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helping people buy prefab
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perhaps someone would elaborate on any of the financial drawbacks to buying a prefab in colorado, specifically the denver area. i vaguely remember reading something about being unable to deduct mortgage interest from your federal taxes because prefabs are lumped into the manufactured housing group.
craig, maybe you can tell us about some of these issues from a realtor's standpoint and how you might go about talking reluctant buyers into taking the plunge.
I don't have much experience with modular or prefab housing but there is a wealth of real estate related information on the topic at:
http://www.realtor.org/libweb.nsf/pages/fg321#topicb
Also, check out the Colorado Manufactured Housing Association:
http://www.coloradohome.org/
Craig Mayer
Shepard Associates
RE/MAX Cherry Creek
303-331-4508
www.milehimodern.com
i contacted a modular builder of traditional-looking homes and they said that you can, indeed, deduct mortgage interest.
so that's good news.
Prefab means many things, and thus it is almost meaningless when you
talk to a lender. In fact, I would not recommend using the term.
Instead, be very specific about the construction method, and the
building code used -- to build your prefab. There are big differences
there, between modular and manufactured, that will determine whether or
not you can get traditional loans, and thus deduct interest (modular is
like any otyher site-built home).
Marshall
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