What Is a Modular Home?
Many single-family homes are known as ‘stick built’ meaning the home was assembled on a lot by a builder. Modular homes are those built in a factory or in essence are prefabricated and then are transported by truck to the property. The modular home is then placed on a concrete footing and permanently affixed.
The benefit to a modular home is they are assembled in a controlled, factory environment with exact standards and much faster. There is no worry about inclement weather conditions as a builder will experience with a stick-built home.
The advantages to a modular home are the speed at which you have home to move into, lower overall cost and eligibility to traditional mortgage options.
The downside to modular homes are you will need some time of construction financing while the home is being built and the upfront costs of preparing the land for excavation, basement and footings.
Modular homes can be a very good option to first time homebuyers because of the overall lower costs. Consult with you real estate agent or modular home company to learn more.