Have you heard of modular homes? Could they be the future of affordable housing? It’s a yes from me!
Modular homes aren’t the same as manufactured (mobile) homes. Modular homes are a viable alternative to a traditional design-and-build home. They’re factory-built, transported, and set up on a permanent spot by a builder. Here’s more on the pros and cons:
Pros of Modular Homes
• Shorter build times
• No on-site home inspections — they’re done at the factory
• Can be customized
• Typically built with environmentally-friendly materials and practices
• Can be more energy efficient
• No weather-related building delays
Cons of Modular Homes
• Requires purchasing the land first
• Cannot be built on subdivisions
• Requires additional foundation, electrical, plumbing, and sewage set up on-site
• Differences in the quality of manufacturers — careful research is recommended
• May require a short-term construction loan to finance the project and a later conversion to a longer-term mortgage
So What about the Cost?
On average, modular homes range from $90-$120/sq ft. This can fluctuate with design and additional services. Plus, leaving room in your budget for land costs, foundation, utilities, and potential closing costs for loan conversions is always good.
When built right, you often can’t tell the difference between a modular home and a traditionally built home.
Source: How Much Does It Cost to Build a Modular Home in 2023?
Modular Homes: Pros and Cons, Cost, and Buying Guide | MYMOVE
Utah County Homes, The Bennetts 