For buyers who are looking for a well-constructed, sustainable home, built in a quality-controlled environment, there’s a lot to love about modular building.
Why would buyers consider building a new modular home? The benefits of a modular home include:
- They can choose modular home designs from 400 square feet up to 10,000 square feet. It all depends on their budget.
- The total build time is only nine to 12 months.
- The fixed costs for a new modular home are determined prior to building, so there are no surprises for the homebuyer.
- Modular homes are built under the IRC, just like traditional homes. That means the new home will be appraised by the same standards as a traditional home, and could possibly be appraised at a higher value while it’s being constructed.
Contrast the above benefits with the realities of purchasing a resale home:
- Buyers have to settle for what the home offers, or face costly renovations and interior design updates.
- In this market, it can take two to 24 months to scout available listings in a given price range.
- When they find a home, they have to compete with many other buyers to make a successful bid.
- If an older home needs remodeling, owners will have to update that home to the current building code, not to mention having to wait on contractors, who are busier than ever, to do the work.
- Existing issues that did not show up during the inspection and appraisal may be discovered at a future time, resulting in high repair and replacement costs.
As with traditional home construction, the following three steps comprise new home building when buyers opt for a modular home: land development, home design and site work. Buyers will need architectural and structural design plans, engineered site plans, a plot map and a soils report for their site, along with any other documentation required by the
county in which they’re building.
When you add the benefits of greater certainty around costs, shorter build times (which means buyers can get in their homes quicker and can take construction loans with shorter terms), and the consistency and quality control of a factory-built home, modular construction becomes a serious contender for homebuyers deciding on a builder.
Ultimately, buyers in the market for a new home need to explore all their options and choose what they feel is the best fit for their budget and their lifestyle.