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Modular homes are a type of prefab home. Specifically, manufacturers first build modular homes in sections and then deliver them to the job site. The modules, or sections, are usually at least 70% finished before they arrive on your property.

In comparison, prefab homes arrive in panels or segments, and workers assemble them on-site. Generally speaking, modular homes tend to be more durable, and their consistent construction standards may mean you’ll have an easier time getting conventional home loans.

The average cost to renovate or remodel a home is $52,300, with most projects ranging from $19,500 to over $88,400. However, costs can vary significantly, from as low as $3,000 for a small project to $170,000 or more for a complete home remodel.

Several factors influence the total price, including:

• Project Scope and Size: The extent of the renovations, whether it's a single room or the entire house.

• Location: Geographic location affects labor and material costs.

• Materials: The quality of materials chosen.

• Room Type: Kitchen remodels ($14,500 - $70,000+) are generally more expensive than bedroom remodels ($1,500 - $5,500).

• Other Factors: The time of year, complexity of the work, and any additions or expansions.

On a per-square-foot basis, you can expect to pay between $15 and $60 for standard projects and up to $150 for luxury renovations.

Examples of specific project costs include:

• Basement remodel: ~$20,200

• Garage remodel: ~$27,900

• Loft conversion: ~$20,200

• Disability accommodation remodel: ~$4,300

• Major home repairs: ~$11,700

If you are financing the project, note that some loan programs, like the FHA 203(k), may require a minimum project cost (e.g., $5,000) and will necessitate a home appraisal and professional cost estimates. Using a home renovation cost estimator can also help you budget for your project.

Builder-grade is one of two types of stock cabinets, whereas semi-custom designs allow homeowners some control over the color, finish, or hardware on their cabinets. Stock cabinets are sold in construction-grade and builder-grade designs. Construction-grade cabinets are usually made from inexpensive medium-density fiberboard, which is prone to moisture damage, whereas builder-grade models are a step up with higher-quality materials. Construction-grade designs are the most common type of cabinets in America.

Above all, the downside to building a new house is a longer timeline. You need several months to finish the build, depending on the supply chain and labor availability in the meantime. Building a home compared to buying one is also more expensive, both in the building process and when it comes to mortgage rates and property taxes.