Over the years modular homes have become more and more desired. For those who don’t know what a modular home is, they are essentially homes that have been created in a factory.
They are also mass produced. They really are looking bright for the future in terms of how many people want to purchase a modular home these days.
Although modular homes are coming more to prominence these days you may find yourself asking are they a good investment for you to make. This article will hopefully help you decide exactly that.
Obviously there are pros and cons when it comes to a modular home but there are also pros and cons when it comes to more standard housing.
You have to consider plenty of factors when deciding on a modular home that you may not have previously considered. This article will compile all of the things you need to consider so don’t worry yourself just yet.
These styles of homes are on the rise as of the past ten years due to improvements that have been made across the industry and what a modular home can actually provide for its owner.
Let’s get started.
What Are The Pros?
As over the past decade modular homes have become more popular with homeowners for plenty of different reasons, some of those reasons we are going to talk about today are, cheap cost, energy efficiency, quality control and the overall speedy set up.
Cheap Cost Of Modular Homes
For those wondering, a modular home is normally around 15% to 20% cheaper than buying a stick built home.
You are provided with pre cut out items so there is no need for you to hire an architect and you will have everything delivered on site. This helps you get the house built and finished a lot quicker.
You will also be saving lots of money on hiring labor to build your house as they are factory built and easy for you to set up.
Energy Efficient
These homes are also incredibly energy efficient and eco friendly as you are provided with all of the correct insulations, windows and siding it will require less energy for you to run your modular home than a normal home that will require more money to run your home properly.
This is due to them being factory built allowing for the most up to date range of products such as windows and insulation.
They really will save you lots of money in that regard, it’s also normally a much smaller space required for the homes meaning it will generally use less energy to heat up or use electrical appliances.
Quality Control
Since modular homes first came to prominence the quality of them is the thing that has improved the most.
All of the modular homes that are made have gone through a very rigorous quality check ensuring the owner to have the best quality modular home they possibly can.
This ensures that none of the items that have been used to make your home are in any way superficial. Modular homes also have an incredibly high resale value which you may not find with other homes that have become outdated. This is because of the quality of the items that are used.
Due to them being factory made you can expect a high quality build ensuring the homes durability and just general quality of the actual home in question, that’s right they have improved that much since you first heard of them a few years ago.
Quality being an issue is a thing of the past with modular homes.
Set Up Speed
Normal homes can take a long time to build depending on the size and plenty of other factors that come with a standard home.
This isn’t the case with modular homes as they are designed with speed in mind to ensure that you can have your modular home built fully in an extremely quick time period.
This also includes the actual building part of the modular homes, as all of the right things are provided for you and cut to size you will not have a lot of difficulty setting the home up.
What Are The Cons
Obviously there are a few negative aspects you will need to consider when deciding if a modular home is the right choice for you, some of those negatives are financing issues, finding the right land, lack of customizability and smaller sizes.
When pressed for time to pay contractors for the actual build of a modular home as lenders can sometimes have a difficulty lending because of their untraditional nature.
So there are a lot of extra steps when asking for financing of the home. You will need to take this into consideration when it comes to deciding if a modular home is the right decision for you.
Luckily many modular home companies do provide financing routes that you can take to make them more affordable for you.
Finding The Right Land
Another issue with modular homes is finding the right land that you can use to put your home on.
The reason for this is because you need the land to be of a high quality so that you can build your home properly, but the other issue is that some types patches of land will only allow certain types of buildings pn which may not include a modular home, so again you need to consider this fact if you would like to place your home in a more urban area.
You will also have to pay for the actual land that you want to build the modular home o n which can be very expensive when it comes time to purchase it.
The added expense of the land can really turn a person off of the idea of purchasing a modular home.
Lack Of Customization
Obviously customizing their own home is a very important factor when it comes to purchasing a home because, well you’ll want to make it look as you want it.
For example you may be stuck with a floor plan that isn’t exactly what you want and you’ll be stuck with it. Customization is left for you to decide how important it is for you.
For many people a home is their major life goal and customizing that said home is a major factor of that goal.
If the customisation of a home is majorly important to you then you may want to consider a more standard home that will provide you with the ability to customize it in any way that you see fit to best suit your personality and what kind of environment that you want to create in your home.
Again this is for you to decide the importance of.
Smaller Sizes
Obviously modular homes are going to be a little smaller than more standard stick built homes. This can technically work in your favor when it comes time to have to buy land for the home because it will take up significantly less space.
Although you can purchase a larger modular home but that of course is again at an expense. The size of your home is really important to consider if you can sometimes feel claustrophobic in tight spaces.
But if the size of the home isn’t a major problem for you then you can still consider this as a benefit in the grand scheme of things, they will take less energy to heat up and power and will save you money in this aspect.
When determining if you want to make the move to a modular home you really should consider the space that it can actually provide along with the positives and negatives that come with it.
In Summary
There are plenty of pros and cons for modular homes and they are truly on the rise. It’s only a matter of time before they become mainstream. In regards to whether or no they are a good investment you have to consider lots of different factors.
These factors can be taken as positives or negatives depending on which way you look at them.
A Modular home, although being a little smaller than a normal house, they can save you money in regards to how much energy they need to power up completely.
Other factors that you need to consider are the lack of customization and if that is important to you, many people want the ability to completely customize their own home exactly how they want, with modular home although they are not completely un-customizable you may end up being stuck with a floor plan that you don’t like, as mentioned earlier.
These are just a few of the factors that should be considered when deciding if they are a good investment for your future home. They certainly are on the rise though.
Hi, my name is Matt Roberts, and I have been a financial analyst and advisor for the past 7 years.
While my job is based within the money industry, in my spare time I enjoy looking into potential new investment opportunities. From cryptocurrencies, to purchasing vintage cars, everything has the potential to gain you money if you are wise and make the correct investment decisions.
Through this site, I hope to educate others on investing in general, and hope to provide others with useful information that can benefit them and the opportunities they have. If you are not confident with finances, investing money can be a daunting step, however, it is a lot easier than many people are led to believe.
