What is a modular home?

What is a modular home?

Modular homes are built in sections in a factory setting, indoors, where they are never subjected to adverse weather conditions. The sections move through the factory, with the company’s quality control department checking them after every step. Finished modules are covered for protection, and then transported to your home site. They are placed on a pre-made foundation, joined, and completed by your local builder.

How long does it take to build a modular home?

That depends on your design and the manufacturer, but some modular homes can be built in the factory in as little as 1-2 weeks. And since modulars are built indoors, there’s never a weather delay. It usually takes another 2-4 weeks for your local builder to complete the home once it’s delivered to the building site.

They sound like mobile homes. Are they the same thing?

Mobile homes, now called manufactured homes, are built to conform to the same federal code, no matter where they will be delivered. That code is called the HUD code.

A modular home conforms to the building codes that are required at the specific location it will be delivered to, and in many cases construction exceeds the required codes.

Don’t all modular homes look alike?

No, and unless you were there to see the house delivered and assembled, you might not guess it’s a modular home. Modular home manufacturers use computer aided design programs to draw plans to your specifications, or to modify one of their standard plans to suit your needs, so nearly any home plan can be turned into a modular home.

It’s true that some modulars are very basic and resemble doublewide manufactured homes, but the two structures are still built in different ways.

Each manufacturer is different, so be sure to ask questions about flexibility if you would like to design your own home.

Will banks finance a modular home?

Yes. Most banks, appraisers, and insurance companies treat modular homes the same way they do site built homes–a house that’s constructed entirely on your property. Ask the mortgage brokers and banks in your area to explain how they finance modular homes.

Can I save money by building a modular home?

Sometimes. Construction costs for a modular home are sometimes less per square foot than for a similar site-built home. And there are other cost-saving features:

  • Many modular homes are very energy efficient, which helps reduce your heating and cooling costs.

Your home will probably be ready to move into much sooner than if you wait for a builder to construct a house on-site.

How Modular Homes, Manufactured Homes and Site Built Homes Differ

How Modular Homes and Manufactured Homes Differ

Facts About Modular, Manufactured & Site Built Homes

When you are buying a home, you might hear the terms modular homes, manufactured homes and site built homes. It’s important to understand how they all differ, no matter whether you are purchasing an existing house or plan to build on land that is subject to restrictions. The differences can affect a home’s price and its resale value, and even dictate whether or not it can be built on your land.

What Are Site Built Homes?

  • They are constructed entirely at the building site.
  • They conform to all state, local or regional codes where the house is located.
  • Often called ‘stick-built’ houses.
  • A well-built, cared for site-built home generally increases in value over time, although its location plays a key role in value.

What Are Modular Homes?

  • Modular homes are built in sections at a factory.
  • Modular homes are built to conform to all state, local or regional building codes at their destinations.
  • Sections are transported to the building site on truck beds, then joined together by local contractors.
  • Local building inspectors check to make sure a modular home’s structure meets requirements and that all finish work is done properly.
  • Modular homes are sometimes less expensive per square foot than site built houses.
  • A well-built modular home should have the same longevity as its site-built counterpart, increasing in value over time.

What Are Manufactured Homes?

  • Formerly referred to as mobile homes or trailers, but with many more style options than in the past.
  • Manufactured houses are built in a factory.
  • They conform to a Federal building code, called the HUD code, rather than to building codes at their destinations.
  • Manufactured homes are built on a non-removable steel chassis.
  • Sections are transported to the building site on their own wheels.
  • Multi-part manufactured units are joined at their destination.
  • Segments are not always placed on a permanent foundation
  • Building inspectors check the work done locally (electric hook up, etc.) but are not required to approve the structure.
  • Manufactured housing is generally less expensive than site built and modular homes.
  • Manufactured homes sometimes increase in value over time, although its location plays a key role in value.

Since the first home was built in 1934, the Schult brand has stood for high quality and affordability.

Since the first home was built in 1934, the Schult brand has stood for high quality and affordability.

Today the name is not only the oldest, but also one of the most respected in manufactured housing. Throughout the years, the brand has become an icon for the evolution of the industry.

Innovation in the 1930’s and 40’s

The early Schult models, built in the 1930s, were more practical than plush, containing such necessities as coal heating stoves, portable water tanks, sofa beds and dinette chairs.

By the 1940s, more luxury models were produced including a 50-foot portable home produced for the King of Egypt.

Schult led the industry in revolutionary designs. Steel frames, forced-air heating, built-in electrical appliances, and complete interior plumbing all appeared first in a Schult home.

When the U.S. Government needed emergency housing during World War II, Schult was the brand of choice. Out of necessity, a new product was born — the sectional home. More than 2,000 of these homes composed of 8-foot x 24-foot sections were provided for workers at the Tennessee Valley Authority.

After the war, young families and retirees searching for low-cost, yet roomy housing began to discover the convenience of living in a Schult home.

Growth in the 1950’s, 60’s, and 70’s

In the 1950s, Schult Homes began to include modern dinette sets, fluorescent lighting, Venetian blinds, custom-made bedroom dressers, modern plumbing, and shower doors.

Superior production techniques such as “uni-strength” construction were introduced in the 1960s.

The 1970s saw the addition of Schult’s popular front kitchen floor plan.

Stability in the 1980’s and 90’s

In the 1980s, pioneering advances made Schult Homes competitive with site-built homes in both appearance and construction standards. Schult emphasized maintenance-free features and energy-saving designs.

Schult was at the leading edge of such developments as tape and textured painted drywall, natural wood cabinetry, architectural windows, and modular housing.

A wide variety of spacious floor plans, cathedral ceilings, and solid construction all helped to continue the strength of the Schult name and reputation throughout the nineties.

Opportunity in the New Millennium

As Schult enters the new millennium, the brand continues to be tastefully designed with today’s families in mind. Current homes feature walk-in closets, efficient kitchens, luxury baths and functional living areas.

Designs have changed over the years, but one thing has remained the same — the name Schult is still synonymous with “quality” in the housing industry.

This dedication to quality and customer satisfaction is what will continue to propel the Schult brand into the 21st century and beyond.

7 Things You Didn’t Know That Affect Your Credit Score

We all know to pay our bills on time and carry as little debt as possible, and most of the time, that is all that matters in your credit score. Yet, there are other, smaller factors that many people aren’t aware of that can cause your score to suffer.

Small Unpaid Private Debts
Many people pay their mortgage, credit card and utility bills with unflappable consistency, yet neglect smaller debts. They may feel that these debts are illegitimate or that they will just go away if ignored. For example, municipalities have been known to report unpaid parking tickets and even library fines to credit bureaus. Unfortunately, any unpaid debt can weigh down your credit score.

Tax Liens
You might not think of the IRS as an agency that reports to credit bureaus, but Uncle Sam figured out long ago how to use your credit history as leverage. In fact, these records remain in your credit history for 15 years; even longer than a bankruptcy. If you have an unpaid tax lien, paying it off will certainly help your credit score, but it can’t undo all the damage done by having there in the first place.

Utility Bills
Your electricity bill or gas bill is not a loan, but failing to pay it will hurt your credit score. While these companies won’t normally report their customer’s payment history, they will report delinquent accounts much more quickly than other institutions, so be careful.

Too Many Recent Credit Applications
It can be tempting to sign up for various credit cards that offer some bonus for your business. Banks can offer tens of thousands of points or miles, while retailers grant in-store discounts when you apply for their credit card. By themselves, these applications have an insignificant effect, but too many credit checks in too short of a time period can lower your credit score. To avoid this problem, limit the number of applications for credit, especially when you are shopping for a home, car or student loan.

Long-Term Loan Shopping
Consumers may know that too many credit inquiries will lower their credit score. Nevertheless, to allow consumers to shop around for the best rates on automobile, student and home loans, the FICO will not penalize borrowers who have multiple credit checks in a short period of time. Various FICO formulas negate multiple inquiries with either 14 or 45 days. Therefore, continuing to shop around for a loan over several months will fall outside of this safe harbor and will lower your score.

Business Credit Cards
Do you have a credit card in the name of your business? Nevertheless, almost all banks will still hold you personally responsible for your debts. Furthermore, your payment history is reported to the credit bureaus. Therefore, any late payments or unpaid debts in the name of your business will affect your personal credit, so long as you are the primary account holder on a business card.

Any incorrect information in your credit history can hurt your score. For example, people with common names frequently find other people’s information in their file. In other cases, typos and clerical errors result in adverse information affecting your score. This is one of the reasons why consumers are encouraged to complete soft inquires at least once a year and dispute any mistakes they find.

The Bottom Line
By paying close attention to the decisions they make, consumers can avoid taking actions that seem harmless, but can really hurt their credit.