Modular homes are one of the fastest-growing segments of the construction industry. This can be attributed to quick turn-around, lower costs, and quality construction. But, before you meet with a modular home builder, here are some things you should know.
The Home Isn’t Built Onsite
“Modular” means “constructed with standardized units or measurements”. Rather than building the house on-site, construction occurs inside a manufacturing facility. It is then transported to the building site. All components of the home are built in accordance with local building codes and quality control specifications.
The number of modules will depend on the complexity of the home design. At the site, each section is joined together. These joints are hidden by drywall and trim, resulting in a strong home that appears no different than traditional homes.
You Have Customization Options
There’s a common misconception that all modular homes are the same or that you don’t get lots of options. But, there are several customization options from a variety of floor plans, finishes, and other details.
Customizations may add some additional time to the construction process & add additional costs to the base price of the home. But, the good news is that once you have chosen all of your details, your builder will be able to give you an up-front price for your home (meaning it won’t change throughout the process like site-built home building prices can).
The Building Site Needs to be Prepared
When a stick-built home is constructed, a builder is able to make adjustments for foundations that aren’t level or square. With modular homes, a builder must pay extra attention to details when constructing a foundation because the house is built off-site to extremely tight tolerances – giving the builder less room for error. This is beneficial because it leads to a stronger, more stable house.
A crane will be used to move your house into position. You’ll need to remove trees to make room for the crane to get to the building site.
You Have Financing Options
Financing a modular home is similar to financing a stick-built home, however, there are some differences such as the financing terms. A traditional loan is typically paid off over 30 years at an interest rate of about 6%. A non-traditional loan may be financed differently depending on the lender. Some lenders finance the entire cost of the house upfront while others require payments throughout the life of the loan. When financing a modular home, most lenders require a down payment of 20% to 40% of the total cost of the house. In addition, most lenders require a minimum credit score of 680.
Modular and Manufactured Homes Aren’t The Same Thing
You may hear the terms “modular home”, “prefabricated home”, and “manufactured home” being used interchangeably. But, they are not exactly the same.
Prefabricated homes are typically made in sections and delivered to the building site. Modular homes are houses that builders fully pre-make before delivering them.
Manufactured homes are not built to state and local building codes and are also known as “mobile homes”. Modular homes are installed on a permanent foundation, similar to traditionally built homes.
Get Started Today
If you’re interested in learning more about modular homes, contact Family Dream Homes. We’re here to help with any questions you may have!
