Modular home vs. just buying a house in today's market
I live in Portland OR. I plan to buy my first home in first or second quarter 2021 in the 350k-500k range. I would like a home within 30 mins of Portland on the west side near the forest. I see many vacant lots.
Here's my question:
- In today's market, would it save money to buy a lot and put a modular home on it? I would need a modular home with 2bed/2bath minimum, minimum 1400 square feet, and I would want it to be of a decent quality.
- If the market dips, how would that change the calculation of modular home vs. buying an existing home?
- If I go with the vacant lot/modular home, I visualize building an ADU or two and renting them out and also renting out the extra room in my modular home. Feasibility of this?
I appreciate any insights from people with experience with modular homes. Thank you!