Modular homes are homes that are factory built, in pieces, away from the outside elements. The only time these homes see the outside weather is when they are being transported to their final destination. In the factory, these homes take approximately one or two weeks to build. Once they get to their final destination, they take another two to four weeks to be the final product.
The term modular home used to be synonymous with manufactured home or mobile home. Today, the standards for modular homes have changed and modular homes are now in sync with site built homes. The same building codes are followed for both types of homes.
Modular homes today can be built any way anyone wants. They can be single story, double story, any layout, the possibilities are endless. A modular home can have basements, a huge porch, decks, etc. If you were not told, most of the times you would not know a modular home from a site built home.
Roughly 40, 000 modular homes in the United States are built each year. The average price nationally for these homes is $50 – $65 per square foot. Included in this price is the home itself, the transportation of the home, and setting fees. The price will vary though depending on a few factors. Location in the country, the size of the plot of land wanted, additional upgrades or amenities will all add to the purchase price.
A modular home is financed the same way as a site built home would be. The mortgage loan is treated the same way a site built is.
Resale of a modular home is done the same way as a traditional home is. They are in the same market and the same buyers are competing for these homes. Location, lot size, curb appeal, home maintenance and condition, it all factors in. If you take care of your modular home, the resale of your home should not be a problem.
The standards for today’s modular homes equate to that of site built homes. The standards are the same, the layouts, the amenities and upgrades can be the same and the longevity of these homes is the same. If you purchase a modular home, it will last a long time and will be well worth the investment.
|
|