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Updated about 2 years ago on . Most recent reply

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Justin Fox
  • Investor
  • Western, NC
7
Votes |
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New modular home for LTR

Justin Fox
  • Investor
  • Western, NC
Posted

Looking for anyone who has any experience with getting a new modular home to put on land I already own.
How does financing differ and who did you go through in the Western NC area specifically. 
Is this a good alternative to stick built in this market/price?

Thanks

EDIT: I am just out side of Asheville in a smaller community.

Most Popular Reply

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Mitch Davidson
  • Lender
  • Asheville, NC
509
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463
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Mitch Davidson
  • Lender
  • Asheville, NC
Replied

@Robert Ellis. I don't think that's true for all markets, nor for all modulars. I have several friends that have built with modulars in and around Asheville, have found the construction quality to be great, have found the resale value to be tremendous, and have found the construction process to be much faster and easier. Many of these homes are now built with 2x6 walls, not to mention great precision. They're built inside a facility rather than being exposed to the elements. And they look stick-built upon completion, and can be financed as such as well. And on top of that, in a region like ours where construction labor is an acute challenge, they provide a great solution.

@Justin Fox A couple friends of mine have purchased modular duplexes through Virginia Homes of Boydton, and have said they had great experiences. And I heard of one, newly built, that recently sold for about $550K in Asheville. That being said, financing is a tough nut to crack. I believe the most common path is to use cash, private, or hard money, and then to refi into something traditional once the work is done.

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