Below are some of the most common questions to ask any home builder:
Prefabricated and modular homes are often a great investment. Unlike mobile homes, which tend to depreciate and lose value over time, modular and prefab homes hold their value or even increase over time. In many cases, the resale value of modular homes will be higher than the initial purchase price.
While the total cost of a prefabricated home is highly variable based on size, amenities, cost of lumber, and location, you can expect to pay between $180 and $250 CAD per square foot – this amount that often includes interior fixtures.
Prefab homes from reputable Ontario builders can be more durable than traditional homes because the modules are manufactured indoors. This means every part of the build is tightly controlled.
Some lenders and mortgage brokers will finance modular homes over other types. Financing a prefab home build often requires a construction loan as traditional banks aren’t as eager to lend money for someone to get a house built. A construction loan will pay the upfront cost to build the home and transition to a mortgage after construction and inspections are completed.