Purchasing property requires research – not only to find your dream home in an ideal location but to find the right property type available on the market. One such “type” of home is a modular home. Modular homes have been around for quite some time but have only taken off in recent years. Since many people confuse modular homes for manufactured homes they’re not as appealing to buyers as they may have been in the beginning. But if you are considering purchasing a modular home, this definitive guide should help you decide if this the right option for you.
Modular, Manufactured, Prefab and Stick Build Homes- Understand The Difference
Modular homes are frequently confused for manufactured homes (mobile homes) however the two are very different. A modular home is created on a foundation and cannot be moved. In addition modular homes can increase in value over time whereas mobile homes decrease in value. Your modular can be set up on any piece of land you own, and come in some beautiful designs that realistically mimic a home’s design.
Finally modular homes are built according to the IRC which is the same code for stick built homes. Manufactured homes, however, are built according to HUD or state equivalent and basically is the standard for affordable housing.
What You Need To Know Before You Purchase One
Unlike purchasing a home that’s already been built, a modular home typically takes on the form of a construction. This means you’ll need permits, time and patience. The good news for a modular home is that it literally takes 2 months to build and a few weeks to get the different components on its foundation.
Assembling a modular home also won’t happen on site, they’ll only assemble the home on its location, everything else happens at a warehouse.
To get the same level of quality you’ll find in a modular home in a stick built home you can expect to pay considerably more. Not only that but it could be 5 months or more before you’re able to set foot in a newly constructed or renovated home. With a modular home the expected time for completion is nearly half that amount even if you do customize your home.
If you’re looking for advice on what home you should purchase and whether a modular home is the right choice for you contact me. I’ll be able to walk you through the process and address any concerns you may have about seeking finance and purchasing a modular home.
Need a REALTOR® to talk about the benefits to owning this type of home? We can help! Click here.