Modular Construction The Next Gold Rush In Real Estate
Real Estate is the business of buying and selling property such as houses, land, apartments, etc. Modular construction also comes under real estate. It is one of the trending business among all other real state business. Real Estate business can be successful if proper knowledge about the real estate economy is gained. A successful real estate investor should move with the time. They should invest in the trending business such as modular construction (as for now).
Do you think Modular construction can be a gold rush in real estate? Well, here are some benefits to how modular construction is going to change the real estate business. But before that, you need to know that the business in the US has been doubled in the last five years due to modular building.
What is a Modular Construction?
The construction process in which the building components (known as modules) having the same standard and design is manufactured and transported and installed to form a building (Faiz Musa, Reeza Yusof, Fadhil Mohammad, & Mahbub, 201). The modules have identical design intent and specifications. Modular houses are made using various small 3D building components using robotics and artificial intelligence. The detailed planning and integration strategy are implemented for Modular Construction. Some of the benefits of Modular Construction are as follows:
● Minimal Workers
● Shorten project design and engineering time
● Reduces costs
● improved construction productivity
● Smarter way of construction
● High quality
● Flexibility and reuse
● Economical and Greener
The demand for modular housing is increasing due it its costs and quality.
How does Modular Construction impact Real estate business?
The population in the megacities is growing daily due to lots of opportunities and facilities. More than 10 million population resides in megacities. But due to unfavorable plannings, most people suffer from uncomfortable living standards, unhealthy climate, slums, etc. If they are to be supplied with the healthy conditions home, then approximately 95 thousand apartments should be built in a day. (M. Generalova, P. Generalov, & A. Kuznetsova, 2016)
This is where modular construction takes place. Since it saves time and money, it is growing rapidly. From tiny house to guest house, it is possible to be built. Also, Skyscraper building is also possible with modular construction. Hotel giant Marriott, a 26-story skyscraper building is to be built in just 90 days with the cost of $70 million dollars only (Tangermann, 2019). So, modular construction can be a gold rush in real estate.
Growing Real Estate Business with Modular house
It’s a great opportunity for Real Estate investors to invest money in a modular house. The usage of the modular house is growing day by day and also, the design and architecture of modular house-made looks beautiful so, there is no worry of buying and selling the modular house. Moreover, the houses are customizable.
Real estate investors can make a long term partnership with modular supply factories. A factory is able to produce more than 1000 modules a year. So, the real estate business can fulfill their own demand for constructing numerous modular house and make a profit from it.
Faster and less construction waste h3)
The fabrication of modules is done in a factory. So, it’s more cost-effective and easier for recycling the materials. The modular construction helps to lower the landfill waste (Woollard, 2020).
Modular home construction is fast and efficient. The five-story building was just built in 11 days with 110 units in it. So, it’s a great benefit for real estate investors. They can buy or sell buildings within a week and making a plan for building design according to the customer’s requirement doesn’t take time.
The flexibility of Modular home construction is one of the noticeable benefits to real estate investors. The building design and construction can be changed according to the client’s requirements. The addition and removal of modules are possible in the modular home construction. Also, the modules are reusable so, the material doesn’t get wasted.
Can a Modular house bring more benefits to Real Estate? (h2)
The answer is yes. The demand for a modular house is increasing daily. Since the modular house doesn’t consume much time as well as it is cost-effective, it is one of the most beneficial businesses in Real estate. Not only a modular house, the demand for the modular guest house, hotels, skyscrapers is also high. So, there is no doubt that modular construction brings benefits to real estate.
Buying and selling of the modular house are easier than that of traditional houses. Since the houses are customizable, so, it becomes easier to meet customer’s demands. The real estate investor can build a number of houses in a short period of time which will bring them enormous profit.
But it’s also true that modular housing needs high investment, skilled team, and transportation facilities. A small real estate can start with the modular tiny house projects. Then, after they can expand their business which doesn’t take much time.
Conclusion: A gold rush in real estate
With the increment in the popularity of modular home construction, there is no doubt that Modular construction can be a gold rush in real estate. It has less environmental waste which makes it ecofriendly. Also, it solved the problem of time consumption in the construction of the building.
The other benefit is the addition and removal of modules is easier. It’s easier to fulfill the customer’s requirements. Also, the usage of artificial intelligence and robotics increases the speed of production of modules with speed and precision. Real estate investors can be benefitted from it because they can complete more housing orders within a short time.
Keywords: Modular construction, Modular house, modular home construction
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Faiz Musa, M., Reeza Yusof, M., Fadhil Mohammad, M., & Mahbub, R. (201). Characteristics of Modular Construction: Meeting the Needs of Sustainability and Innovation. IEEE Colloquium on Humanities.
M. Generalova, E., P. Generalov, V., & A. Kuznetsova, A. (2016). Modular Buildings in Modern Construction. Science Direct.
Tangermann, V. (2019, August 7). This company says it’ll build an entire skyscraper in 90 days. Retrieved from Futurism: https://futurism.com/the-byte/marriott-modular-skyscraper-90-days
Woollard, D. (2020, Jan 1). 2020 trend: The Continued Growth of Modular Construction. Retrieved from Millionacres: https://www.fool.com/millionacres/real-estate-market/articles/2020-trend-continued-growth-modular-construction/