bigbearguy Posted December 20, 2007 Report Share Posted December 20, 2007 I am starting to get serious about getting into a house of my own and I'm looking for any advice from loans, to the building process, heating/cooling systems, or even buying a home. I am currently leaning towards buying a lot in a local small subdivion and putting in a modular (not a doublewide) ranch, so this way I don't have to worry about what somebody else did to the home and I can have it built the way I want it. I am single so the need for an extravagant home is not needed. Any pros/cons to the modular home vs. a stick built home? Thanks for any help!! Quote Link to comment Share on other sites More sharing options...
RTF Posted December 20, 2007 Report Share Posted December 20, 2007 Make sure you build at least a 3 bedroom house, even though you may not need it now. It will be easier to sell in the future if you do. I always have liked owner financing and will only buy this way. Modular homes are built better then stick built. Quote Link to comment Share on other sites More sharing options...
RangerClay Posted December 20, 2007 Report Share Posted December 20, 2007 What state do you live in? That helps with my answer. Quote Link to comment Share on other sites More sharing options...
MCH Posted December 20, 2007 Report Share Posted December 20, 2007 If you haven't owned your own home in the last three years, visit your local bank and ask if they participate in a "first time home buyers" program. If your income meets a certain requirement for your area, then you would be eligible to receive "free" monies. The only hitch is that if you sell the house in the next five years, a portion of the "free" monies must be paid back. Other than that, after 5 years, you don't owe a penny of the "free" monies back. Quote Link to comment Share on other sites More sharing options...
RTF Posted December 23, 2007 Report Share Posted December 23, 2007 I like that Free monies idea ! Quote Link to comment Share on other sites More sharing options...
jbeck Posted December 23, 2007 Report Share Posted December 23, 2007 As far as the modular question, If you go with a good modular company, they are built better than stick built. On thing to do on the modular is to upgrade on the cabinets and the trim package. These will pay off quickly on quality and resale down the road. Quote Link to comment Share on other sites More sharing options...
mike Posted December 23, 2007 Report Share Posted December 23, 2007 buying a modular is like buying a trailer imho. to say that a modular is better built than a stick built home is absurd:mad: i have worked on a few modulars and they are built alot cheaper than the custom homes by honest contractor. i would like to see some research on your theories:confused: and as far as resale goes.. in this area a modular as alot lower resale value than an actual "house". Quote Link to comment Share on other sites More sharing options...
Randy Posted December 23, 2007 Report Share Posted December 23, 2007 I have to agree with Mike on this one. I don't know how you can build a house in two pieces, set it on a foundation that are NEVER poured perfect, and have a better house. I personally would stick build a house and make sure to have a big kitchen and atleast a couple bathrooms. The "open" concept is a big seller right now to possibly look at for resale down the road. Good luck in whatever you decide. Quote Link to comment Share on other sites More sharing options...
OJR Posted December 23, 2007 Report Share Posted December 23, 2007 I Agree! buying a modular is like buying a trailer imho. to say that a modular is better built than a stick built home is absurd:mad: i have worked on a few modulars and they are built alot cheaper than the custom homes by honest contractor. i would like to see some research on your theories:confused: and as far as resale goes.. in this area a modular as alot lower resale value than an actual "house". The same goes for this area! Modular homes do not have the same quality of construction that stick framed houses do! Also the resale value is considerably lower! They are just a little better than a manufactured home and those things are the bottom of the barrel! Be very careful as to what type of construction you get into! In the long run, framed housing is by far the best way to go! Quote Link to comment Share on other sites More sharing options...
HuntingInMaine Posted December 23, 2007 Report Share Posted December 23, 2007 The same goes for this area! Modular homes do not have the same quality of construction that stick framed houses do! Also the resale value is considerably lower! They are just a little better than a manufactured home and those things are the bottom of the barrel! Be very careful as to what type of construction you get into! In the long run, framed housing is by far the best way to go! My other half is a contractor and also absolutely hates pre-constructed homes of any type. You might want to look into a few quotes for a single level ranch (almost any contractor will do that for free and you don't want to deal with one that won't). They go up quickly and are relatively inexpensive to build. You get what you pay for and this isn't the type of investment you want to cut corners on! Quote Link to comment Share on other sites More sharing options...
mike Posted December 23, 2007 Report Share Posted December 23, 2007 ok, now that i have had some time to think this question over after my modular home rant:rolleyes: i would stick to the basics if this is not a home you plan on spending the rest of your life in. think resale when you make decsions. open floor plans seem to appeal to more people than not. concrete foundations are the staple of homes and seem to sell the best, even though when building my own home i would prefer a wood foundation but that is because i would build it myself and know its done right. they are quieter,warm, and they won't crack:D. but there are contractors out there that don't know how to properly build one. as far as heating and cooling, i would stick with forced air heat and a/c. while geothermal systems and in floor heat are a litlle more efficient it takes a alot longer to recoup the intial installation costs than they first expected and if this is not the home you want to live in forever i don't think you will recover your costs in resale at all. you can cut some costs in some areas but there are a few places you never want to. when it comes to the exterior think maintenance free the whole way. todays homeowners do not want to own a paint brush:D and DO NOT CORNERS ON KITCHENS AND BATHROOMS!! kitchens and baths sell houses! they are the two most expensive rooms in the house but they do make the sales trust me!! solid wood cabinents with good quality drawer guides and dovetail drawer boxes. good quaility plumbing fixtures and plenty of light!! hope this helps some. and like i said in my last post a good contractor and a sight built home. you get what you want and what you pay for. and you can also make some changes as you see your house go up. sometimes once you walk around in it a bit during the framing you realize there are things you don't like as much as you did on a blueprint. you don't get that in a manufactured home. and if you haven't geussed yet. yes i am a contractor:D:D if you have any more specific questions that i didn't cover well feel free to shoot me a pm and ask away. but opinions are just that opinions:D:D Quote Link to comment Share on other sites More sharing options...
OJR Posted December 23, 2007 Report Share Posted December 23, 2007 Great advice Mike! I did custom homes for about 15 years and I never built one with a slab foundation. All stem foundations and raised floor! Never had one complaint! One house I built sold about 5 years ago and the people, who I built it for, got over $2,000,000 for it! I wish I could have gotten part of that! LOL!! Quote Link to comment Share on other sites More sharing options...
BowJoe Posted December 23, 2007 Report Share Posted December 23, 2007 Pre-Fab homes are not at all bad and are a lot easier on the buyer and there is no haggling with a contractor and his jacking the price up on you in the end. Not to mention you can have a home up and living in it in less than 2 weeks from the date you poured the foundation. I don't know how everyone has this disillusion that they are not as good of quality as a stick built home seeing as how the only difference is they are built room by room inside a building no matter the weather. I have seen homes on "This Old House", and a special for victims of Katrina that had factory built homes made to withstand hurricanes. You have to figure that with modern technology being what it is today, you can get as good of a house as stick built with a few minor twists. In fact, I've seen them use bolts planted in the foundation 3ft and then the walls attached to them. I have yet to hear from anyone with extensive knowledge on pre-fab homes, only stick built. My advice on financing is to go through a broker. I have family in the business and they have proven over and over again that the only difference between them and a bank is they can get you more offers from more banks and you get to choose who you'd want to go with as far as payment arrangements and interest rates. Be sure and watch the number of times you get your credit checked as each time you do, you lose a point on your credit score. I would get a credit check for myself as that doesn't cost you a thing on your score and if you decide to go through a bank, just present them with a copy of your scores and they can run the numbers that way without having to actually run your score. They eventually will have to but for the time being you can just ask what a credit rating like yours will get you on interest and payments. I would also recommend escrow. Some banks actually require it. A broker will charge you fees but so will a bank but they don't always report where the money goes. I know that for a fact. When we closed on our home, we were told dozens of times that we would get the money we gave them back at closing. Instead, we got nothing and they just told us it was part of the closing costs and bank fees. They actually charged us for doing business with them. A broker will charge you money but they have it well documented and they can also guide you on how to deal with a bank. That's their job. Basically, if you want a prefab home then go with a prefab home. No one will be able to tell the difference when it's said and done and you'll be happy because you'll have a direct hand in how the inside looks. If I can figure out how to email pics of a design program I have, I'll send you some recommendations or ideas I am making for a friend right now. He's going to buy a garage that is 38' X 48' and I'm trying to help him with the inner design. You can buy a garage like that for around $14,000 built and then put whatever you want on the inside. Best of all, you don't have to get a home loan then and you'll still get a decent home. His is 3 bedroom, 2 bath, large living room and dining room with plenty of space for a bachelor or if he gets married, he still has extra room plus room for a child or two. He'll just lose his office if he has more than two. IM me and I'll see if I can't send you some designs I came up with. Quote Link to comment Share on other sites More sharing options...
OJR Posted December 23, 2007 Report Share Posted December 23, 2007 If you have done much remodeling, you will find out in a hurry about manufactured and modular houses, as to how they are built! They are NOT good! Quote Link to comment Share on other sites More sharing options...
Randy Posted December 23, 2007 Report Share Posted December 23, 2007 I worked construction for a few years myself, just my $ .02, go with stick built! Quote Link to comment Share on other sites More sharing options...
stevebeilgard Posted December 23, 2007 Report Share Posted December 23, 2007 As far as the modular question, If you go with a good modular company, they are built better than stick built. On thing to do on the modular is to upgrade on the cabinets and the trim package. These will pay off quickly on quality and resale down the road. sorry, but i very strongly disagree. a modular is a cheap piece of junk compared to the average stick built. a good builder will pay you back in spades. jmho build AT LEAST a 3 bedroom, 2 bath home with a 24 x 24 two car garage. i'd go 4 bedrooms and a 3 car garage. just for any future resale. build a home with a payment of 25% of your monthly income. so, if you make $5,000 a month, keep your payment at $1250. or less. Quote Link to comment Share on other sites More sharing options...
craig mack Posted December 23, 2007 Report Share Posted December 23, 2007 My dad was looking into getting a modular a few years back and had a friend who's brother owned a company that built modular homes. So he met him and asked one question "do you own a modular home" he said no. That was all my dad needed to hear. Find a good contracter and have it built. Good luck Quote Link to comment Share on other sites More sharing options...
Tominator Posted December 23, 2007 Report Share Posted December 23, 2007 build a home with a payment of 25% of your monthly income. so, if you make $5,000 a month, keep your payment at $1250. or less. Is that gross, or take home pay? Quote Link to comment Share on other sites More sharing options...
BowJoe Posted December 23, 2007 Report Share Posted December 23, 2007 One good reference we had was to never buy a house that cost more than you make in a year gross. Quote Link to comment Share on other sites More sharing options...
OJR Posted December 23, 2007 Report Share Posted December 23, 2007 One good reference we had was to never buy a house that cost more than you make in a year gross. If that was the case, 90% of the people in this country would never own a home! Quote Link to comment Share on other sites More sharing options...
stevebeilgard Posted December 24, 2007 Report Share Posted December 24, 2007 Is that gross, or take home pay? that's gross. each person should talk with their banker. some will go as high as 35%, mostly because homes cost so much. . i'm now building homes i can't afford to buy.... Quote Link to comment Share on other sites More sharing options...
Adjam5 Posted December 24, 2007 Report Share Posted December 24, 2007 A advantage I think pre manufactured homes might have over site built homes is. They are built under optimum conditions at the factory. That is better for the worker and the materials used for construction. How long do stick built homes sit sometimes just framed, waiting for the roofer while it has been raining or snowing for the last week? That don't happen in the factory. Not mobile homes...Pre manufactured homes. My neighbor up the road had his ranch styled house tore down(stick bulit) and a pre fab colonial put up( 4 pieces) and it looks great. They saved 46K doing the job that way. He has had NO complaints with the job or products used. It was crane set on a full basement with a poured foundation. Try to put down atleast 20% on the loan so as not to pay PMI(private mortage insurance). You might be able to get a 1/4point better on your rate too if the bank could get direct payment of your mortgage on every 1st of the month. A quarter point could add up to alot of dough depending on the size of the loan. Quote Link to comment Share on other sites More sharing options...
98chevy Posted December 24, 2007 Report Share Posted December 24, 2007 Im in your boat on this. Im looking for a home. Do i build or get "shipped" in or just buy a fixer upper. Since im always so busy a fixer upper is almost out of the question. So i debated stick verse moduler. So I called a bunch of contracter I knew. (6 to be exact) I didnt ask them what they like to build I asked them which ones easier to repair and which ones hold up better. Each one said stick.They also said we do more repairs on moduler though. (seeping door ways) squeeky floors etc. Just thought i throw my .2cents in. Quote Link to comment Share on other sites More sharing options...
Canuck2 Posted December 24, 2007 Report Share Posted December 24, 2007 A few things come to mind that don't seem to have been mentioned yet: 1) Depending on what the general situation is in your area (ground water levels, etc), you may want a basement. Basically the floor area can be doubled for a fraction of the cost extra. 2) Again, depending on local regulations, climate, etc, you might consider 2x6 walls instead of 2x4 (the latter may be totally obsolete where you are anyway). Makes for much better insulation potential. 3) If available, consider having a mortgage that lets you pay down the principal faster if you have the funds available. This could save you a bundle over the years. 4) Check into insurability of frame houses vs modulars. 5) And although a lot of modulars are slapped together, there are certainly some good ones out there. But be prepared to pay for quality. Quote Link to comment Share on other sites More sharing options...
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