Myth #1: It’s cheaper to buy an existing home than to build
a new one.
Fact: The costs really depend on where you want to live and
what kind of house you want to build. In expensive, downtown markets where
there is limited land, purchasing an existing home may be more affordable.
However, on the outskirts of the city or on a lot in a newly created infill neighborhood,
it can be cheaper to build than to buy.
If you live in a highly sought-after neighborhood, you may
decide to tear down your existing home and rebuild on your lot, in which case
you could create a new home for far less than you could buy it. Something to
keep in mind – buying a used home can end up costing you more money in repairs
and upgrades than you are saving.
Myth #2: It’s expensive to tear down an existing house for a
rebuild.
Fact: It is actually less expensive to completely demolish a
home than to remove just a small portion of it. That’s because of the labor
costs. A complete demolition can use large machinery to speed up the process,
while a smaller demolition may have to be done mainly by hand. Entire homes can
be demolished within two days for as little as ($10,000).
The advantage of tearing down and rebuilding on an existing
lot versus building on empty land is that you probably already have water/sewer
service and there is less clearing of trees and grading required.
Myth #3: It’s a big hassle to design and build your own
home.
Fact: You could spend thousands of dollars to develop the
designs for your new dream home, but why? Build a modular home and you will
have access to professional engineering and custom home design at little or no
extra cost. With the modular home factory and your builder’s expertise, you can
create a custom home that will satisfy your family’s unique requirements and
meets your every expectation.
Myth #4: It takes too long to build a new home.
Fact: From start to finish, you could be living in your new
home in five to seven months. Once excavation begins, normal modular home
construction period averages about 120 to 180 days.
Myth #5: It’s easier to buy a resale home and renovate.
Fact: Renovations are time-consuming, costly and messy.
Often, unexpected surprises will be discovered when you open up an old wall
that you didn’t anticipate that can boost the time and costs involved. It’s
important to calculate in your purchase price the costs of updating an older
home, and the costs of paying someone to do it if you can’t. And you need to
ask yourself if you’ll be able to live in the chaos of construction if you’re
planning a major renovation.
Myth #6: Modular homes are only used for cottages and low
income people.
Fact: Originally designed to meet the cost challenges of home
building, modular housing is now common in all
segments of the construction industry. A modular home features components and
material all constructed in a controlled factory environment with precision
tools. This offers advantages for homeowners as the material quality is
superior and quantities are exact. By using precise shop drawings, there is far
less wasted material from the manufacturing and building process, which is good
for the environment and good for the homeowner. From the factory, the modules
are delivered to the home’s site where they are assembled.
Myth #7: I can’t afford to build a custom home.
Fact: You can if you build modular. For what you receive, a custom
modular home represents a truly outstanding value in the home building marketplace. Modular home builders are able to offer specifications of
extremely high quality at very competitive pricing because they manufacture all
critical components of the modular home in their factories. There are
significant economies of scale and which are passed on the home owner.
