People don’t build homes as often as they used to. For starters, the everyday person is not as handy as their grandparents used to be. They might also feel concerned about getting a loan. Still, modular home loans are a lot easier to secure than most people think.
In fact, there are home loans specifically for modular and manufactured homes. Some builders much prefer financing this than traditional construction because there is greater certainty that this home will get finished and on time. Here are some other factors that often make this easier than financing a regular home.
Modular construction is less costly than traditional construction. Builders work in safer environments when inside a factory and your home is also not exposed to the elements. This means no delays from bad weather and a much lower risk of accidents on the job. There is also less material wasted, which leads to lower costs for you and your bank.
The faster build time helps you to simplify your move process, so you can worry less about the cost of temporary living arrangements. If you own a home and plan to sell it in time for your move, you can also feel more confident about how well the timing will line up for you to be out of one and into the other without paying two mortgages.
Modular homes offer the opportunity to incorporate more passive techniques without breaking the bank. Passive home construction involves using the design of the home to boost its efficiency. In some jurisdictions, this can make you eligible for tax breaks and even grants. Some lenders also offer more competitive rates for passive homes because they are cheaper to heat, cool and maintain.
Modular home loans help people from all income brackets to afford a home that is stronger than traditional homes and goes up much faster. It’s no wonder that so many people are choosing this option for home construction.