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Interest rates are on the rise, as are housing prices in America today. This leaves many individuals wondering if they will ever be able to afford a home of their own.
Fortunately, most people will achieve this dream, although it may take them longer than they envisioned.
However, there is one option many people overlook when they wish to buy a home, and this option makes homeownership easier than ever for quite a few people. What should you know about modular homes when looking for a house to buy?
One reason many people become interested in a modular home is the low price of these structures. One manufacturer constructs all parts of the modular home, which helps to keep construction costs down while minimizing downtime.
A person can expect to pay up to 15 percent less for a modular home than they would for a similar stick-built home. Furthermore, these savings often increase when the home is being constructed in an out-of-the-way place.
The buyer does not need to worry about quality when they choose this option, as the manufacturers use the same materials they would with a stick-built home. The homes must also comply with the same regulations used for site-built homes.
Manufacturers engineer modular homes to increase their energy efficiency. These homes are considered green, as they incorporate features such as high-quality air sealing along with energy-efficient lighting fixtures and appliances.
Furthermore, the manufacturing process creates less waste than seen with most conventionally built homes. Manufacturers construct each building block of the modular home to fit together with other blocks while minimizing tolerances.
Thanks to the tight fit of the blocks, the home remains better insulated. Besides reducing drafts, the block construction keeps moisture buildup to a minimum.
Additional Financing Options
Many modular home manufacturers today offer financing above and beyond that provided by conventional lenders. In fact, this financing may come with more favorable terms than seen with banks and mortgage companies.
As a result, the homebuyer might find they can get more houses by going this route. In fact, a person who may have thought they couldn’t buy a home because of the high cost of housing today could discover a modular house that allows them to achieve their dream of homeownership sooner.
This is one option every person looking to buy a home should consider for this reason alone.
A person may equate a modular home with a property lacking in visual appeal. However, people often cannot distinguish today’s modular homes from their stick-built siblings.
Bay windows, quality siding, and attractive landscaping are some of the options that the buyer may choose. The beauty of the residence extends to the interior.
The home could contain vaulted ceilings, granite countertops, and fireplaces, along with many other features homebuyers search for now.
Withstands the Elements
Anyone who has lived in a trailer or mobile home knows how unsettling it can be to remain in the home during a severe storm. They worry that the structure won’t withstand the elements, leaving them at risk of being harmed or killed.
This concern is genuine. However, when a person invests in a modular home, they can lay these fears to rest. Modular homes today are permanent structures.
They must comply with all federal safety standards in their design and construction. In addition, they must adhere to fire and wind resistance regulations and more.
Homebuyers find they can incorporate features they desire into the modular home. For instance, many people today want a smart home with features they can control using mobile devices.
The homebuyer can request this with a modular home, so the builder may incorporate the features during the construction process. They may also request gables, dormers, quartz countertops, and more.
While custom features may add to the time needed to complete the home, the build time remains faster than is commonly seen when constructing a conventionally built residence.
A person may find a property they love and want to call their own only to discover having a home built on the property isn’t possible. Builders rarely want to build a property in a remote area, as it will take them additional time to do so.
The commute alone may make the project too costly. Although they could pass this cost on to the client, doing so could make the home unaffordable. With a modular home, the manufacturer does most of the work in a factory.
The builder won’t need to spend as much time on the property, so they are more willing to take on the job. This means the buyer has more options available when selecting a site for their new home.
A person may wonder if their modular home will hold up with time. As previously mentioned, these structures must comply with all federal building codes. Homebuyers can rest easy knowing their residence will last for years to come.
The structures hold value just as conventionally built homes do and increase in value when other property values increase.
Renters never build equity in a property. In fact, they spend their time helping someone else build equity without seeing any benefits from doing so. Individuals who purchase a modular home, however, receive the benefits of building equity.
They may cash out on this equity and use the funds for other purposes or continue building equity until they are ready to move to a new home. They can then use the proceeds from the sale towards the purchase of the new residence.
Fast Build Time
Anyone who has ever had a home built knows how long the process can take. Reduce this time significantly by choosing a modular home. A modular home can often be built and ready for occupants in two months. With stick-built homes, the process will take months longer.
If you are ready to purchase a house, look into modular homes. These homes come with many benefits that are often overlooked. In addition, they allow more people to achieve the dream of homeownership. Learn more today to see if this option is right for you.