Buying a modular home vs. Buying a home on the market. Which one is better? and why?

Question

My boyfriend and I want to get a house. I want modular so it can be designed the way we want, more energy efficient and less costly. Whereas he wants something that has been built by someone else. Who knows how many years ago it was built, he says it will last longer than a modular and be more sturdy. Normally moving into a house that someone else owned is gonna mean that things will have to be fixed, changed and more money will be spent remodeling etc. What do you guys think? Any experiences with modular homes? Any problems with them?

Answer 1

They both have benefits and drawbacks.
Modulars are very cookie cutter, they are all built on the specific specs, so you definitely won't be getting a one of a kind home. However, they are quick to build/install, and you can do quite a bit to personalize them, but when building you have to worry about extra costs such as sewer and water hookup, or septic system/well, and heating hookups, electricity etc.
Buing a previously owned home is often a good thing to do, you just want to be sure you know what the house needs before you buy it. I've been looking for homes and have found that quite a few on the market where I am looking need things such as new roof, new hot water heaters, new plumbing, These can all add on to the cost of the house, and you may end up spending more than market value, or be surprised with something that goes wrong out of the blue. Financing can be easier for a home that is already standing. If you go this route make sure you have professionals check it out to make sure it is structurally sound. I've seen quite a few with termite damage in my searches as well as other structural issues.

another option is building a stick built. I like the idea of having a home that is exactly what I want which is what you would get with a stick built home, however with a stick built you have a bunch of things that you will need to worry about. For example, with a stick built you have to worry whether or not the general contractor will be on time, on budget, and do a good job, many general contractors that I know of take shortcuts, so if you go this route do a lot of research and interview people who have homes built by them before you make your decision. Also, you have to worry about the subcontractors, their estimates, them staying on budget etc. Plumbers and electricians, sometimes finishers, flooring specialists, and painters, etc. can be subcontracted out by your general contractor. These can be worrisome if they do sub par work, or go over budget. My parents have a fairly new stick built home, and they have had a lot of problems with their electric work, the electrician that the general contractor hired did a shoddy job, and the general contractor got a few of the measurements off and specific things that my parents wanted they didn't get, and it went over budget. However, you can also save money by going with a stick built, if you want you can do things yourself like the flooring, and painting.

Answer 2

there are many modular home manufactures and you can even get them in 2- story designs. modern quality modular homes are less expensive per square foot and they are built to tighter tolerances than stick homes.i know that some really good quality manufactures are located in Texas and Indiana. i would research under "modular home manufacturers" or dealers on-line for styles and layouts. because they have higher tolerances they are usually more energy efficient. even the less expensive ones.but their are still the set up costs for foundations and utilities. some manufactures or their dealers put together a total package for you. the info is free and could save you thousands.

Answer 3

As a real estate broker, I would advise avoiding the modular home. They are not easy to resell, and generally their values do not increase incrementally as do the values of conventionally built homes.

If you have ever looked at what types of construction materials and methods are used in modular structures, you would understand why they are less expensive. Basically you get what you pay for. The quality is definitely less than that of a conventionally built structure.

Answer 4

In my area, modular homes are not at all difficult to finance if they are on a foundation.

The challenge I see with modular homes is that is similar to buying a new car - it is never worth what you paid for it.

Yes, stick built homes may require some repair, but unlike modulars, stick built homes can appreciate in value.