The impact of COVID-19 on the housing market has been astronomic. With limited availability and skyrocketing prices, first-time homebuyers are having a hard time finding a house within their budget. Tuition bills, living expenses, and other costs also factor into this decision. Due to the high demand for housing, potential homebuyers have been turning to alternate methods of purchasing a home, and this has greatly affected the modular home market. Here’s what you need to know.
Are Modular Homes Becoming More Popular?
Modular home construction has taken off in 2020-2021. Far more modular homes are being purchased today than in the past. Especially when you factor in the limited market. While the housing market is difficult with so few listings, the desire for modular homes seems to have only increased with time.
Modular homes are a great investment that will appreciate in value over time. However, modular homes can also be customized and made to order with flexible flooring plans. This means that individuals who can’t find their dream house on the market may choose to build a modular home.
Will Modular Homes Increase in Value Overtime?
Modular homes are customizable, made to order, and durable. Additionally, they also increase in value over time. Like all homes, taking care of your modular home increases its worth through the years.
It is worth noting, however, that hiring an unprofessional modular home company will result in a home full of problems that may cause it to depreciate in value. However, most companies are reputable and will provide you with a home you can enjoy for years to come.
Is it Cheaper to Build a House or Buy a Modular?
There are several variables to consider when pondering this question. The size of your home, how quickly you want it built, and whether or not you factor in resale value can all affect the answer. In general, it is cheaper to buy a modular home than a traditional home. However, while they appreciate in value, they typically don’t appreciate as much as a traditional home.
That being said, if you’re planning on living in a modular home rather than immediately turning around and selling it, then modular homes are a great housing option and a smart way to beat the tough housing market. Consider building a modular home and reach out to an expert today on how you can get started!
In the Market for a New Home?
At Next Modular, we know that choosing a home is one of the most important financial decisions you will make. As an experienced modular home builder, we are committed to being your guiding light throughout this process. If you need a modular home built near Goshen, Indiana, or if you have any further questions regarding resale value, call us today.