Pros and Cons of Buying a Modular Home
March 17, 2021
‘Should I buy a modular home or should I go with the regular stick-built houses?’
Are you looking for an efficient, cost-effective, and quick way to buy a home? If so, then modular or prefab homes could be the perfect choice for you.
The advantages of purchasing a modular home are many and they are becoming increasingly popular due to the improved quality of modern modular homes produced today.
This blog post will discuss the pros and cons of buying a modular home, the design options available, and the financing considerations involved.
What’s a Modular Home?
When you hear the term “modular home”, think of it as an IKEA furniture set. These pre-built homes are constructed in a factory, transported to their destination, and then assembled onsite – hence why they’re also referred to as manufactured homes.
Many people mistake modular homes for mobile homes, but the two are not one and the same. A mobile home can easily be transported from place to place (as long as all applicable laws and regulations have been adhered to) whereas a modular home is built on a permanent foundation like any other house.
Pros and Cons of Buying Modular Homes
Now that we know the basic difference between modular homes and site-built homes, let us take a look at the pros and cons of modular homes.
Pros of Modular Homes
1. Improved Quality In the Modern Day
Modular homes are now built to the same high standards as traditional stick-built homes. They are also equipped with modern features, such as energy-efficient windows, doors, and HVAC systems.
Gone are the days when modular homes used to be low-quality housing options. Modular homes of today are of high quality, often toe-to-toe with traditional homes.
Advancements in technology have improved the quality of materials used in modular home construction and have made them more durable.
The components of these homes are manufactured in a factory setting and under stringent quality control regulations, ensuring high standards of construction.
2. Quick To Create
The second noteworthy advantage of modular homes is the quick construction process. As these components are manufactured in a factory setting and simply need to be put together on-site, it often only takes 90 to 120 days for a modular home to be built.
The expedited timeline lends itself perfectly to those who want their dream home without waiting many months or even years.
Compare this to traditional homes, which take around seven months to build. External conditions, such as weather delays in the transportation of material required for construction, don’t have as much of a modular home.
3. Lower Priced
One of the primary advantages of purchasing modular homes is their affordability.
Compared to traditional houses, these modular constructions are significantly less expensive due to a decrease in construction costs and shortened downtime.
For those on a budget, modular homes are the ideal way to make owning your own home possible. Compared to traditional site-built houses, these dwellings tend to cost around 15% less – offering an attractive and affordable choice for even tight financial conditions.
4. Easy Financing Options
Financing a modular home is straightforward. Most manufacturers offer their own financial services that are usually more advantageous than other lenders. Consequently, you can obtain your ideal home at a cost-effective price and have access to some of the best loan packages imaginable upon purchasing it.
Cons of Modular Homes
Now that we have taken a look at some of the positive sides of buying a modular home, let us take a look at the cons of buying one.
1. Limited customization options
Modular homes have a few restrictions when it comes to customization because they are built in predefined configurations.
In comparison, on-site homes provide extensive personalization options that can be tailored to your specific needs and desires. With modular homes, you will find yourself with fewer choices for customization than an on-site home would offer.
2. Difficult To Sell a Modular House
The second important factor that goes against modular homes is when you try to sell a house. People looking to buy a home often get turned off by modular homes.
Selling a modular home can be very difficult because of the negative connotations that come with it. It is important to consider this before making a purchase, as selling a modular home may take longer or even require reducing the resale market value.
Should You Buy a Modular Home?
Buying a modular home has many benefits, including improved quality in modern times, quick construction, lower prices, and multiple financing options. You also have the flexibility to customize the floor plan and choose from a variety of building materials.
However, there are also cons to this type of home, including limited customization options and difficulty in selling. Buying a modular home will depend on your personal preference and financial situation.
Before making a final decision, it is important to do research into the pros and cons of choosing this type of home so that you can make an informed decision.
Work With a Negotiator When Buying a Modular Home
Looking for a modular home? Finding a real estate agent to work with is essential to find the perfect modular home for you.
A reliable real estate agent will be able to help you find a great deal on the perfect modular home that meets your needs. Negotiators are a new type of real estate organization that streamlines your search to find a great real estate agent.
Negotiators are handpicked from amongst the top real estate agents in the country that have all proven their ability to go above and beyond for their clients.
By hiring a Negotiator, you’ll have someone on your side who has a wealth of experience, real estate expertise, and an unrivaled work ethic working to get you the best deal possible.
Contact your local Negotiator if you want to work with a great real estate agent.