of the 48 states in the continental U.S.
With the birth of the HUD Code, manufactured home now refers to a factory-built home constructed to those federal standards.
The HUD Code regulates, among other things, energy-efficiency standards, durability, transportability and quality. It also sets standards for the performance of HVAC, plumbing and electrical systems.
While the difference in quality between today’s manufactured homes and pre-HUD Code mobile homes is evident, you may be wondering how the terms “mobile” and “manufactured” are so often confused.
One similarity that may be the biggest contributor to the confusion is titling.
Like the mobile homes built prior to HUD Code, modern manufactured homes also require a title. So what does that mean?
Requirements for titling vary by state, but generally a manufactured home requires a title much like an automobile. This is because a manufactured home is considered personal property.
As personal property, a manufactured home is typically taxed separately from the land on which it sits. Visit https://drivinglaws.aaa.com/ for more general information on state-specific laws regarding the titling of manufactured homes.
State laws determine the process for surrendering the manufactured home title when the home is permanently affixed to the land, becomes part of the real estate, and is no longer considered personal property separate from the land.
Like manufactured homes, modular homes are also constructed indoors, sheltered from the elements. But unlike manufactured homes, modular homes do not require a title. Since they are built to International Residential Code standards and not the HUD Code, ownership of modular homes is treated the same as site-built homes.
For more information from Vanderbilt Mortgage and Finance Inc. about manufactured or modular homes, visit www.vmfhomeloan.com/first-time-buyers/.
Vanderbilt Mortgage and Finance, Inc., 500 Alcoa Trail, Maryville, TN 37804, 865-380-3000, NMLS #1561, (http://www.nmlsconsumeraccess.org/), AZ Lic. #BK-0902616, Loans made or arranged pursuant to a California Finance Lenders Law license, GA Residential Mortgage (Lic. #6911), Illinois Residential Mortgage Licensee, Licensed by the NH Banking Department, MT Lic. #1561, Licensed by PA Dept. of Banking.
Real Estate in the Digital Age: Why you still want an agent by your side
(BPT) - Homebuyers and sellers today can instantly check listings, monitor price fluctuations, research their credit scores and find lenders - all from their smartphones.
The advent of mortgage industry apps - which mingle aggregated data with complex algorithms in easily accessible formats - enables many shoppers and sellers to approach the process with more confidence.
While technology empowers consumers to shop and sell smarter, it can't replace the service and expertise of an experienced agent. Real estate agents know the local market and have access to the freshest sales data.
For sellers, real estate agents can price a house in line with the market to maximize earnings.
According to recent data from the National Association of Realtors, sellers using an agent earn $40,100 more per transaction. The median sale price for the 88 percent of sellers who worked with an agent was $215,000, versus a median sale price of $174,900 for the 9 percent of sellers who didn't use an agent, according to the association.
Buying a home is not like purchasing a plane ticket according to Greg Jaeger, president at USAA Residential Real Estate Services and a former real estate agent. He said buyers and sellers often fail to account for the psychological side of a transaction.
"An agent can help prepare the seller for offers that are intentionally too low," Jaeger said. "You're asking $250,000 for your home; I offer $200,000 and you're immediately insulted. An agent can keep you calm and focused on the end game."
Agents also help buyers navigate the rollercoaster of emotions in getting credit approved or viewing a home inspection report for the first time.
Jaeger knows of this psychological value not only as a former agent, but also as a father of a first-time homebuyer. His 24-year-old son recently bought an older home that was initially chockfull of cheaply done rehabilitation projects.
"The seller was pretty irritable about some items and flat out embarrassed about others," Jaeger said.
"My son's real estate agent really earned his commission in making sure the proper repairs were on track and protecting my son from the ire of the seller."
Homes, neighborhoods and their governing state laws are as diverse as the people living in them. Real estate agents are entrenched in those ever-changing state regulations, contracts, laws and practices.
"When making one of the biggest financial decisions of your life, it's important to have a trusted, experienced counselor by your side," Jaeger said.
Many resources are available to help consumers find the right agent, including USAA Real Estate Rewards Network, a program that gives members access to USAA's network of real estate agents and rewards when they buy or sell.
(BPT) - Smart investors know a diversified portfolio is the best way to weather any storm. Considering the volatility of the current stock market, the desire for better options has never been greater. Rather than gamble on the next buzzworthy stock or bond and hope it lives up to expectations, there's an alternative that's gaining traction: land ownership.
While stocks and funds depend highly on market swings, forestland requires only sun and rain to provide asset growth. However, the key to maximizing financial and recreational returns depends on proper management-and that requires more than just Mother Nature.
Knowing how to manage a large piece of land can be overwhelming to a new investor or a person who may have inherited land from family. It's important to consider the investment potential. Some common questions include:
* Should you harvest any timber? From what areas?
* When should you plant trees?
* How should you manage the vegetation and handle invasive species?
* How can you protect the wildlife?
Just as hiring a financial advisor is smart to manage an investment portfolio, hiring an expert to assist in answering questions and managing a land investment is also highly advisable. Independent consulting foresters are experts that offer scientific applications as well as business acumen to landowners. Foresters offer broad-based knowledge about the characteristics of forest land, relevant economics of private timberland management and sensitivity to the full scope of issues important to private forest landowners. In addition, an independent professional land management team comprised of not only consulting foresters, but also wildlife biologists is important. This expanded capacity of the consulting professional is essential for successful private forest management.
So how does the land management process work? According to one leading consulting forester firm that utilizes both forestry and biology expertise, Bird & Crawford Forestry, there are three basic steps to proper forestland management. Following these steps will help ensure the landowner is maximizing his or her investment long-term.
1. The first step is to gain knowledge of the existing and/or potential natural resources on the property. This includes knowing what resources are on the land, how they are located in relation to land features and what resources are worth preserving. Bird & Crawford Forestry is one group that utilizes wildlife biologists along with professional foresters to survey the land in person to map the property and determine resource assets from a financial as well as a recreational standpoint.
2. Once what actually exists on a property is determined, the next step is to establish goals for the property. Because every landowner/investor is unique, goals can vary greatly. For instance, if the land is inherited, the goal may be focused upon protecting family assets to confidently keep a family legacy intact for generations to come. Upon identifying goals, an overall management strategy can be developed.
3. Finally, professional foresters will develop the plan of forest and wildlife management activities required to achieve the owner's goals. This might include a planting and harvesting schedule, wildlife management and conservation efforts, and even hunting lease management.
Beyond the bottom line of profit potential, land ownership gives investors something that is tangible, a good alternative to traditional investments and another option to round out your portfolio. Owning land is also a wonderful way to conserve and enjoy nature while leaving a lasting legacy to family and future generations. Working with experts familiar with a breadth of land, from upland pine sites to bottomland ecosystems, provides peace of mind for maximizing the land's value. Learn more about forest and land management at www.birdandcrawford.com.
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