Modular Homes: What Are They and Are They A Good Investment?
It’s a common goal across the country to own a home. Some buyers look for stick-built homes, while others seek to save money with manufactured homes.
Still, there is a third option that many aspiring homeowners are becoming aware of modular homes. If you’re not aware of what modular homes are or what sets them apart from other homes, read on for a brief summary.
What Is A Modular Home?
Modular homes are houses that are created in a factory setting. Each key piece of the house is designed and manufactured in a factory, but the manufacturer ships the home to a location in pieces. Once the pieces arrive at their desired plot of land, they are then assembled on-site.
Modular homes are also referred to as factory-built homes or prefabricated homes.
How Do They Differ from Mobile/Manufactured Homes?
A modular home is similar to mobile/manufactured homes in that both are at least partially manufactured in a factory.
Unlike manufactured homes, however, modular home builders construct and ship pieces of the home. They design the pieces to be assembled on-site. By comparison, a single-wide manufactured home is shipped in one solid piece. Double and triple-wide manufactured homes are shipped in two to three sections.
Quality-wise, and in terms of the estimated lifespan of the home, the two house types are comparable. They are usually of equal, standard quality.
In addition to the way these homes are built, modular homes tend to cost less than traditional manufactured homes.
The Benefits of Modular Homes
There are quite a few reasons some aspiring homeowners are opting for modular homes instead of traditional stick-built or manufactured homes. Some benefits of buying a modular home are:
- Modular homes are fast to construct.
- Modular homes are less expensive than standard homes.
- Modular homes offer a lot of quality for a reasonable price.
- Purchasing a modular home is financeable.
The Drawbacks of Modular Homes
As with all home-buying options, modular homes may have their drawbacks. For example:
- Modular homes have limited customization options.
- Modular homes may run into land restrictions.
- The financing process for modular homes can be challenging.
- Selling a modular home can be difficult (many people are not aware of the quality involved in modular construction).
There are many affordable, high-quality options when looking into owning your own home. If you live in the state of Colorado: visit Pinetree Financial Partners to explore our land, home, and new construction loan options.