What is a modular home? A modular home is simply a prefabricated factory-built home. Prefab modular homes are made up of various sections that are transported separately and then assembled on site. A foreclosed modular home is one that has been repossessed by the bank due to the owner defaulting on their mortgage. When the lender has repossessed the property, they will list the modular home for sale as quickly as possible to help them recoup their loss.
Modular homes and mobile homes are both considered prefabricated homes whereas a stick built home is a wooden home that is built on the property. With foreclosed mobile homes and prefab modular homes, investing in a rental property or first-time home can be very cheap. Affordable modular homes are on the market across the country.
If you are thinking about investing in a foreclosed modular home, you should be aware of how these homes are built. Modular homes are built in pieces at a factory and then assembled onsite. Some builders also provide custom modular homes, with different finishes and options available making modular homes similar to regular homes.
Once a modular home is placed on the foundation, it is typically considered a permanent structure. However, transportable homes do exist. Mobile homes and some modular homes may be moved by movers specializing in modular building transportation.
Buying a modern modular home can be a great investment, either for a first time home buyer or as an income property. Buying a modular home foreclosure is a great option – they are inexpensive, high quality, energy efficient, often come with a warranty, and appreciate in value. Modular homes for sale today are not the “cookie cutter” homes many remember from the past! Today, modular home prices are attracting home buyers from all walks of life. Modular home sales are rising because there are so many options on the market today. Some even buy small modular homes to work as studio or office space near their main home.
Modular home pricing is very reasonable and that is a main advantage over other investments. Buying a modular home is one way to establish income through a rental property.
How much do modular homes cost? The cost of a modular homes varies based on the size and finishes. Small modular homes are less expensive than larger homes. A new modular home retailer can provide you with a modular home price list. Typically, a new modular home is around $60 a square foot but foreclosure properties are even more affordable. Purchasing foreclosed modular homes can save 30 to 60 percent off the original price.
Wondering how to finance a foreclosed home? Financing a modular home is the same as purchasing any other home. Modular home loans are available to those hoping to buy a foreclosed home. First, you should pre qualify with a bank, then start looking for used modular homes for sale in your desired area. Modular home financing is available for those who qualify. Investing in foreclosed modular homes has become a great way for home buyers to get a discount on an investment property.
