How do modular homes and ’stick-built’ homes prices compare?
Modular Home Questions June 2nd, 2009My fiancee and I are getting married in September. We have considered starting to build our own home, but then we discovered modular homes. We want about a 1400 square foot home, 2 bedroom, 2 bath, as we are not planning on kids for some time. We found the perfect modular home that meets our standards. I understand that modular homes are often built cheaper. If you have any knowledge, or own a modular home, please tell me how much they cost, what all is involved with the process of buying, building, and moving. And also, how these are financed. Thank you in advance!
June 2nd, 2009 at 10:48 pm
The same,
When I worked as a mortgage underwriter, I was surprised by this to.
The only difference in an modular vs a stick-built house is that the fact that it's modular is noted on the appraisal.
They are NOT built cheaper. Not sure who told you that…or where you got that information from, but it's not true. They use the same materials…they just build it in a factory instead.
If they were an inferior product, they would appraise for less, and the banks would loan less on them…but they don't.
The one major advantage to modular homes is that it usually leaves the factory and comes out to the jobsite in a day…and it is NEVER exposed to the elements…unlike stick-built framing that may or may not be fully dried out when it goes under roof.
They are financed THE SAME. Same hazard insurance, etc.
Be sure you are not getting a modular home mixed up with a MANUFACTURED home. A manufactured home is TRAILER.
June 2nd, 2009 at 10:48 pm
Modular homes and stick built homes are built to the same standards.
The main advantage to modular is time. Once delivered they are usually completed in about 60 days, where a site built home can take several months. Since they are built to the same standard, it's the same as financing a stick built home.
realtor.sailor
June 2nd, 2009 at 10:48 pm
I presume you are talking about Trailer Houses and Conventional Site Built Houses. And contrary to the people above, there is a world of difference in the quality and resale value of the two.
I have owned several of both, and lived in both. The Trailer Houses have improved in quality over the last few years, but they still do not have the quality of a conventional site built home. The improvements have been in the wiring and plumbing. Most states now require the plumbing and wiring to meet state codes.
To be portable so they can be wheeled down the road to your building lot, the walls, windows, doors, insulation cabinets and everything else is built of lighter material. Lighter also translates to less durable.
The best description of a Trailer House is they are like an old car. You will continually be making repairs. When you makie repairs, upgrade to convential home quality materials.
A Conventional Site Built House will be ten times easier to sell than a Trailer House, even a new double or triple wide trailer house.
Modular Home and Stick Built are terms used by people who live in Trailer Houses, and Real Estate Agents or Trailer House Sales men who want to sell you one. Odd too since Site Built Houses are anchored to foundations and the land while Trailer Houses set on blocks and blow away during storms.
June 2nd, 2009 at 10:48 pm
Expert realtor is correct and so is sailor. JUST make sure you do not have manufactured and modular mixed up as there is a world of difference in these homes. The difference is vast so make sure you at least know the differences