The Pros and Cons of Purchasing a Modular Home?

Answer 1

First time homebuyers are presented with many options for to meet their needs, ranging from new construction to a mobile or modular home. With the housing market being below what it was several years ago there are many great deals to be found. Unfortunately, many lenders have tightened the requirements that you must meet to secure a loan for a traditional style home. Modular homes provide an alternative that gives you the ability to get the size home you need for your family without sacrificing quality craftmanship or location.

Benefits of Modular Homes

Unlike mobile homes, modular homes provide an opportunity for varied layout and sizing. Many of these homes look so much like a traditional ranch style home that many people cannot spot the difference when they are located side by side. Because modular homes are manufactured in a plant versus built board by board on your land, they offer a much less expensive option to new home buyers.

All of the modern features and upgrades found in new home construction are available in the design of your modular home. From custom cabinetry to jacuzzi garden tubs, there are little extras that can be added into the homes design to make it perfect for every family.

A modular home can be constructed in neighborhood subdivisions that often have park like amenities for all in the community to use. Researching manufactured home parks in your area will allow you to choose one with the perks that you want, including community centers, planned activities, senior events, playgrounds and Swimming Pools. If you prefer a more quiet setting, many modular home retailers offer land and home packages which allow you the ability to pick out the perfect amount of land to meet your needs.

Downfalls of Modular Homes

While the advantages are many, there are a few negative aspects to consider before purchasing a modular home. Many large lenders only finance traditional homes, so finding financing can be a bit of work. Modular homes also do not hold their value like a traditional home, so if long term investment is a concern you should consider purchasing land for your home to be constructed on. The land value will typically increase to compensate for the depreciation of the home.