Modular homes are built off-site in a manufacturing facility and later delivered to their target destination, where they are assembled and crane-set into the desired location. Modular homes are different in many ways from site-built houses. Firstly, they are literally manufactured in an off-site facility. This helps in maintaining high quality by way of highly specialized skilled labor and stringent adherence to quality standards. Also, the manufacturing is indoors, so the units are safe from weather and vandalism. Site-built houses are often delayed due to inclement weather. Manufacturers also are able to cut costs on raw materials, as supply companies are willing to supply commodities in bulk at a lower price. Modular homes are thus built in a cost-efficient and quality-controlled environment. They are constructed in about half the time of the average site-built house, which means lower loan costs. Faster construction process allows developers a faster return on their investment. Market trends reveal that modular homes cost twenty- to forty-percent less than site-built houses. But it is unwise to expect that prices of modular homes are a fraction of the cost of other homes. There are reasonable cost savings: they are mostly in labor and materials. Also, despite common misconceptions, there are now many financial institutions ready to give loans for modular homes. Modular houses cost midway between mobile homes (lowest) and site-built homes (highest). Manufacturers of modular homes also promise quality at low cost. They have a purchase department to source all their raw materials and fittings. They can guarantee the use of brand name products. Modular homes qualify for loans of lowest rates and best terms. Upon resale there is no requirement for a disclosure of where and how the house was built. Todays modular homes cover the entire spectrum of the housing market, from affordable, single-family homes to luxury log homes. |
