but what about modulars?

reegurl · June 2012

so, i haven't seen any posts regarding the purchase of modular homes. is there anybody out there who is knowledgeable about or has the experice of buying a modular home and all the steps in between? thanks!

JoeLies · June 2012

I posted awhile back when we were looking into them, and most people here confused modular with mobile, so I didn't get much info. Try googling "modular home blog" - I remember reading through a couple to get a better idea of the process. We ultimately decided to avoid building altogether for various reasons but the modular process really seemed to have a lot of positives. GL!

DZKathryn · June 2012

I grew up in a modular/mobile home and thought it was great. They can tend not to hold their value as well as traditional homes. A big consideration is whether or not you own or rent the land under your home, it can be a huge extra cost to consider and can affect the value of the home. Not sure if this is very helpful, sorry!

LoveKiss · June 2012

Our home is a traditional center hall colonial that happend to be modular construction. It was built in 1987 and is in fantastic shape. Our inspector explicitly noted the quality of the construction and how sound the home is. Honestly, it looks like traditional construction, and you would never guess it was modular unless you looked in our attic to see where the different sections are joined together. And the construction type had no impact on the value of the house. Our home had 2 other offers rejected before ours, and it had only been on the market for 8 days. Clearly other buyers, as well as ourselves, saw no issue with the home. And the appraiser didn't even take the construction type into consideration, so there was no effect on that end of the deal either.

MommyLiberty5013 · June 2012

DZKathryn:
I grew up in a modular/mobile home and thought it was great. They can tend not to hold their value as well as traditional homes. A big consideration is whether or not you own or rent the land under your home, it can be a huge extra cost to consider and can affect the value of the home. Not sure if this is very helpful, sorry!

Agreed that they are great! This sentence explains why there are people who don't view them the same way as traditional SFHs. Also, this is why lenders/banks won't typically do mortgages for folks to purchase them.

MaineWifey · June 2012

MommyLiberty5013:

DZKathryn:
I grew up in a modular/mobile home and thought it was great. They can tend not to hold their value as well as traditional homes. A big consideration is whether or not you own or rent the land under your home, it can be a huge extra cost to consider and can affect the value of the home. Not sure if this is very helpful, sorry!

Agreed that they are great! This sentence explains why there are people who don't view them the same way as traditional SFHs. Also, this is why lenders/banks won't typically do mortgages for folks to purchase them.

You are confusing modular and manufactured homes. Fannie Mae and Freddie Mac both freely and often buy mortgages on modular homes.

Jliongrrrl · June 2012

My parents built a modular home 2 years ago. They went with a company called Haven Homes and weren't terribly impressed with the quality of the construction and have had a few issues. It was built pretty quick and the builder was pretty flexible with the design process which was nice (made it handicap accessible for my mom). Where I grew up there are entire developments that are modular homes. They build everything, colonial, cape cod, ranch etc. Have you toured a builders show homes yet?

but what about modulars?

Re: but what about modulars?

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