Anyone know anything about modular homes?
 

http://www2.gomodular.com/specials/legacy-colonial.htm

I'm going to do a comparison between stick built and these. I want to find out what the costs are, but so far it looks like the mod home is cheaper.

Here is my rough math for the Heritage I Colonial.(paper napkin killing time between class)
Lot $50,000
House $108,500-Standard Specs, plus the gas fireplace those add some value
Site work $30,000
Mis expense: $20,000*
FMV $399,900-$425,000 depending on the location.

So $208,500-$400,000=$191,500-4% for sales expenses(I work for free, offer 3% co broke, 1% for closing costs, ect) $183,840. Looks like their is $100k profit in their once all the stuff I'm missing is thrown in.

Naturaly these are super rough numbers I'm just starting my research. I also need to find a lot, I have two possible's now that are in a so so area so $389-$399 for each of those, in a better area like North Milford $450k. I'd prefer to build a colonial over a raised ranch because around here colonial's always sell better and for more money.

*sewer, water, cost of capital, transport and finishing work need to be calculated, as well as overruns.

Any input would be appreciated. I'm interested in these because supposidly they arrive almost done, so in theory I should be able to go from a clear lot to a finished house in a month.(or less) No other builder in my area is doing this they all stick build.

Modulars can be installed on your prepared foundation much faster than a month. I watched a 4 or 5 module single family house ( 2 stories) go up in a day. The finishing work takes a little time, but I would expect it can pass a U&O within a week, 2 at most.

Is landscaping and sidewalk/driveway paving included in your site work budget? Permits?

In my own experience you save time on the house but you still have the Drywall finishing, painting, plumbing, HVAC and electrical to finish. It was my first time and most of the Sub's so it was tough going to finish. They came out to be about the same price as site built but speed and quality made the difference. The biggest hold up was quailty drywall I tried a run of the mill dry waller and we ended up tearing it out and starting from scratch.

Plus there is a learning curve with backfill, piecing the roof together, adding the garage, siding, soffit, gutters, fixing stress cracks from moving.

Its not as easy as it looks.

Sanitary sewer or septic tank? If the latter, has the land been perc'd? Is the land large enough to allow an attached garage? Will a deck be needed aft of those sliding doors? It's a sales killer if a prospective buyer opens the sliders and plunges to his death.

Yip, its a long grocery list that never ends I have seen sewer tap permits that are staggering from $5000 - $30K (Small doctors office). Plus the occasional whoops by crappy contractors, there is an art to piecing those things together once finished they are superior IMO but getting the "right" is costly and time consuming.

Hattie I will dig up some spreadsheets to help you zero in, as of now I think you far are off the mark the "small stuff eats you alive. Dumpsters, site clean up, final clean up right down to the mailbox in the front yard....then when you sell transfer taxes, income tax, title insurance, seller concessions, debt service/TVM, signage, brochures, appliances, garbage disposal, Toilet seats, firewall for the garage.


Man looking back I'm glad I'm on the lending side.

Oops and don't forget about the $1500 a half day crane.

The only thing about modulars is that each module can only be the size of a truck trailer. Fancy stuff like really tall ceilings and oversize rooms are right out. If what you are looking for is a basic house with normal 8' ceilings and regular rooms, it's a good deal.

Another option is panel built houses. That's when the walls are put together at the factory and then trucked out as a stack to your building site.

Either way, make sure you work with a builder who specializes in modular construction!

Where are you going to get a lot for $50K in CT? If you do manage it, I'll bet it will not support a $400K house.

Another point.

Remember Hattie, if it were a gold mine everyone would be doing it.

...and the neighbor who will be pissed off when the crane shears the mirror off of the door of his parked Taurus. Oh, make sure your foundation guy compacts the whee out of the soil before he lays the footers. It's always a downer when one side of the kitchen is two inches lower than the other.

I am not sure if Brian means support from a physical standpoint or from an appraisal perspective, or both. All smart-ass comments from me aside, making sure that the lot is buildable in a cost-effective manner is paramount. Proximity to utilities, building compliance with setbacks, etc. have to be thoroughly evaluated.

Know your land, le$t you be buried in it.

Another miscalculation I did was seasonal weight restrictions for the crane, we had to wait an extra 6 weeks to set the homes due to weather and debt service on 5 homes for an extra month was the first nail to the coffin.

2 1/2 years ago I sold a 1.4 acre building lot here on LI for $185K. The buyer was a builder who figured that he could build a 2,200 sq. ft. house on it for $200K and he would sell it for $440-$450K.

He was looking for a $50K profit...........after all that investment capital and risk.

All I can say is:

Good luck with that.

With Modulars there is little to turn back on other than lots of shims, if the basement is not perfectly square you have an extra cost getting it right. I went with a block basement to meet the new energy codes and lucked out on that one since block is typically more square than poured wall.

One dadny was the footings was we had a multiple days of hard freeze at night so I had straw and tarps covering the footing pre-pour while manning the portable heater all night - rinse and repeat one the concrete was poured.

and I almost forgot about the $1.50 extra a yard for chloride and hot water.

I don't want to sound like an idiot because I did a good job estimating based on what the modular manufacture told me.......they were wrong.

In the end it cost the same as stick built but the construction was superior.