All About The Trade-in Process

Owning a home is a dream for many, and manufactured homes have made that dream more accessible. But did you know that trading in your existing manufactured, modular, or mobile home, as well as other items with a title can be a big part of the buying process? Many shoppers aren't aware of just how important a trade could be towards the purchase of your next home.

Here's how the trade-in options for purchasing a new manufactured home works – a process that may make homeownership more attainable for you.

What Can You Trade-In?

• Manufactured Homes
• Boats
• RVs
• Vehicles
• Other Items with a Title

How is the Value Determined?

Here at Regional Homes, we use NADA© (National Automobile Dealers Association) value to help evaluate the trade-in items. The information you'll provide about the year, make, model, and size, as well as the quality and condition of your home or item, will play a crucial role in valuing the trade.

How Does It Work When the New Home is Financed?

Each lender has different trade-in processes. Our staff at Regional Homes will help you understand the nuances in better detail depending on how you want to approach your trade-in.

Here's a general guide:

• Provide Information: Share all the necessary details like year, make, model, size, etc.
• Submit Pictures: Photos give lenders a clear view of the condition of the item.
• Wait for Evaluation: Lenders will determine the value using the NADA guidelines or their process.
• Get Approval: If all the criteria are met, your trade-in value can be used towards the purchase of a new home.

Does My Home Need to be Paid Off Before I Trade it in?

It is best if your currently hold the Title of your home free and clear. However, some lenders are willing to learn more about the situation and work towards a pay-off solution.

What About Sales Tax?

You won't be required to pay sales tax on the value of your trade. It's an added benefit that makes trading an even more attractive option. However, you will still be required to pay sales tax on the remaining balance of your home.

Conclusion

Trade-in options for purchasing a new manufactured home are an innovative and often overlooked way of making homeownership more attainable. Not only do they offer financial flexibility, but they also provide a way to leverage assets that you may already have.

Whether it's a boat that you no longer use, an RV that's served its purpose, a car, or even a pre-owned home, these trade-in options are real and accessible. Talk to your lender, explore what's possible, and you may find yourself unlocking the door to your new manufactured home much sooner than you think.

Always consult with professionals in the field, understand the specifics of the trade-in options, and don't hesitate to ask questions. Your dream home might just be a trade away!