Transportable Home Loan Guidelines

Posted by Transportable Homes on February 23, 2012 under Transportable Homes | Be the First to Comment

Home Loans for Transportable Homes

This information is applicable to homes arriving on your property having been constructed at another location; including transportable homes, granny flats, pre manufactured homes, relocatable homes, prefabs, modular homes and portable homes. The majority of lending institutions have requirements that include (but not limited to) the following:

Security for a Transportable Home Project

Less than 50 hectares in size.

Zoned as

  • residential
  • rural
  • rural / residential

Commercially zoned properties are not favoured as good security in some cases.

Hobby farms are generally accepted as good security but not farms.Transportable home loan

Home loan providers like their security to have access from a public road and have the capacity to be connected to power.

Temporary housing that could be moved is not a preferred option for lenders, but each case is assessed on an individual basis.

Lease hold land is not acceptable security eg: Over 50’s Lifestyle Village with a site agreement.

Freehold, torrens title, community title, strata title retirement or over 50’s village homes can have a loan of up to 70% of the value.

Employment Requirements

As long as you have one day in your current employment but a proven track record of employment within the same industry (to provide an account of stability), or 6 months in your current job with no track record in the industry.

All income sources are assessed on a case by case basis including casuals, contractors, pensioners, disability pensioners, people on family benefits, investors, commission-based incomes and part-timers.

People self-employed for over 6 months with a record of working in the same industry are viewed more favourably. However, people who have been self-employed for 2 years should be able to secure a loan relatively easily. Loc doc facilities may be available  up to 80% of the property value.

Guarantors

Real estate security must meet the above mentioned guidelines. Second mortgages can be used can be used as security but it depends on the amount of equity.

In some cases the guarantors income can help to service the debt. In this case the guarantor will need to remain until the borrower is no longer dependent on the guarantors income to pay the loan.

In most cases a pensioner’s home can not be used as a guarantee.

Interest Rates

Apart from ‘the big four’ major banks, there are many smaller financial institutions who have the capacity to lend for transportable homes building projects at comparable interest rates. They may also have the capacity to release funds prior to building completion (progress payments).

Progress Payment for Transportable Homes

A financial lending institution can only release funds as progress payments for building contractors reaching project benchmarks before the home is completed and on site if:

  • The owner has enough equity in the land or another property. Some lenders will release up to 95% of the value of the land prior to the house being delivered to site.
  • A guarantee can be provided by a person who has equity in real estate that is willing to secure the loan allowing first home buyers and people with no deposit to increase their lending security.

 

 

 

An Unexpected Cost When Building This Transportable Home

Posted by Transportable Homes on February 5, 2012 under Transportable Homes | Be the First to Comment

Unforeseen Cost Adds Expense to Transportable Home

Every build has an unexpected cost somewhere along the line. With this transportable home, which was modified into an office block, came an additional cost from the local Council.

Transportable Homes TankThe Devonport City Council (Tasmania) had a new policy come into power between the start and finish dates of the project. The cost was associated with a 2,000 litre water retention tank that the Council wanted installed with all new buildings. Why? To slow the water coming from the building’s gutters and running into the city’s storm water drains during a down-pour.

By the time the 20mm poly-pipes were connected to the tank the over all cost was approximately $1,000.

Anyways make allowances for an unavoidable cost that comes out of nowhere and is out of your control.

[This retention tank was the unforeseen cost when the Devonport Baptist Church had a 3 bedroom transportable home customised to become an office block]

Granny Flats Increasing Real Estate Sales

Posted by Transportable Homes on January 30, 2012 under Granny Flats | Be the First to Comment

Aging Population Means Granny Flats Are In Demand.

Australia’s population is aging and with that comes the need for Granny Flats to satisfy specialised housing requirements.

Australians Want More Granny Flats

In the average year in Australia, over 240,000 people go to their computer and type in various phrases requesting a house for sale that comes complete with a granny flat on the property. These people are obviously only a segment of the population that want their older family members to remain independent yet close to the younger members of the family; for support, caring and companionship reasons.

Of course there are seniors who prefer to be independent and live within a caravan park environment as a permanent resident in their own granny flat; wishing to lease the land for 5 – 10 years in a location possibly by a river or the sea, which they otherwise could not afford.

Granny Flats, Granny Flat

Then, there are mature citizens who enjoy the security of gated communities and transportable homes villages, which provide a holistic approach to lifestyle, leisure and pleasure for the over 50’s. These properties provide tennis courts, bowling greens, bbq pavillions, swimming pools and club houses. Although small specialised homes are not referred to as granny flats in these communities, they are never the less the same thing.

Multiple Uses for Granny Flats Increase Their Appeal

A person living on a large block of land within walking distance to public transport in a small town or city should not discount the possibly of putting a transportable granny flat on the property. The additional accommodation has the potential to increase the properties value and broaden the appeal to buyers should it go on the market in the future. It is also important to note that buyers have multiple purposes for granny flats; choosing to utilise it for a teenager, young couple who are saving for a house, as a studio, guest house, bed and breakfast or rental.

 

 

Transportable Homes and Council Planning Permission

Posted by Transportable Homes on January 15, 2012 under Transportable Homes | Be the First to Comment

Find Out What Your Council Requires for Transportable Homes

 

Before you start building your own Transportable Home, or sharing the project with your manufacturer, you must visit your local Council as they will need to know what you intentions are and you will need permission to have you building either moved to site or built on site. Transportable Homes have very similar Council Planning requirements as a regular home, however, your area or your land may have a covenant upon it and you can only find this out by visiting your local Council.

The main objective of any Council’s Planning Office or Department is to provide guidelines for the way land within the municipality may be used or developed; using a fair and sustainable methodology.

Transportable Home and Council PlanningBearing in mind that all residents and property owners are affected by what individuals wish to do with their property, your local Council tries to regulate areas so short and long term issues are avoided. In most instances Councils will impose conditions it deems fair and equitable for all concerned to create balance between government, industry and the wider community.

Check with your Planning Office to see what your requirements are before you start anything as any unauthorised development without consent can result in legal action and fines.

In most cases your local Council will have most, if not all, of the documentation, regulation and fees on their website for you to download and view. However, always remember Council websites sometimes are not updated frequently, and therefore it is your sole responsibility to contact your Council directly and discuss your plans to have a transportable home on your property; thus ensuring you have the most current forms and guidelines.

 

 

 

 

Manufactured Homes Information Document (QLD)

Posted by Transportable Homes on January 8, 2012 under Manufactured Homes, Transportable Homes | Be the First to Comment

A Copy of the Manufactured Homes Agreement

The Manufactured Homes (Residential Parks) Act 2003 requires that park owners fully disclose important information to prospective home owners using the Manufactured Homes Form 1 – Home Owner’s Information Document (PDF).

The home owner’s information document gives prospective home owners for a site in a residential park information to help them make an informed decision about entering into a site agreement. The information document also ensures both parties clearly understand their rights and responsibilities under the proposed site agreement. This helps reduce the possibility of misunderstandings. When organising site agreements with a new resident, or assigning a home owner´s interest to a person, park owners must complete this information document. Park owners need to complete all relevant information including:

  • the address and real property description
  •  the park owner and manager´s name and business address
  •  details of any authority (approval, consent, licence or permit) issued under law that is necessary for park operation
  • details of the communal facilities
  • an outline of the park owners and the home owners basic responsibilities
  • how site rent may be varied the ways in which a site agreement may be terminated
  • how a home owner may assign (transfer) their interest in a site agreement
  • information relating to dispute resolution processes and how site agreement disputes may be resolved
  • the recommendation that the home owner seek independent legal advice before entering into or agreeing to the transfer of a site agreement.

Additional information: Manufactured Homes (Residential Parks) Act 2003

Queensland Government - Manufactured HomesPlease get all up to date information from the
Queensland Government Office of Fair Trading.

QLD Government Wants Your Help Deciding Manufactured Homes Parks Future

Posted by Transportable Homes on December 31, 2011 under Manufactured Homes, Transportable Homes | Be the First to Comment

Thinking about Putting a Manufactured Home in a Queensland Residential Park?

The future of manufactured homes (transportable homes) in residential parks is being revamped by the Queensland Government; The Department of Communities, to be exact. The Department of Communities wants to know what you think about the financial and social risks of people living in residential parks, whether you are a –

  • manufactured home owner,
  • prospective manufactured home owner,
  • residential park owner (existing and prospective), or
  • general community member.

The Department of Communities is looking at specific information regarding the preservation of existing residential parks fro manufactured home, how to increase the number of new parks as demand is increasing, and termination rights of home owners.

This is you opportunity to tell the department what you know about transportable homes in residential parks in Queensland, share you ideas, and give you opinion as it is possible that a new policy may be created that is more acceptable to all.

Go to the Department of Communities Queensland website and fill in the form online or print it out, fill it in and post it.

Important: All responses must be submitted by 31st Jan 2012.

Manufactured Homes in Residential Parks Survey - Dept of Communities (QLD)

 

 

 

 

Transportable Home Loans Australia

Posted by Transportable Homes on June 18, 2011 under Transportable Homes | Be the First to Comment

Home Loans Australia

You will probably find after speaking to various lending institutions confusion and frustration will prevail. The word to keep in mind is RISK. This little word will determine the lending institutions attitude towards your proposition.

If you are to buy a existing home then at the point of purchase an existing house is transferred from one owner to the other. A very straight forward process. If you buy a relocatable home then there are things like progressive payments, paying for a house that is not finished or does not have the value of the borrowings at that point (more risk at least as far as the standard lending institution is concerned).

The builders will want payment before your house leaves the factory and banks only lend on a house that is completed and fixed on its final site.

There are horror stories of houses being started by a builder and progressive payments being made, then the builder sells the house to a buyer with a shorter delivery time and the house that is legally the banks at that point is gone and there have been occasions when the house has not been replaced.

Now, do not be put off.

1:  Remember relocatable homes are the single biggest growth sector in the building industry and set to grow enormously for decades ahead.

2:  Traditional lending institutions are very slow to change and have outdated attitudes.

3:  There are now a growing number of new more efficient lending institutions catering for relocatable homes, this and present political moves to free up the banking sector will make financing much easier.

4:  There is a big variation in lending institutions and you must compare one against the other and keep hunting for the right one for your situation. If you don’t get what you want from the bigger banks then there are a few smaller ones that are very keen to get your business. You must shop around.

You must make very sure that the builder or company building your house is financially secure and has a good reputation. Ask previous customers about them and speak to the appropriate people to make sure they are financially stable and reliable.

Used transportable homes for sale

Posted by Transportable Homes on May 4, 2011 under Transportable Homes | Be the First to Comment

Where to find used transportable homes for sale.

In this section on where to find used transportable homes we will outline the more obvious pointers and pitfalls in an attempt to give some guidance to finding used transportable homes for sale to suit your lifestyle and finances.

There are often used or second hand transportable homes available and you may be tempted to advertise in the ‘wanted’ column to find yourself something to suit your individual needs.

This may well lead to a suitable structure at a very attractive price. However the quality, condition and structure of any second hand transportable home will need to be carefully checked out. If you do not have a good understanding of house structure you would be advised to get someone you trust in the building trade to check it out and give you a written inspection document as your decision makes the difference between a bargain and an expensive mistake. Don’t be afraid to hire a good building inspector, as it could be money well spent.

To purchase a transportable home from a house removal or house transport operator has advantages in that the house is usually already in a transport operators yard. This makes inspection a lot easier and can give a lot better perception of the general condition.

If you choose to buy privately then it is probably best that you consult thoroughly with a trusted house removal company on all aspects including hooking up utilities.

Used transportable homes that can be moved in one piece are a more attractive buy than the added cost of having to split and rejoin. If however you manage to buy at the right price then the cost of Read more of this article »

Cheaper Transportable Homes Relocation

Posted by Transportable Homes on April 18, 2011 under Transportable Homes | Be the First to Comment

How to Save Money When Relocating a Transportable Home.

Five things to look for:

1: Transportable homes need easy access and good site contour (not too steep) to save unexpected costs.

2: Transport operator with the right equipment eg: hydraulic trailers and good hydraulic jacking tools.

3: The shortest route with the least obstructions (bridges, over-passes, over-hanging power lines and trees).

4: Try to keep the distance from utilities as short as possible.

5: Use a good reputable relocatable homes transport operator.

6: Make sure the house is being moved directly from the place were it was constructed to your site and not from a storage area or another site as this means double handling and possible storage costs.

Hydraulic trailers mean that the trailer carrying the house has the ability to raise and lower itself to remain level. It will just back under the house and simply lift itself up and drive away.

Chances are your house builder will be well aware of who is the right transport operator for the job but remember the rule, ask around. Speak to previous customers.

You should be aware also there are considerable rules governing the transport of large loads eg: the time of day, pilot vehicles, possibly a police escort and Road Transport Authority approval.

Your council may also have odd rules and regulations that need to be checked.

Some councils are tough and others are very easy to deal with. For example: a bond paid until final inspection then refunded when passed inspection. Also you may have to pay for any damage caused while being transported through streets and maybe a bond to the electricity company for moving or repairing power lines. Choose your route carefully.

You may save money by insuring the builder or the transport operator are responsible for the setting up and placing of the house on the foundation or footings as opposed to an independent operator.

It is always advised to come to some arrangement with your transport operator and whoever is responsible for foundations, that a suitable portion of the payment is withheld until after final inspection.

Modular Home Building and Assembly Videos 3

Posted by Transportable Homes on November 28, 2010 under Modular Homes, Transportable Homes | Be the First to Comment

 

Modular Home Building and Assembly Surprise!

 

The modular home building process can come as quite a shock if you are not accustomed to how fast a transportable home can be built. In the morning, a vacant block of land; in the afternoon, a two-storey family-sized modular home. Admittedly, most of these videos are American. However, very similar home building processes are applicable in Australia.

Note: If this page takes a while to load, go and make a coffee and come back. This page is worth watching.

 

Factory assembly in 35 seconds (time-lapse of course). Notice how the entire floor of the factory is a grid of tracks; so the transportable home can progress from one end of the factory to the other (just like a car assembly plant).

 

 

If you want it simple and you want it NOW! Then this one bedroom home is a modern, cheap and quick example (from the UK). Note the footings. If you go to www.brightbuild.co.uk, you will see this is a very upmarket little unit starting at fifty thousand pounds. Go to the gallery and have a look at the way they have got large sliding doors between the modules and the way the floor transitions from carpet to wood flooring between the modules of this relocatable home. Lovely home with great use of space.

 

 

Transportable homes and transportable restaurants. Just so you don’t get bored, here’s an example of an entire transportable restaurant being moved; ovens, fridges, counters, the lot! Even the drive-thru!

 

 

Back to the business of transportable homes, …

 

This next video comes from a ‘makeover television show’; that’s why there are so many people standing around. However, the completed transportable home is huge with stone walls.

 

 

Ever dreamt of a log home up in the mountains in the snow? This video also features a very modern transportable home featured in a home and garden show.

 

 

For more transportable homes assembly videos click on the following –

Modular Home Building and Assembly Videos 1

Modular Home Building and Assembly Videos 2