e Future of Housing is Modular

The Future The Future of Housing of Housing is Modular is Modular

Amid skyrocketing real estate prices and limited supply, homeownership is the last thing on most young professional’s minds. But what if you could buy a home for half of the price of a traditional house, with rental options that have the potential to outpace your mortgage?

While a trailer park is probably not the image most homeowners are going for, these homes aren’t your typical house. They’re known as prefabricated or modular homes, and they’re the real estate that developers and buyers alike didn’t know they needed until now.

Prefabricated homes essentially combine traditional homeownership with technology. Modular homes are a form of prefabricated houses that are almost entirely built in a factory. Though they are placed on a permanent foundation, the structure itself is prebuilt and created in sections, making it easy to take apart, transport and build. What’s more, modern-day

fabrication technology has caught up to modern-day design, making prefab homes not only cheaper than traditional “stick-built” houses, but potentially better looking and more sustainable.

Stick-Built Vs. Modular Construction Some common questions regarding modular homes are, What is their resale value? Is the quality of construction compared to traditional homes? What loans are available?

•Modular homes appreciate or depreciate the same as stick-built, and loans and mortgages are also treated similarly. Not the same for mobile homes that aren’t built on a solid foundation.

•Building and construction currently account for nearly 40% of all carbon emissions in the world, and typically 40% of construction materials end up in the landfi ll.

•Modular homes, on the other hand, are more eco-friendly to build, use less energy while occupied and are easy to recycle and deconstruct at the end of their lifespan. Tax credits are also on the table as they can be recognized as a green form of building.

•Modular construction can last longer than stick-built houses and have been found to withstand winds of up to 300

Km per hour. • Traditional homes can take six to 12 months to build.

Modular houses may take between 8 to 12 weeks.

Buy a Home for half of the Price The average price on the coast to build a new home is now about $350 - $500. per square foot. By comparison, the average modular price is about $175 - $250 depending on upgrades so approximately half the price.

The Future Is Modular While the concept of factorybuilt homes may seem strange today, in the next few years, planned modular communities may become much more commonplace. We may be asking not “Who built your house?” but “What factory did it come from?”

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