One of the latest new home construction trends is modular housing. Modular housing has in fact been around for several years but has increasingly gained market share as well as consumer acceptance. If you’re considering building your next rental property instead of buying and fixing up an existingmodular homes structure, should you invest in a modular home? Is there anything special you need to know about modular homes?

First off, let’s make sure you’re clear on what modular homes are and what they are not. Modular homes are not manufactured, or mobile homes. Far from it. A mobile home is a structure that is built completely off site, delivered to a dealership then sold to a consumer who then transports the mobile home to the pad where the mobile home will be attached. Mobile homes do have wheels on them.

Modular homes are constructed on the job site with components that are manufactured at the factory. Modular homes come in sections such as walls, floors, roofs and such then delivered to the lot where the home is then put together. A modular home is built on the job site where a mobile home is built at the factory.

Modular homes look no different than any other home. You can’t tell if a property is a modular home by looking at it and modular properties come in all sizes and shapes from quaint three bedroom units to massive, luxury abodes.

Modular homes don’t require any special financing. Conventional mortgages as well as government-backed loans can be used to finance a modular home and there are no additional fees or adjustments to a mortgage when financing a modular unit.

A modular home can be built much more quickly compared to building a home from the ground up and because the components are prebuilt a modular home can be less expensive as well. When you hear the term “modular” don’t turn down the opportunity due to its name. You could be overlooking a solid opportunity if you do.