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I'm curious if anyone has bought/built a modular home and how they feel about it. I know that they used to be similar to mobile homes but it seems like they've really become much more sophisticated. I've seen plans and pictures that look great, and it seems like you could get a lot more house for your money. I've been quoted prices as low as $60/sq. foot for the house itself (not including foundation or site work) but I'm curious to hear from anyone with personal experience with them in terms of quality, final cost, etc.
I looked at modular several times over the past few years.
What I have found to be the obstacle is finding land for it. Many municipalities are resistant to them. Finding a bank to finance the prep of land, connecting utilities etc may also become costly.
I think depending on your location, you may find it difficult to find land that has city utilities and allow a modular. so you are then stuck with connecting your own electric (can be very costly) digging a well, and septic system.
Maybe it is different in your location but here in Michigan that is what I found.
I knew there had to be a catch somewhere. It seemed too good to be true. Land prices are really high in NY so I figured it was a long shot here, but I thought maybe in other places it might be easier.
Prices in NJ are extremely high as well. So I'm looking into it as we speak and am meeting with a builder this weekend to discuss options and costs, etc. The tough part really is finding appropriate land cause depending on the improvements that are needed, the costs can really add up. Here in NJ most lots will need a septic and in some cases a well also.
There are lenders out there though that specialize in loans for modular homes. I know M&T bank does and I'm sure there are others. If you have talked to any builders yet they can probably refer you to a specific lender.
yes there are lenders that specialize in modulars etc but I believe their rates will be nowhere near the great rates available for a stick built home.
The thing is modulars do not appreciate as well as stick built and mobile homes actually depreciate in a similiar way that autos depreciate. That make these types of dwellings a more risky loan. Also your insurance rates may be higher... some insurance companies do not insure modulars/mobiles.
Good luck. I finally gave up and now looking at a stick built
I don't know where you got your information but there is really no distinction between stick built and modular. Actually modulars are higher quality, more energy efficient, and can be built a lot faster. According to the info that can be found online, mortgages for modulars and stick built are the same. They are insured the exact same as stick built. Modulars appreciate the same and if you were to see a stick built home next to a modular I guarantee you wouldn't be able to tell the difference. If what you said were true, no builder in their right mind would build them. I don't think you researched it enough.
Who gave you that information? A builder that only builds stick built homes? I'm not saying you should go with modular if you're not comfortable with it, but you shouldn't spread false information. IMO there really is no reason to not go with modular, unless you wanted to be in a specific neighborhood/community that only a specific builder was building. Getting the land is going to be the same process whether it's modular or not.
Buying a home can definitely be confusing and stressful. I hope you find something you're happy with.
Thanks for all the info. The idea of a modular is really appealing b/c you can get exactly the house you want...but as you both have said, the hidden costs have to do with the land preparation. I looked at a lot that specifically said in the listing "would be perfect for a modular" only to find out that the land was a steep hill that would have to be leveled. I can only imagine what that might cost. Add to that septic and a well. Perhaps if I lived in a state where land lots were more abundant I might seriously consider it but I just don't think that I'll be able to find land here that I can afford with all the extra preparation involved.
I looked at modular several times over the past few years.
What I have found to be the obstacle is finding land for it. Many municipalities are resistant to them. Finding a bank to finance the prep of land, connecting utilities etc may also become costly.
I think depending on your location, you may find it difficult to find land that has city utilities and allow a modular. so you are then stuck with connecting your own electric (can be very costly) digging a well, and septic system.
Maybe it is different in your location but here in Michigan that is what I found.
Never let the modular company hire the well driller or septic people!!
There are scads of modulars going up here (southeast LA), and we've looked at a few. The companies varied in price starting from $99 a sq.ft. on up. You can choose your floorplan and you specify colors and cabinetry style. Anything beyond the basic package will end up costing you more; for example, going with a maple cabinent instead of the basic oak. Some companies even sold curtains as part of the package.
For the most part they were nice, but I found some of the workmanship to be lacking. The crown moulding was not seamless and some of the countertops had gaps in the model homes. The advantage seemed to be how quickly they were able to get the house built, (a definate advantage post-K). The homes felt solid, with the main selling point being that they were supposed to withstand 115 mph winds.
We have heard that some love their homes and others have had absolutely nightmarish experiences dealing with some of these companies. If anyone opts for a modular home be careful of the company you choose.
Our home is a manufactured home-when we bought it it was a "spec" home. From what I understand it came in 3 sections. We've had some work done by carpenters who could not believe it was a manufactured home. It's so energy efficient-our highest heating bill (gas) was $171 for 2200 sqft. and that's this winter in MN which has been awful.
The quality of the home is top notch, everything is top of the line-wood interior doors, hickory cabinets, huge rooms, bright and airy.
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