Modular homes are a great alternative for anyone who seeks a more manageable project. Here are some interesting facts about this type of home so you know whether or not they’re worth looking into for your newest real estate purchase:
What Is a Modular Home?
A modular home has been built in an indoor factory setting and then the finished project is covered and transported to its new, permanent location, where a builder will fully assemble the home once it arrives.
Modular homes are not mobile homes, they are just homes that have been built off the current site it now inhabits; also known as factory-built or prefab homes.
How Do Modular Homes Different From Ones Built On-Site?
As prefabs are built indoors, they can be put together in a matter of weeks, as opposed to months like traditional homes. The length of time required for a stick-built home usually comes down to poor weather conditions. This is one of the defining reasons why a building project can take longer than expected.
Modular homes must follow specific rules, guidelines, and building codes that typically don’t apply to traditional on-site homes.
Ideally, if you’re looking to get your own modular home, you should be shopping around as not all things are going to be built the same. It may take you some time to find a modular home suitable for you and your family. There can be a huge disparity in things like quality and price.
Just like purchasing literally anything throughout your life (especially when you’re spending a big chunk of money), you should always be doing your research. One modular home company can be better than the next, just like one custom home builder might be better than the competition. It’s essential to do your due diligence on the modular company you’re considering using like you would with any other.
Modular Homes Are No Longer Stigmatized
Years ago, modular homes were not looked upon favorably. They were labeled as being inferior in construction in the building community, along with real estate agents who would sell these homes. It was not uncommon to see construction materials that were inferior to their stick-built counterparts. There was minimal variety in construction and it was easy to identify a modular home on many occasions because many of them had shallow-pitched roofs. There was very little creativity involved.
Today, this is no longer the case. Modular homes are looked at much differently. In fact, some modular homes are better than traditional new construction.
Modular Homes Do Not Depreciate in Value
Modular homes are treated as any real estate you can purchase on the market, meaning that they don’t depreciate in value just because they are modular homes. Of course, they’ll go up and down in price depending on the state of the market just as a traditional property would. And they’re also seen as a permanent structure and viewed as a normal manufactured home.
Modular Homes Can Be Customized to Your Liking
Modular homes can be customized to your liking, depending on what you need in terms of bedrooms and bathrooms, as well as what you want aesthetically. All of these can be changed to how you like it—at a price of course. Because of this, no two homes are the same. Many modular homes are now unique by design, having been put together with their owner’s imagination. With more people taking advantage of modular homes on today’s market, you’re bound to have a one-of-a-kind look and not the cookie-cutter designs of years past.
Taxes on Modular Homes Are the Same
One of the main misconceptions of prefab housing is that they’re taxed differently because many people don’t consider them as the same kind of property. As discussed previously, they’re seen as the same as any other traditional real estate. This means that, despite what people may think, they are taxed the same. Don’t expect to see any discounts on the taxes you pay.
Buying a modular home today is a viable option that’s worth considering. When doing your research, remember that today’s modular homes are much different from those built-in previous decades. Like any other house, plan on doing a home inspection with a qualified professional to ensure there are no significant issues.