Ludlow Engineering and Land Survey

How Modular Homes and Manufactured Homes Differ

Facts About Modular, Manufactured & Site Built Homes

When you are buying a home, you might hear the terms modular homes, manufactured homes and site built homes. It’s important to understand how they all differ, no matter whether you are purchasing an existing house or plan to build on land that is subject to restrictions. The differences can affect a home’s price and its resale value, and even dictate whether or not it can be built on your land.

What Are Site Built Homes?

• They are constructed entirely at the building site.
• They conform to all state, local or regional codes where the house is located.
• Often called ‘stick-built’ houses.
• A well-built, cared for site-built home generally increases in value over time, although its location plays a key role in value.

What Are Modular Homes?

• Modular homes are built in sections at a factory.
• Modular homes are built to conform to all state, local or regional building codes at their destinations.
• Sections are transported to the building site on truck beds, then joined together by local contractors.
• Local building inspectors check to make sure a modular home’s structure meets requirements and that all finish work is done properly.
• Modular homes are sometimes less expensive per square foot than site built houses.
• A well-built modular home should have the same longevity as its site-built counterpart, increasing in value over time.Read More Facts About Modular homes

What Are Manufactured Homes?

• Formerly referred to as mobile homes or trailers, but with many more style options than in the past.
• Manufactured houses are built in a factory.
• They conform to a Federal building code, called the HUD code, rather than to building codes at their destinations.
• Manufactured homes are built on a non-removable steel chassis.
• Sections are transported to the building site on their own wheels.
• Multi-part manufactured units are joined at their destination.
• Segments are not always placed on a permanent foundation, making them more difficult to re-finance.
• Building inspectors check the work done locally (electric hook up, etc.) but are not required to approve the structure.
• Manufactured housing is generally less expensive than site built and modular homes.
• Manufactured homes sometimes decrease in value over time.Read More Facts About Manufactured homes

What Do the Differences Mean to You?

Restrictive Covenants and Deed Restrictions

• Communities generally have no restrictions against traditional, site built homes. Many housing developments do set minimum size requirements and stipulate you must build a house that conforms to published [link url=http://homebuying.about.com/cs/deedrestrictions/a/restrictions.htm]restrictive covenants[/lik] or be approved by an architectural review committee.
• Most developments allow modular homes. Some do not, but in those cases the restrictions seem to have been imposed because of an ongoing confusion about the differences between modular homes and manufactured homes.
• Restrictive covenants and deed restrictions often exclude manufactured homes.

Investigate the deed restrictions thoroughly before purchasing land for any type of ne

As per the survey, since last few years Indian Real Estate has been made its position very strong in stock markets. Indian realty sector achieved an average of 30% growth in last year and now India is the fifth largest economy in the world. There are many factors are (remove) responsible for that and NRI Real Estate Investment is one of them. We know that due to Indias consistent growing economy, investors are obtaining the benefits with the ongoing wave.

Investors of Indian Real Estate are either NRI (Non Resident Indian) or Indian Origin; however, both want to take the benefit of being Indian or of Indian Origin. Also the Indian governments recent declaration of reforms/relaxations for such stream of investors influences the NRI real estate investment. Indian is the second largest among emerging nations which has shown a potential growth in investments destination for the NRI population.

Indian government as well as Indian real estate provides special NRI Real Estate quota to NRI population for various land sales to lure more and more foreign investment. NRI dealing services are taken separately by leading banks and financial institutions which include NRE, NRO bank accounts, housing loans and other home loan related products. If you want to find out further details about the NRI investment procedures and available help then please refers websites of banks. The real estate bubble is blooming with huge investments from all sides, but NRI investment plays key role for that.

Following are the factors which are responsible for the attraction of NRI investments in realty sector of India:

- Sale of land for commercial, residential & industrial development.
- Infrastructure support for global realty development.
- Strong support of NRI investments and FDI.
- Clear policies for real estate transactions.
- Liberal rules by GOI and RBI for NRI property and NRI homes investment.
- No limits for acquiring maximum number of properties.
- Easy availability of finance.
- Simpler repayment processes. E.g. normal inward remittances or debit in their NRE or NRO bank account.

The above listed factors have given the sturdy point to Indian real estate market in current market place and they will also provide a potential of touching USD 30 million in the next five years. The returns from the real estate investments have outperformed other investments.

However, easy home loan availability by financial institutions in India, NRI remittances & repatriation procedures and last but not least easy operability of NRE, NRO & NRCS bank accounts has materialized as the best of all the available prospects for the NRI’s looking forward to returning to India.

About the Author:
RE/MAX was founded by Dave and Gail Liniger in 1973 and offers entrepreneurs with brand name which is globally recognized to rely upon for industry-leading technological and educational resources. Want to become a NRI real estate investor in India, real estate agent or want to learn more about Property for NRI India then please visit http://www.remax-gujarat.com