Modular home building boasts lower costs, faster construction, quality materials, and excellent craftsmanship while being built in a controlled environment. Because of this, modular housing is one of the fastest growing segments of the construction industry today.
Could a modular home be the best housing option for you?
What is a Modular Home?
A modular home is one that has been built in a factory-like setting and then covered and transported to its site. It’s different from a mobile or manufactured home in that it is built to remain in one location permanently.
Modular Homes Are Not Cookie-Cutter Homes
Modular homes can be customized any way you need and want. Want a Mediterranean look or maybe even Victorian? You can design and customize your home to your own specific tastes and needs.
Modular Home Assembly
A modular home is built in sections in a climate-controlled facility. Those sections are then transferred to the building site (the home is 90% complete at this point) and assembled together with cranes – sort of like a Lego structure. The difference is, however, that once the modular home is set on its foundation, it cannot be moved.
How Much Does a Modular Home Cost?
Is a modular home more or less expensive than a site-built home? The short answer is: That depends. (We know. Really helpful, right?)
The long answer? You can often save quite a bit of money by going with a modular home, in part because without weather delays in the factory, the sections can be built in a matter of weeks, as opposed to the months it takes to build a home on site.
However, electrical, plumbing and ductwork may not be factored into the initial pricing, so you may end up paying 20% more than what the builder quotes you. And, of course, the more complex design you go for, the more it will cost you. Make sure you factor in all elements of the cost as you compare modular homes to site-built homes.
Modular Homes Builders
Always do your homework when it comes to researching modular homes builders. Similar to home builders that build on site, not all modular builders are equal. When considering a builder, make sure you ask to see some previous homes built by the company, and always check their reputation.
The Home Site
There’s very little leeway in the site for a modular home. The foundation must be perfectly square and level. The site must also be cleared of trees and wire to accommodate a crane.
Benefits of Modular Homes
Because modular homes are constructed indoors, their schedule is not delayed by the weather as often as homes built on site – which means they are faster to build (and oftentimes less expensive).
You also don’t have to worry about an additional home inspection, as inspections are performed in the factory at each stage of the process. In addition, modular homes are usually more energy-efficient, which saves you money month after month.
Financing Modular Homes
Insurance premiums and taxes for modular homes really don’t differ from site built homes, and modular home financing options these days are also very similar to any site built home.
A modular home should be a viable consideration for any potential homebuyers today. Just make sure you go into it with your eyes wide open, and be sure to contact Cascade Financial Services to discuss your best modular financing options! Contact us at 855-683-1732 to learn more about our modular and manufactured home loan programs, or get started right away by filling out our online prequalification.
