What is the difference between modular homes and stick-built homes?
Modular homes are built just like any traditional stick built homes except they use modules that are built in a factory and then put together on site. The modules are picked up off the carriers by a crane and placed on a foundation. Both must be built to meet the same state and local building code requirements. In essence, modular is just a different construction technique. Modular homes typically have 30% more lumber and higher insulation values than stick-built homes. Modular homes appreciate and gain value in the same way traditional homes do. Modular homes are deeded to the property. They are financed, taxed, and insured the same as a stick built home. Once a modular home is complete, it is extremely difficult to see the difference between a modular home and a traditional stick built home.
What is the difference between modular and mobile homes (double-wide, single-wide)?
Mobile homes are built according to the Federal HUD Building Code. Mobile homes are built on a non-removable steel chassis and have limited design options. Mobile homes are classified as personal property for financing, taxes, and insurance. Mobile homes depreciate in value. A modular home is NOT a mobile home. See previous FAQ for description of modular home.
What is the difference between an on-frame and off-frame modular home?
Off-frame modular homes are lifted off the transportation carriers by a crane and placed on a foundation. On- frame modular homes have a permanent steel beam chassis and are built to state and local building codes instead of Federal HUD Code. An on-frame modular is closer to a mobile home than a modular home – you can bolt the axles, wheels, and tongue back on to move it. On-frame modular homes are much cheaper than off-frame modular homes and do not require a permanent foundation. Lenders and appraisers may have difficulty classifying it as a modular home. Silverpoint Homes only sells off-frame modular homes.
How much does a typical modular home cost compared to stick-building?
Most of our modular homes will range from $85/sq.ft. to $95/sq.ft. A stick-built home with similar build specifications and options will range from $125/sq.ft. to $150/sq.ft. (or more). The price range depends on the options, roof pitch, number of modules, etc.
What are the advantages to a modular home compared to a stick-built home?
Modular homes cost 20-40% less than comparable stick-built homes
Reduced construction time means less interest paid on construction loan
Materials stay dry
Employees are highly trained for specific jobs
30% more lumber than stick-built houses
Typically have more insulation for energy efficiency
Built on jigs for increased build accuracy
Inspected by independent third-party
A modular home can be completed in 3-6 months vs. 9-12+ months for stick-built home
Convenience & Reduced frustration
One source for all material selections
Single point of contact
Service & structural warranties
What are the disadvantages to a modular home compared to a stick-built home?
Modular homes cannot be installed anywhere due to site access required by equipment
Customization is slightly limited
How long does it take?
In general, it takes 3-5 months from the time of ordering until ready for move-in. This can vary depending on weather, contractor schedules, factory load, etc. Add an additional 1-2 months if we are finishing the second floor of a cape or 2-story. A more complex home can take longer. Be advised that the lending process before ordering can take 2-3 months, sometimes longer.
What areas do you serve?
We generally serve areas within two hours (about 100 miles) from our Model Home Sales Centers. We can install homes farther away, but it would need to be evaluated and priced on a case by case basis and may exclude certain items. For example, we may setup the home, but not finish the interior due to the distance. Silverpoint Homes is licensed in West Virginia, Virginia, North Carolina, & South Carolina
Do you finance?
No. Financing should be done at the lender of your choice. Silverpoint Homes can refer you to a several local lenders that we have successfully worked with. You will need a construction loan for building the home and a mortgage when complete. You do not need to use the same lender for both loans.
How does the financing process work?
Once you decide upon a home and the options, we will write up a sales contract and provide you with an appraisal packet (diagrams, build specs, and options). The lender will qualify your finances and then request an appraisal of the home and land. For a construction loan, the lender typically will lend 80-90% of the total appraised value. In general, the land value will cover the remaining 10-20%. This means if you own the land, the closing costs could be the only out of pocket expense required. The initial down payment would then be paid from the loan.
Can I change………..? Can I get hardwood floors, metal roofs, granite counters, brick, stone……?
Our modular homes are very customizable from simple color options to different kitchen layouts to high-end options. Just ask your housing consultant. Some options will be direct from factory, while others would require local vendors.
Can I exclude items for credit?
Yes. However, certain exclusions will not save much money due to the factory’s low material and installation cost. For example, excluding all flooring (carpet and vinyl) from a 1,500 sq.ft. home would save less than $1,000. Additionally due to insurance carrier requirements, these items can only be installed before we install the home or after our work is complete.
Do you build garages and/or decks?
We can complete garages and/or decks. This can be added to the price at time of sale.
Can a modular home be placed on a basement? Do you build basements?
A modular home can be placed on a basement. Each of our Sales Centers have different requirements for basements. WV - customer must hire their own engineering firm and contractor to install basement. VA & NC - evaluated on individual basis.
What to look for when looking at modular homes?
1) Off-frame modular homes Off-frame modular homes are lifted off the steel frame carriers by a crane and placed on a foundation. On-frame modular homes have a permanent steel beam chassis and are built to state and local building codes. An on-frame modular is closer to a mobile home than a modular home. On- frame modular homes are much cheaper than off-frame modular homes and do not require a permanent foundation. Lenders and appraisers may have difficulty classifying it as a modular home. 2) Build construction Look at the walls and floor construction. Exterior sidewalls on 16” centers. Floor joists are 2x10” joists or larger on 16" centers. Examine the cabinets and trim for quality materials, fit and finish. Review the brands and warranties for items such as shingles, siding, carpet, doors, and windows. 3) What is included in the price Make sure you are comparing “apples to apples”. Some dealers and builders will quote home only without installation, foundation, heat pump, appliances, etc. Make sure the build specifications are comparable. If the price is too good to be true, it probably is. Some builders may have “cost- overruns” that they bill back to customer. Be very cautious if a dealer/builder changes the price significantly at closing.
Is furniture, décor, or paint included?
No. The furniture, décor, and paint in our model homes are displayed to give our customers an idea for what the home will look like once completed.
Am I limited to choosing a home from your models?
Absolutely not. We try to show a wide variety of homes, but we understand that we will not be able to have the perfect home for every customer on display. Use our website or catalogs to find the home that fits you best. We can even take ideas from different homes and merge them together to make a custom home.
What type of warranty is included?
Our homes includes a one-year service warranty and a 10-year structural warranty. Appliances, shingles, siding, hot water heater, heat pumps, etc. have warranties through their respective manufacturers.
Do I need my own land?
Yes. A modular home is a permanent structure and therefore deeded to the property. In some special cases, a modular home can be placed on land that is not owned by the homeowner (ie. family land). However, this will be up to the lender and will require a different type of loan.
Do you take trade-ins (double-wides, single-wides)?
Sorry, we do not. We are not licensed to sell or setup manufactured homes.
What is the process to buy and build a modular home?
Establish your budget We highly recommend discussing your finances with a lender first to understand how much you can comfortably afford. Some lenders refer to this as pre-qualification and it takes less than 15 minutes. Determine your housing needs Number of bedrooms and square footage. Ranch, cape, or 2-story? Any special features, such as fireplaces. Layout – want bedrooms together or separate? Family room? Open? Pick your home Tour our Model Home Sales Center and look through our website and/or catalogs to find the perfect home for you. Keep in mind that we can modify the floor plan and also work from a custom design. Customize your home Once you have decided on home, you will customize it. This includes layout, color selections, trim, floor coverings, and exterior features. Some options will change the price and your Housing Consultant will develop the quote based on these options. Purchase Agreement & Obtain Financing Your lender will need the Purchase Agreement, floor plan, and exterior elevation. The lender will go through the approval process and request a pre-appraisal of the home on your land. The appraisal will help determine the amount you can borrow on the construction loan. Once approved, we will review your home again to ensure everything is correct. Down Payment & Building Permits With the down payment and approval of building permits, the construction process begins. Home is Built & Foundation Installed While the home is being built at the factory, Silverpoint Homes will install the foundation. Delivery and Set Home is delivered to Silverpoint Homes and then we will schedule a setup date. The crane set usually takes just one or two days. On Site Finish Work & Utility Connections Silverpoint Homes and our sub-contractors will complete the interior and exterior. You will be responsible for coordinating bringing utilities to the home. Final Walk-Thru & Final Payment After we complete our work, we will walk through the home with you to document any minor problems or defects that are to be corrected. We hand the keys to you and you can begin to enjoy your new home.