Advantages and Disadvantages of Modular Home
The beauty of a modular home has reached the interest of many today. Most homeowners choose to have this kind of home because it is cost savvy, safe, strong, and energy efficient. Modular homes are built faster and in high quality in a controlled environment away from the home site.
But having a home is not easy nor does making an educated decision to buy a modular home. So here are the advantages and disadvantages of a modular home.
Disadvantages of Modular Home
Location or Land Ownership for Modular Home
The first thing your general contractor to ask is about your land ownership. If you do not own the land where you wanted to build your home, you need to discuss it with your contractor. This way you will work out what are the necessary requirements to acquire the land. It is better for you to own the land because a piece of land could worth $100, 000.
Initial Payment for Modular Home
Most modular home builders are paid in full before the completion of your home. This gives them the confidence that you will be paying them as the building of your home progresses. To lessen this predicament, many home builders like Legendary Homes, are working with financing lenders. Your loan will cover the construction of your home for a year and will become a mortgage loan once your house is finished.
Advantages of Modular Home
Affordability of Modular Home
Because of the nature of the construction of modular home, it is more affordable than building the traditional home. Huge savings from building the modulars are guaranteed because mistakes are avoided. Workers are also not interrupted by weather disturbances and construction consequences because modular homes are made indoors and in a controlled factory. Less expensive but of high quality materials used to build a modular home are also installed in a modular home.
Faster Modular Home Construction Process
Modular homes are built within 1-3 weeks in the factory, and would require another 2- 3 weeks to complete once it is delivered to the location site. The faster construction process is one of the most popular reasons why many wanted to have a modular home. Moreover, delays brought by extreme weathers and construction accidents are prevented because the general contractor monitors the progress regularly.
Financing the Modular Home
There are general contractors and manufacturers who assist in modular home financing. They work with the excellent banks to finance the construction of your home. You will undergo steps to have a loan for your home, and when your home is completed it is converted to a mortgage loan. Just be reminded to thoroughly inquire and evaluate the interest rates of a home financing loan before closing the deal. There are interest rates that are higher with the dealers compared to the financial institutions.
A modular home may be a good choice especially if you are looking for a good investment. But you should see to it that you have done your homework before making an educated decision. Hope that these advantages and disadvantages of modular help in your decision making. For further assistance about modular homes please visit Legendary Homes, Inc.
“With its superior quality, energy efficiency, strong and budget friendly modular homes, Legendary Homes is one of the trusted modular home builders around Clarklake and Jackson Michigan for over 20 years of experience now. Legendary Homes helps in site location, acquisition of permits, excavation, foundation (including Insulated Pre-Cast Foundations), landscaping, breeze ways and other services needed to complete your home. As a company that prioritizes its customers, Legendary Homes allows you to customize your home. And most importantly, we assist in home financing by working with the top lenders in Michigan.”
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