Are Modular Homes Cheaper Than Regular Homes?

Prefab Homes
To Buy or Not to Buy: Pros and Cons of Prefab Homes
March 31, 2021
Show all

Are Modular Homes Cheaper Than Regular Homes?

modular homes

Some homeowners dream of having their own custom home but can’t afford to put in the time, effort, and expenses that can be costly to their budget. If you are exploring other possible options, you can also check out modular homes for sale in the market. A modular home or a prefab home can be an alternative and cost-effective option to a traditional home.

What is a modular home?

Modular homes, or prefab homes, are essentially those built indoors in a factory-like setting or in an assembly line where the building process for all the used pieces undergo intense quality control. The manufactured products for this home are then covered and transported to the site where a homebuilder would assemble them.

High-quality modular homes

In terms of quality, the manufacturing of modular homes has significantly improved, competing with the traditional stick-built home in the market. It can withstand winds for up to one hundred seventy-five miles an hour, and its quality can be comparable to the other home options in the market like stick-built homes.

Speed of Construction With Modular Homes

Modular homes can be built faster than a typical stick-built home, especially when you consider the possible delays when building a house. Factors such as the weather tend to be an issue on why delays can happen. If it is raining, snowing, or dangerous outside, homebuilders would have to stop until the weather improves to ensure safety.

On the other hand, a modular home is mainly constructed indoors, and the weather won’t be an issue that would affect the speed of construction. A modular home is an option you can consider if you want to save time due to constraints in transitioning to a new place.

The value of modular homes

When it comes to the pricing of your modular home, it is essential to note that there are fewer costs associated with its construction. Modular home prices tend to be cheaper than a stick-built home in the market. Modular homes in Canada can cost about $90 to $120 per square foot to build, which is more affordable than the $150 per square foot of a home built on-site. However, the more complex your design and layout are, the more the modular home could cost. Additionally, specialty services such as plumbing and electrical work could also add to your home’s base price.

Another fact you need to know about modular homes is that their value can appraise in the same way as their on-site counterparts. Their value does not depreciate as time passes by, which is something to take note of if you are considering going for modular homes.

Modular construction has financing options through manufacturers.

Aside from the regular financing options for home buyers, there is also the option of financing the best buy modular homes through a manufacturer. There are times that manufacturers have a better financing option than other lenders that can give you a less expensive house if you are looking for used modular homes for sale in Ontario. Sometimes, it can also have more favorable financing options that are certainly worth checking out.

The bottom line

Modular homes have come so far in the last couple of decades as they are now a very viable housing choice. It can be an excellent option for homeowners who want a custom dream home without thinking about the hassle of traditional construction.

Comments are closed.