They’re gaining popularity today, because of all the advantages they offer. Modular homes are most people’s choice of residence today when they want to build their home instead of buying it because:

• They’re built faster.
• The units are assembled indoors which means the building materials are not exposed to the weather.
• They adhere to local building codes.
• They’re flexible in that you can choose from various designs.
• They’re energy efficient.
• They cost less than conventional homes.

But even with all these advantages, there are some situations where a modular home is just not as beneficial as you think it is, like:

• When you’re looking to build value in your home: Modular homes don’t build equity like regular homes. So the resale value is much lower than your original cost, and this makes modular homes a depreciating asset like cars. Also, you may encounter some difficulty in securing a loan to purchase a modular home because of the perception that they don’t appreciate in value and build equity over the years. If you’re not able to make your mortgage payments on time, your lender may not be able to get their money’s worth out of a foreclosure.
• When you want to customize your home: While you do have a fair amount of flexibility and choice in designing your modular home, it’s not the same as designing the home of your dreams and building it from scratch. Besides, most modular homes don’t allow you to choose fixtures that you prefer, like faucets, sinks, door knobs, etc.
• When you live in locales where the climate is prone to vagaries: If you live in areas where there are frequent floods, earthquakes, heavy rain, tornados, and other natural disasters, you may have to rethink your choice of a modular home. While these homes are built to withstand the fury of natural elements, you don’t want to take significant risks when it comes to the safety of your family.

So before you invest in a modular home, be sure that it’s the right choice for you by taking into consideration the reason for your purchase, your budget, and the location of your home. In general, it’s the choice of dealer/builder that makes all the difference – the ones who value quality and are not out to make a fast buck generally tend to give you a good deal, and you’re the proud owner of a sturdy and secure home that’s also cost-effective and convenient.