Modular Homes 101

Modular Homes 101

Low Budget Modular Homes

Buying a home for the family can be dream to some. Houses cost a lot of money. It’s impressive how people save up for that. Truth be told, one in four adults have no savings at all. Again the average savings per adult isn’t that big. The down payment you need to pay for average home would equal 20-40 times your savings, in most cases. Unless you save big, modular houses can be a good option for you. It has its set of pros and cons over normal homes. The pros of modular homes go beyond its budget and time constraints as well.

Pros

  • Budget homes: Obviously the major advantage everyone is after is the low budget. Modular construction costs only a fraction of the amount, conventional construction would cost. It costs multiple times lower than the standard, non-luxury houses. Construction costs per square feet should tell you the impressive difference.

  • Quicker construction: Modular homes are not only easy to build, but they are faster to completion. Most part of the assembly you essential need is already done. Large modular building takes few days or weeks to be assembled.

  • Movable structures: The most overlooked advantage is the portability of modular homes. While the aim to create permanent structures, modular constructions gives you an option to pick up and leave with the blocks. Few of the designs can be disassembled.

Cons

  • Limited customization: There is this catch, which cannot be avoided. If you want custom homes, modular construction doesn’t give you that. The designs inevitably have limitations, considering they are already shaped for certain type of assembly. You cannot alter the look and shape more than an extent.

  • Compliancy restrictions: Zoning is still a problem with modular homes. Some local zoning boards do not acknowledge this relatively new construction. You may have to do with outdated zoning rules, which may at times make it a no option.

  • Transportation costs: Simply put, you need to live near the factory. These modules are massive, considering the intention is to assemble it to homes. Cost of transportation can be expensive for long distances. It can impact your budget and ironically make modular homes a costly affair.

Four factors that influence costs

  • Size: First and foremost factor deciding the price is square footage. You can set your budget and set on the size of your home. It’s just basic arithmetic. Decide how much square footage you will need.

  • Design: The average cost per square foot is under $100. Nevertheless, the range is huge, depending on the design. Standard homes are dirt cheap. However, luxury homes can come close to conventional construction costs.

  • Location: Let’s talk figures. An average modular home in California can cost you up to $2.5 million. A standard home in Detroit can be constructed for less than $50,000. Location of your house definitely matters.

  • Financing: Not everyone affords a home without loans. The real question is how much amount you can pay as upfront for your future home. Visit more than one bank and compare interest rates too.

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