To build or to buy – among aspiring homeowners, that is the question.
Much has been said about either choice, ranging from negative to positive assumptions. Detractors of the ‘build’ argument contradict the notion for the sake of practicality — pre-existing homes stand ready for homeowners to move into right after buying. Custom-built homes, on the other hand, would take months or even years before they’re even fit for occupancy.
The aforementioned claim, however, is just the tip of the iceberg. When it comes to real estate, it’s the property’s resale value that counts. In that regard, modular homes bring their A-game.
Depreciation is Out of the Question
Most people are often confused between modular homes and manufactured homes. They also tend to liken each other in terms of resale value — manufactured homes have been proven to do just that, but not modular homes. Like site-built property, modular homes increase in value over time, mainly due to the minimal amount of maintenance they require. When resale time comes, their pristine condition adds up to their market value.
Various Factors Further Dictate Resale Value
Like site-built homes, modular units have their resale values affected by several factors. For one, there’s zoning and location. Properties located near busy commercial areas harbor measly resale values, as opposed to those located in quiet residential zones. And if the home is sitting in a high-profile zone in equally high-profile cities like New York, then its resale value skyrockets as well.
There’s also the importance of curb appeal, special features, and lot size and orientation. A home that looks good, offers special amenities like extra bathrooms (one of the most popular hallmarks for home buyers these days), and has a sizeable lot is more likely to sell. With modular homes, layout and overall design are integral parts of its resale value — make a home look and feel too unique, and it may be tough to sell it in the future.
People looking to build their new homes with the aid of a local custom home builder in Utah or elsewhere must be as cautious as anyone. There’s no actual guarantee that a modular home is always better in terms of resale value — whatever dictates that concept at the end of the day hinges on specific design decisions on the aspiring homeowner’s part.