Modular, manufactured and site-built homes

Modular and manufactured homes – technically defined, they are different. So are site-built homes. This difference is an important factor that affects the value of a home – both its price and resale price. So in case you are planning to buy a house or build one, it would be worthwhile to know the difference. There are different restrictions set on building these kinds of homes. If you are planning to acquire a house, a professional appraiser or a good appraisal company may be able to give you relevant advice on the value of the house. If you are planning to sell a house, an appraisal would still help you sell it for a good price. In the event of purchasing a new property, it is essential that you buy a house with good resale value. This will ensure good returns on your investment at a future time.

Modular homes, oftentimes confused with manufactured homes, have the following characteristics.

• They comply with all building codes specific to the state, region or locality where the house is or would be located.
• They are built in sections at a factory, transported to the site where they are put together by contractors.
• The houses undergo inspection by local building inspectors who make sure they are built to requirements and appropriately. A good modular home would be as good as a site-built home both in durability and as an investment.
• In comparison to site-built homes, modular homes can be less expensive though this depends entirely on the plan and structure of the house.

Manufactured homes are similar to modular homes in construction though not in utility.

• They need to comply with the Federal building code or the HUD code and not just the local building codes.
• Manufactured homes are also known as mobile homes or trailers. However, the term ‘mobile homes’ are referred to those homes built before the 1976 HUD Code.
• Manufactured homes are prefabricated on non-removable steel chassis, sections are transported on their own wheels and assembled at their destination.
• They undergo inspection by local building inspectors.
• As they do not stand on a permanent foundation, refinancing is difficult and complicated. They depreciate in value.
• They are less expensive than modular and site-built homes.

Site-built homes are traditional homes and have the following characteristics.

• They comply with all state and local building codes.
• They are constructed at the building site.
• They generally appreciate in value with only factors such as location, utility, quality, type and size of construction affecting their value.

Housing developments allow site-built homes though they stipulate certain minimum requirements. Some housing developments allow modular homes while some don’t. So it is absolutely essential that deed restrictions are investigated and interpreted thoroughly not just before the planning stage of the structure but before buying the land where the house would be located.

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Matt Moore Appraiser,  Maverick amc / matt moore, Nationwide amc / matt moore, Newtown amc / matt moore, Matt Moore AMC

Condominiums versus townhomes

Condominiums and townhomes – the general public seem to be always confused as to what the terms mean and how they are different if they are different at all. Well, in technical terms, they are different, though the building structures sometimes appear more or less similar.

Condominiums and townhomes are individually owned houses attached to one another.

Townhomes are attached in a row, and together they form one whole building complex. In a condominium, houses may be adjacent or stacked upon one another. The houses may be single story, or 2 or 3 story units or they can be units in a high-rise building. There is also a type of condo more recently developed where houses are built in a cluster as detached or freestanding houses.

A townhome owner owns the house and the land. He or she also owns the garage, the yard and the roof of the dwelling unit. But a condo owner does not own the land on which his or her home stands. They only own the dwelling unit, that is, the inside of the dwelling unit in structures where the houses are attached. All the common areas including the yard, stairs, walkways, amenities, etc. are owned, shared and maintained by all the owners of the condominium.

Both condos and townhomes have homeowners’ associations which take care of the maintenance of the common areas and the amenities and structures within the common areas. For this, each owner or resident pays a fee to the association usually on a monthly basis.

As the owners of both condos and townhomes own the space inside their respective dwelling units, they can do maintenance and improvements within that space as and when they wish. Walls inside the living space can be painted as, when and how they wish. However, it should be noted that they do not own the walls of their homes, so the owners have the privilege of painting, repairing and improving only in the space within the walls of their homes.

Each association may have its own set of rules and system of functioning. They are generally similar though there are slight variations among associations. Residents or owners will have to follow the guidelines set by their associations as regards ownership and sharing of costs and responsibility of maintenance of common areas and amenities. All of these factors are closely scrutinized by the appraisal company while valuing a condo or a townhouse.  

 

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www.liberty1amc.com
Matt Moore Appraiser,  Maverick amc / matt moore, Nationwide amc / matt moore, Newtown amc / matt moore