Individuals who are on the market for a new home don’t always want to have a custom home built nor do they want to buy an existing home. This leaves them with the option of purchasing some property and having a prefab home erected.
There isn’t a lot of data to show how the prefab housing market is growing, but there have been some reasonable estimates made. In 2014, it was estimated that prefab housing growth had increased by about 1% when compared to 2004. It is expected that prefab housing will experience between 10% and 20% growth in the next 10 years.
When individuals are considering whether or not to buy a modular home as their new residence, there are several things that appeal to them. They like the speed in which the home can be built, which is usually about three months and then an extra two weeks to install it. The other enticing factor is that there are no slowdowns in the construction process, so the timeline for the move-in is usually pretty accurate, as are the costs.
Because modular houses are built at a location other than where they’re going to be set, construction is not dictated by the weather in regards to the building progress. Modular homes can be really cost efficient if the new homeowner is not looking at significant add-ons or enhancements.
Most people generally look at modular homes as house kits. That doesn’t mean, however, that there isn’t great flexibility in the pricing of this type of home. They can range in price anywhere from $100,000 to high-end homes of $3 million.
Communities tend to welcome modular home construction, because of the short span of the installation. Prepping the site only takes a couple of days when you compare it to the average 4 to 8 months for standard building.
The trend for the younger home buyers seems to be swaying towards modular home options as well. Another advantage is that many look at modular homes as a more green option, because they can be built using mass produced and recycled materials.
The one major downfall of prefab housing is the transportation restrictions that come with moving the modular home that has been constructed off-site. There are certain stipulations, which mean that pitched roofs, for example, are not allowed. The only other downside to the modular home, of course, is the timing of having to wait for your home to be built and then to find the land where it is going to be situated on.
Another disadvantage is that normally you will have to have the money up front, which can be quite a problem if you are waiting for your house to sell to provide you with the cash that you need to make your prefab purchase.
If you have questions about building a new home or real estate, contact us to speak to a qualified real estate agent. We’d be happy to offer advice.
You can also check out our blog for more helpful tips and information.
The information and links provided on this website are for general information only and should not be taken as constituting professional advice. This information does not take into account the financial situation or particular needs of individual readers. Before making any decisions about matters discussed on this website, you should consider whether it is suitable for you in light of your own circumstances, and seek appropriate advice.