Albuquerque, NM · Member since 2017 · 5 posts · 0 votes
Hi everyone
We are a startup building modular homes in New Mexico. We are just starting out, planning our first model home. However, upon our last discussion with local CID, they told us that we need to have a Modular Manufacturer Bond with the State prior to registering with the State and getting building permits. The sum is too large to come up with upfront, so I'm trying to double check if this is an absolute requirement.
Is it? Do other house types manufacturers also must be bonded?
Don't want to ask this the CID as we are trying not to come off as unprepared. Will talk to them again once i find out some other options or lack of thereof.
construction · Nacogdoches, TX · Member since 2011 · 2k+ posts · 1k+ votes
8y
@Valeryia Kalantayeva Looks like New Mexico requires a 50,000 dollar bond. That would only cost 500 dollars a year. You dont pay the full amount. Unfortunately, the other is what it is and is set up that way protect you as well as your future clients. On the bright side it allows for every manufacture to make them similar and to the same standards so there shouldnt be anyone low balling you with a hack house.
construction · Nacogdoches, TX · Member since 2011 · 2k+ posts · 1k+ votes
8y
@Valeryia Kalantayeva Looks like New Mexico requires a 50,000 dollar bond. That would only cost 500 dollars a year. You dont pay the full amount. Unfortunately, the other is what it is and is set up that way protect you as well as your future clients. On the bright side it allows for every manufacture to make them similar and to the same standards so there shouldnt be anyone low balling you with a hack house.
Thank you for checking. Can you share the link where you got that information? I'd love to read more and get in touch with the company offering this service.
Thank you for checking. Can you share the link where you got that information? I'd love to read more and get in touch with the company offering this service.
Sure. I am in my phone right now but I will when I get home later. Basically any insurance company can offer you a bond so you may try and call your local agent and see what he says. I will try and find the site I found about the license though.