Building modular homes or buying ones that are already constructed are becoming a popular housing choice these days. This option is an ideal alternative for homeowners who want to have a house that’s designed according to their preferred interiors but don’t have the time to manage architects and construction workers.
If you wanted to know if modular homes are worth it for the property you just bought, check out the interesting facts we’ve listed about this type of home below.
A modular home is built inside a factory and, once the project is done, it is covered and transported to its new permanent location. Builders will assemble the house afterwards.
Modular homes are not mobile homes. They are factory-built or prefab homes.
Since modular homes are built indoors, they can be finished in just several weeks, unlike traditional ones that will take months to be done.
The former follows specific rules and building codes, as well as guidelines that are different from how on-site houses are being built. You also have to consider the weather conditions of the latter, because the construction men cannot work for days if there's heavy rain, storms, or hurricanes.
In order to have a modular home that fits your lifestyle and needs, you need to do your own research and spend time visiting factories as there will be big differences in quality and price.
Great news: Financing for modular homes is just the same as traditional homes. A big "hurrah" moment for everyone! A lot of people assume that the available loans for this type of house is more expensive, but that’s not the case because the loan rates for both types of houses are no different from each other.
In terms of available loans, you can get traditional mortgages if you’re planning to buy from a modular home builder, while you can get a construction loan if you opt to custom-build your future house.
Others are also getting a land loan since they’re not starting its construction right away. But just like getting your own property, you are required to have a good credit score and down payment since lenders need to know if you are eligible to get the loan.
If you still have doubts about a modular home, put those thoughts aside because they are treated as equal to any real estate you can buy in the market. Their value will only go up or down depending on the state of the real estate market since they’re seen as a permanent structure just as how a traditional property is being looked upon.
Knowing this, both types of houses are taxed the same. So don’t ask for discounts when you pay your taxes in the future! *wink*
Just like how others take their time when designing the interiors of their traditionally-built houses, you also need to allot time for the floor plan and exterior elevation of your modular home.
Companies who build modular homes typically have several floor plans that show how big each room would be, as well as exterior elevations for you to see how the finished house looks on the outside. But you can freely make adjustments to these; just prepare extra funding in case there will be changes in price.
To get the most out of your time, list down the specific features that are really important to you before finalizing your floor plan. Think of how many bedrooms and bathrooms you will need, if you prefer having a separate home office and study area for your kids, and how big do you want your kitchen to be.
If you have any other kind of rooms to add, write them down, too! Visualize how your future home will look like with your family living in it, and how crowded it can be when you invite your friends over.
Once the floor plan of your modular home has been finalized, unleash your creativity by thinking about the theme of your home’s interior. Pick a style that matches your taste in decor so you could shop furniture accordingly.
Choose the colors that match your chosen style or theme and think of some statement furniture or artwork that you can put to add character to your humble abode.
Overall, modular homes have come a long way from being seen as impractical to a viable housing choice these days due to its technological advancement and innovations on the parts used to build it.
Do you have a property you need to list or a specific area you want to explore to build your future modular home? BizScale can help you make this happen. Talk to us by completing this form, emailing sales@bizscale.com, calling 833-722-5310, or booking time on Calendly. Here's to building your dream home!
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