More than 22 million people are living in modular homes around the United States. For many people, modular homes are the only way to achieve their dreams of becoming a homeowner. This is mostly thanks to the affordability and durability of prefab homes.
This doesn’t mean modular homes are perfect for everyone. It’s essential you fully understand all your options when it comes to buying your next (or first) home. Continue reading to learn the most important things potential buyers need to know about modular homes.
Construction Process Is Efficient and Safe
Modular homes can be built faster and safer than site-built homes due to their construction process. Modular construction companies build these homes inside climate-controlled factories. Each building facility adheres to the strictest guidelines.
These strict guidelines assure the highest quality. Professional modular home builders are supervised each step of the way, while the homes undergo routine inspections at each step of the process. For the home buyer, this means:
- All prefab homes meet the highest code standards
- All homes are constructed from the highest quality of materials
- Purchased modular will be durable
- The new home will be energy-efficient and as ecofriendly as possible
- There are also no weather delays, so the home will always stay on track for completion
These benefits also translate into a more cost-effective home when compared with the alternatives. Learn more about why modular homes are less expensive than site-built homes in the following section.
Modular Homes Are Less Expensive vs. Site-Built Homes
A site-built home is one that is manufactured on your property. While some potential buyers choose these homes, there are significant downsides to them that affect production timing and cost. Modular homes built in factories don’t face these issues, which means they’re much less expensive.
The assembling line building systems used to produce modular homes decreases total construction time. This translates into savings for the buyer because there are fewer labor costs. These homes also have less material waste, translating into lower material costs.
The companies producing modular homes pay less for their materials. This is because they purchase materials in bulk and benefit from lower pricing per unit.
You’ll Need a Construction Loan
Traditional loans only begin once a home has been constructed. So, you’ll need a construction loan to have a modular home built. A conventional loan can usually be obtained once the house is finished, if necessary.
Construction loans are generally for a shorter period versus traditional home loans. The rates and prices vary, so it’s best to speak with a real estate agent to best understand your options.
Do You Have More Questions About Modular Homes?
There are many benefits to choosing a modular home over the alternatives. They’re less expensive to buy and take significantly shorter periods to build versus site-built homes.
Do you have more questions about modular homes?
Check out our other blog posts. You’ll find many blogs written on related topics that can help you dive further into the subject.