Modular homes can save money and time while offering an appealing alternative to homes built on a site. Your first consideration for buying and building a modular home is choosing the land you’re going to build on.
Now read on to discover the benefits.
What are modular homes?
These homes are built in units and sections, or modules, in climate-controlled factories often using robotic technologies to create perfect or near perfect results. They’re not the same as manufactured homes or “doublewides,” which are also favorable for affordable and attractive home ownership.
Building supplies are stored in on-site warehouses so the materials used in construction don’t get affected by heat, cold or moisture. The homes are then shipped and constructed on a poured foundation.
Modular construction has been used widely in commercial and residential construction since the 1950s and 1960s. The Modular Building Institute notes in the History of Modular Homes that famed architect Frank Lloyd Wright “praised modular structures for their versatility, and their popularity surged.”
Dozens of modular home builders are located throughout the U.S. Some build on a regional basis while others service customers on a national scale.
Homes are designed and produced according to the International Residential Code (IRC), which requires compliance with all state and local building regulations.
Benefits of modular homes
The quality of modular homes has improved dramatically and you can have custom features in some plans.
Construction time is much faster than homes built on a site and that includes the time it takes in shipping sections from the factory.
That means you can likely save 10% to 20% building with a modular home when compared to a custom, on-site home. In addition, today’s factory-built homes are usually more energy-efficient than homes made with traditional construction.
Use this list to estimate your costs for a modular home:
· The price of the land that you’re building on—and related costs like installing utilities
· The cost of the home, including shipping
· Pouring a foundation and then installing plumbing, electrical and duct work
· Final costs will include cabinets and cabinets in addition to your furnishings, just like with an on-site built home.
Some manufacturers may say that you’ll save up to 50% but that much of a savings is likely a stretch. Make proper comparisons between the sizes of the homes and amenities to get a true picture of your expenses and cost savings.
Modular homes can look just as appealing as on-site homes while holding their value or appreciate in a market where all homes are appreciating in value. You have design flexibility and the ability to make upgrades and additions.
You can sleep peacefully knowing that modular homes are just as safe as homes built with traditional construction techniques and they’re able to withstand hurricane-like winds up to 175 miles per hour.
Floor plans for modular homes
· Cape Cod style homes with steep roofs, perfect for snowy climates
· Ranch-style layouts
· Two-story homes
· Chalet-style buildings
· Modern-style homes with sharp angles are one of the fastest growing segments of the modular home market.
Know your financing and insurance options
Estimate how much of a loan, if any, you’ll need for buying property and building your home. Check with Sandra on her knowledge of lenders who finance modular home construction and property purchases.
Know your potential homeowner insurance costs if you live near a forest or in an area that’s considered a flood zone.
Recent figures show there are about 141 million housing units in the U.S. and 22 million of those are either modular or manufactured homes with a high rate of ownership satisfaction.
Now that you have basic knowledge of modular homes, look for suitable property and lay your plans and timeline for an affordable home.
Learn more about your real estate ownership options with Your Guide to Buying Land: The Heart and Soul of America.
The guide is a service from Sandra Cantu, an experienced real estate professional with 35 years of experience in the U.S. and internationally. Sandra offers a unique, personalized service for buying and selling your land and property.
Contact her for a brief consultation to answer your questions.