Essentially, a modular home is a broad term used to refer to any home that is constructed off site, such as in a factory or manufacturing facility. These homes are then shipped to their permanent location and assembled.
Modular homes have a bit of a stereotype as affordable yet low quality options for housing. With new technological advances, that is no longer the case. Modern modular homes increase property value and maintain long-term value as well.
Let’s take a look at a number of factors that can help enhance the long-term value of your modular home.
Benefits of Quality Control
Durability is one of the primary factors that help modular homes hold their value. Modular homes are built indoors with high levels of quality control to ensure that products meet standards. At our state of the art factory, we use innovative 3D printing technology to create homes that meet rigorous standards.
When our homes are ready to be delivered, the components must withstand being craned from a truck and put into place. This means that durability is not just a beneficial feature but absolutely integral to our construction process. For you the homeowner, this means that you can rest assured that your home will be sturdy and able to withstand quite a bit.
While modular homes were traditionally associated with lower quality, a vast improvement in technology has resulted in a situation where modular homes are often now sturdier than traditional homes built on site. Being manufactured indoors means our materials are all protected from the elements. Also, our carefully designed and supervised processes means there is no cutting of corners which can sometimes occur with traditional builds.
Choosing a Location
We’ve all heard the real estate agent’s mantra of “location, location, location!” The reason that this is such a popular refrain is because it is simply true. With real estate particularly, location is key. If you put your home in an in-demand location, you’ll reap rewards in terms of value.
How do you know a location is a good choice for a home?
One way is to simply look at the data. Take a look at home prices in that area compared to others. You should see an above average level of increase over time. Also, check to see how fast homes sell in the neighborhood compared to averages. Faster selling homes are a sign of an in-demand area. Other important pieces of data to take in relate to the schools and relative safety. Check info regarding the quality of the public schools and crime statistics. Good schools and low crime are signs of a good location.
There are also a number of smaller factors you can look for to help pinpoint a great location. Do homes look like they are being well maintained? Do you see people out and about on the sidewalks? Are there small businesses in the neighborhood? Is the area well lit after dark? Are there police and fire stations nearby? All of these factors are signs of a positive place to invest in a home.
Landscaping and Improvements
In addition to ensuring that you get a durable home in an in-demand neighborhood, another important thing you can do is to make improvements to your home. There are a number of home improvement projects you can take on that will have a high return on investment in terms of increasing your property value. Installing a deck, patio, or porch tends to increase your home value by roughly 90% of your investment. Decks also enhance your ability to sell.
A new trend in home improvement is investing in smart technologies, which buyers increasingly prefer. Things like smart thermostats, fire detectors, security cameras, lighting, and door locks. The improved convenience and ease of these technologies along with the ability to check in on your home while away are some of the reasons why smart-equipped homes are increasingly popular. Additionally, these are typically relatively inexpensive investments to make.
Finally, the most substantial thing you can do to increase the value of your home is landscaping, which recoups 100% of its cost in value. We’ve all watched the home shows that cite the need for curb appeal. People want a home that looks beautiful and inviting. Adding some plants and features in a structured way are simple ways to enhance your home’s value.
Maintaining Your Home
Finally, it is critical to maintain your home. Mighty Buildings are projected to last over 73 years, meaning that typical maintenance will prevent your home from losing value. Keeping things like electrical and plumbing in good order and periodic things like a fresh coat of paint every five to ten years will go a long way to enhancing your home.
There are many aspects of home maintenance that can ensure your home stays in working order. This includes things such as periodically checking and grout and caulking, having your HVAC system serviced annually, and ensuring that gutters are not clogged. Walking around the exterior of your house periodically to check for things to address is also important.
Homeowners that stay up to date on the maintenance of their home will find it easier to sell and also be less likely to experience major problems. Your home is a significant investment and maintenance is integral to its value. Fortunately, Mighty Homes are relatively easy to maintain as they are intentionally designed for both sustainability and convenience.
While modular homes have a reputation of decreasing in value, this is largely based on old information. Modern modular homes are often more durable than typical construction. Specifically, our homes are carefully constructed with high-quality, durable materials. By ensuring your home is in a good location, focusing on landscaping and occasional home improvement projects, and completing standard maintenance, you can be sure that your Mighty Home will retain its value.