Tidewater Custom Modular Homes Blog

Many people in North Carolina and Virginia experienced firsthand the wrath of Hurricane Irene.  Thousands of homes were damaged or destroyed.  For victims, this may be a great time to buy a home from Tidewater Custom Modular Homes.  Not only are we offering the current Factory tour rebate of $1000, families rebuilding due to disaster damage can take advantage of a $2000 credit from Tidewater Custom Modular Homes, Inc, the manufacturer of our fine modular homes.  But we will match that credit! That gives you a total “disaster credit” of $4000.

This credit will be given out at the completion of your modular home construction project. Receive the credit  in the form of cash rebates if you purchase your new home prior to December 2011.
 
All we need from you in order to issue the $4000 credit, other than proof of loan approval, is that you are a confirmed Hurricane Victim.
 
Join us at one of our "Plant Tour Events" every Saturday to receive the factory tour $1000 credit. Like we always say, you have to see it to believe it. And believe it; Tidewater Custom Modular would like to give you $5000 in total credits. Contact TCMH if you are a victim of the hurricane.

Although the concept of modular construction seems relatively new because of the increasing interest, it has been around awhile.  The concept of modular construction is confusing for new home buyers mainly because it is confusing trying to discern the information you do come across about modular homes, the modular construction process and modular home manufacturers.

We would like to help clarify these myths and help you make a good educated decision for your personal situation.
Modular homes are built in factories to specifications created by the manufacturer and the state and local building codes. The design can be standard or it can be enhanced by the customer/new home owner.

A General Contractor, such as Tidewater Custom Modular Homes, works with the manufacturer. The General contractor coordinates the construction of the home in the factory and the delivery and assembly of the home on the site.

The general contractor provides and coordinates the site work (foundation), plumbing, electrical, and licensing and permits. This is why they are called the general contractor. Once you select a GC, you don’t need to do anything else regarding the construction of the modular home.

Many people think that modular homes are cheap or inexpensive. As compared to the cost per square foot of a stick built home, they are less expensive. However, modular homes are an expensive investment especially depending on how large a home you build. They do, however, generally cost 10-35% less to build than traditional homes. When you are comparing new home construction prices, make sure you are comparing the same type of house i.e square footage, amount of bathrooms, etc.

Modular homes appreciate and gain value the same way traditional homes do. Once a modular home is built, it is near impossible to tell the difference between it and a stick built home.

Modular homes can all be customized. Each modular home manufacturer or contractor has different designs to choose from. Those designs can be further customized. Additionally, you can easily customize the windows, doors, siding, colors etc. Modular homes make it very easy to have a custom home at an affordable price.

One of the biggest questions, or deterrents, pertaining to building a new home is the construction timeline. What is the process and how long will it take? With modular homes, are large part of the “decision to build thru moving in” time line is removed. Believe it or not, it generally takes from 60-120 days until you can move in and call your new house a home.

Modular homes are similar to on-site construction or stick built homes in appearance and performance. But one huge advantage of modular construction is the shortened timeline which results in cost savings.

The parts or modules of a modular house are constructed in a climate controlled factory which removes weather delays entirely. This also increases efficiency which allows your home to be built faster which also costs less.

By having a workspace for building the modular home that is separate from the construction site allows for many steps to be done at the same time. In other words while your building site is being prepared; the ground leveled, the foundation poured, your walls and roofs are already being built at the factory.

Contact Tidewater Custom Modular Homes if you want to build a new home, but you don't want to wait for it.

The question often arises: Do modular homes appraise for the same value as a traditionally built home? Simply put, yes.

In order to buy a home, it must be appraised so you can begin the process of getting a mortgage or loan. An appraisal is the estimated amount a home buyer can expect to pay for their new home. When buying any piece of property, including modular homes, you need a licensed professional appraiser. The question then becomes, if the home is not yet built, how is it actually appraised?

The appraiser will inspect the modular home plans to have an idea of how much your new home should cost. Generally, they use information on labor rates, building costs, and depreciation and appreciation locally where the property is being built. The appraiser will use sales comparisons, prices and values of compatible homes sold in the area, to determine the current value of the modular home.

Once a thorough analysis of the property has been completed, a report is created which is used to initiate the mortgage or loan process. Included in the report would be the property specifications, the replacement cost analysis and the above mentioned comparative sales analysis.

The replacement cost analysis is the total amount spent on the construction and materials of the modular home, and the lot value.

All this will determine the current total value of the property. The modular home appraisal will then be finalized so that the loan transaction can take place. The calculated total value of the modular home will help you determine future expenses such as utilities and real estate taxes. 

A new construction home loan is not the same as a typical home loan. New construction loans have different requirements and a different set of rules. However, the new construction loans are used for both new construction stick built and new modular construction homes. After learning about these types of loans you will find it is easy to finance and build your dream modular home.

A new construction home loan requires the lender to provide the money to build your new home. Firstly, your mortgage provider requires a detailed accounting on the estimated costs to build the modular home; including how much you are going to spend and what it will look like when it is complete. After these initial questions are answered you begin the credit check and annual earnings process.

There are a few different construction loans out there but the most popular one is a “construction to permanent” loan. Instead first applying for a construction loan and following that up with a typical home loan, a construction to permanent loan is a two-in-one loan which, in most cases, only requires you to pay closing costs once.  This loan is a combination of construction loan and permanent financing, and can help you save money and time.

Keep in mind that with new construction loans it is very difficult to lock-in a permanent or fixed mortgage rate. This is because with traditional construction, you usually won't be closing the loan for six months to one year depending on the build time. With modular construction, because the build time is so much shorter, you can more often get a fixed rate, or the fixed rate you close with after construction will be very close to the variable rate you had when you took out the loan. 

Of course you will be required to pay monthly interest on the construction loan amount during the modular construction process, but the amount you owe each month will depend on the amount you have used to date. If you are approved for a construction loan of $100,000 but you have only drawn $50,000 then your interest payment will be based on $50,000.

Sometimes lenders like to interview or see the license of the contractors who will be building your new home, so often it is beneficial to speak with the bank where the contractor has a relationship.

Many people wonder about the resale value of a modular home and how it compares to that of a stick built home. Modular homes cost about 10-15% less to build, but they sell at the same price as a stick built home. This is because modular homes are appraised to the same standards and specs of a site built home, which means that both style homes are assessed at the same amount.

It takes about 10 to 12 weeks from the day a customer decides on a modular home to the day that same customer get the keys to their new house. While the house modules are being built at the factory, we are pulling permits and doing the site work. When the modules arrive on site, it is about a 3-6 week process to build your new home.

But the best part of building a modular home is the guaranteed pricing. When you decide on a floor plan, the cost of the home can practically be priced out to the penny. At Tide Water Custom Modular Homes we know how much a home is going to cost and how much our on-site labor will be cost because it is essentially the same for each job. There are no surprising materials costs or labor costs. That is a big advantage for the home buyer.

Architects, designers and home buyers are interested in creating and buying new, environmentally green homes. Green is chic, and modular homes are green. Their designs offer so much versatility and appeal that their popularity is on the rise. With new methods of construction and transportation, designers and builders are cutting waste and energy consumption, and cutting production costs while achieving greater methods of sustainability.

Modular Homes are built from modules that are assembled in a factory to exact specifications. Everything is cut with more exactness and everything is applied and assembled more accurately, saving time, materials and energy. These standards extend the life and cuts down on upkeep of the home over time. Modular home factories also produce less waste than onsite construction. Where modular home production generates around 2% waste, stick built homes generate 30-40%. Also, less time is spent constructing modular homes, so production costs are lower. Ultimately, modular homes allow eco-friendly construction at a fraction of the cost, to a larger consumer base.

Because modular homes are prefabricated, the modules allow you to design a home that will complement the space you are placing it on. You can change the design and make it fit the space rather than make the space fit the home; again saving energy and material costs.

For eco-friendly construction, and a customized, newly built home that is energy star qualified, contact Tidewater Modular Homes.

Modular construction is one of the fastest growing forms of home building in the market today. Increased efficiency and our ability to apply modern technology to the needs of the market place are what make it so desirable. Tidewater Custom Modular Homes offers designs that encompass the entire spectrum of the market; from affordable single-family designs to high end luxury homes to vacation getaways. The combination of reduced construction time, more efficient construction and unlimited customization are the primary reasons why many home buyers are switching from traditional stick-building to modular home construction.

One question always seems to come up in our conversation with people as they contemplate their choice between a stick built home and a modular home.  “Which type of home is stronger, modular or traditional?” The general consensus is that modular homes are stronger. They are built in a controlled environment where outside elements cannot add wear and tear. Modular home builders also use screws instead of nails and add glue to all the joints to increase the strength of the home.

Today’s modular homes rival any site-built home in design and functionality. Advancements in computer design and factory technology allows almost any custom home plan to be constructed as a modular home. For buyers interested in a fine-crafted home that can be built and completed in a fraction of the time of a conventional home, modular homes have become the preferred type of construction by many.

There are many different home styles and floor plans to consider when you are building a new modular home. You have the option of a standard floor plan or you can have your house customized however you would like, in the actual layout, or in the interior set up. Further customization can be done as well. In the kitchen an island or wine rack could be added, columns could be added to the living or dining area and transoms and side lights could be added to the front door. Perhaps you are interested in entertaining, a rock surround can be added to the fireplace and an opening for the television could be added to the wall above. There are so many special features to add to your new modular home, inside and out, we can’t even discuss them all here. But rest assured that your new home will be personal, and built just the way you dreamed it.

With Modular homes, the construction process is dramatically shortened. Your new home arrives to your property in the form of modules, which are then assembled on site. The on-site construction process itself is a wonder to watch as modules for your new home are removed from flat beds and erected with a crane. The process takes weeks instead of months, and sooner, rather than later, you are moving into your new home.
 
Prior to this process, you meet with Tidewater Custom Modular Homes and discuss floor plans and design. You have unlimited options, from colonials to cottages, and ranch homes to Cape Cod style, and each style home has their own individual flare. You get to decide everything you would with a traditionally built home such as cabinet styles and finishes, hard wood flooring and recessed lighting. In the end, you have a custom built, custom designed home of your dreams in much less time.