What is the Cost of Ownership for a Modular Home?
‘What is the cost of modular homeownership over time?’ is a vital but often overlooked question. The popularity of prefab and modular homes has seen a growth spurt in recent years. Social distancing, the rise of remote work, and other effects of the pandemic have accelerated this trend even faster.
Questions about insurance, initial purchasing costs, energy usage, maintenance, and potential modifications most commonly arise in the shopping process. We at Turn Key Fabrication are happy to answer those questions for you.
This piece will give you all the information you need to purchase a modular home or room.
Initial Purchasing Costs
A variety of factors go into the purchasing cost of a modular home. Pricing will vary greatly. Here are just a few things that affect purchase price:
- Square Footage. On average, a modular home will cost between eighty to one hundred sixty dollars per square foot with installation included, with an average total cost between one hundred twenty and two hundred seventy thousand.
- Location. This impacts both the price of the land, availability of material and type of insurance needed. Whether the structure is meant to be in a rural area, or an urban area will also come into play.
- Design and Materials used. Modular structures can be assembled in a variety of different materials, shapes and styles that fit any need. At Turn Key Fabrication, we design all our modular homes with their intended size, climate, and purpose in mind, taking all guesswork out of the design process.
The difference in materials and build will also affect the purchase price of the structure. We make all our prefabricated structures with their intended geography in mind. For example, when building prefabs that will stand in high fire risk areas, we adjust our building process to prepare for that, such as using SIP panels with a solid core of expanded polystyrene (EPS).
Insuring Modular Homes
An often-overlooked detail of modular homeownership is purchasing an insurance policy for the property, ensuring that the house and its occupants will be covered in an unfortunate situation.
Despite the different name, a modular or prefab house is often covered under the same type of policy that would apply to any other home and are not eligible to be protected as a mobile home.
However, this can work to the homeowner’s advantage, as the average cost of home insurance is less than mobile home coverage. The insurance coverage needed is the same as a typical non-manufactured home, with no more significant risks associated with prefab homeownership.
The best way to go about the process would be to verify which type of insurance is best for the property and its tenants based on location and intended usage.
Energy Costs
With the advances of new and innovative technology and energy coupled with an inflated economy, costs are essential for any potential homeowner or investor.
Luckily, prefab homes tend to be more energy-efficient, taking advantage of everything modern materials offer.
All our modular homes and rooms are created with efficiency, avoiding many issues affecting older homes with lesser materials. From composite glass in windows and snug fitting doors to insulated roofs designed to maintain the most comfortable temperature for the home, these new homes can often outperform older homes of comparable sizes. SIP Paneling offers airtightness and ease of assembly not seen with traditional wood.
Maintenance of Modular Homes
Modular homeownership also comes with considering maintenance costs, usually lower than the average stick-built home.
These homes avoid the more common issues plaguing homeowners by using construction and materials to withstand their specific environment. Prefabs are generally easy to maintain, thanks to their design and material composition, which can be further aided with regular care.
Maintenance can be the determining factor in a prefab’s longevity. Proper upkeep is essential for reaching the structure’s estimated 50–60-year life.
At Turn Key Fabrication, we use only the highest quality materials, so we are pleased to be able to offer a limited lifetime warranty on all our builds.
Add ons and Customizations
Another benefit of owning a modular home is making additions or further customizations much more quickly and cost-effectively.
With sheds and decks under ten thousand dollars and basements or garages under thirty thousand, the costs of making additions to prefab homes are often much more financially manageable. Additional or specific use rooms can also be custom ordered, allowing for incredible comfort and utility in the design.
There can be fewer limitations on modular home ownership with many base designs to choose from and the option of customizing as needed. At Turn Key Fabrication, our goal is to make it easy to get exactly what you want. We are happy to customize any design as needed.
Modular Homes VS. Modular Rooms
Another option at Turn Key Fabrication is our prefabricated Turn Key Rooms, which can be added to existing structures for additional space or storage. These rooms make excellent wine cellars, mudrooms, home offices, and guest rooms and can come completely furnished and ready to be used.
Our Turn Key Rooms are specially created to be installed in a single day or arrive completely assembled. Our tiny rooms are less expensive than a full-sized modular home and could be the better option for people who may need more space but may not want (or have the square footage) to commit to purchasing an entire tiny house.
How to Get Started
Modular structures carry their share of risks and rewards, as with any other investment or situation. The return on investment for prefab homes can easily outweigh their cost. We trust that we have helped break down the cost of modular homeownership over time.
Building modular homes is what we do best. For any questions that may not have been answered, we are happy to help. Contact us here.
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