OKEMOS, MI--(Marketwire - April 8, 2010) - Even though it's been said this is a buyer's market, many people are afraid to purchase a home now. You might be struggling to save a big down payment, waiting for job security, or the stock market to turn around. Whatever the reason may be, there's a more affordable option you might not have considered -- system-built homes.
Affordability -- System-built homes have all the features of site-built homes, but cost 10 to 35 percent less per square foot. "With system-built housing, the homebuilders purchase construction materials, including interior features and appliances, in large quantities to take advantage of volume pricing. The homes are built in a controlled environment producing a superior, quality product and those savings are passed onto the homebuyer," said James Hoekstra, president of the Michigan Manufactured Housing Association. The average price is just $55,900 for a 3 bed/2 bath system-built home, with over 1,500 sq. ft. Existing system-built homes can be purchased for even less.
First-time/Repeat homebuyer tax credit -- You have until April 30, 2010, to take advantage of the tax credits. First-time homebuyers are eligible for a tax credit equal to 10 percent of the purchase price up to $8,000. A buyer must be a first-time homeowner, or a buyer who has not owned a residence during the three year period prior to the purchase. The repeat homebuyer tax credit is equal to 10 percent of the purchase price up to $6,500. A repeat homebuyer must have owned and lived in their previous home for five consecutive years out of the last eight years.
Large inventory to choose from -- "It's time to take advantage of the large inventory of new, existing and foreclosed system-built homes in Michigan. This is especially true in land-lease communities where homebuyers can find big discounts on community-owned homes and homes for sale by owner," said Hoekstra.
Low mortgage rates -- Homebuyers will find additional savings when it comes to financing their home. Mortgage rates remain historically low and financial institutions are accepting down payments as low as 5 percent.
For more information on purchasing a system-built home (including financing, the tax credit and general information), visit www.michhome.org, call 800.551.1315 or contact the Michigan Manufactured Housing Association, 2222 Association Drive, Okemos, MI 48864-5978; 517.349.3300.
Contact Information:
Contact: Rachael Biermann,
Agency: All Seasons Communications
Phone: 586.752.6381