Investing in a new home is such a big undertaking for homeowners who are just getting started in real estate. The two major housing options people go for are stick-built or prefab homes. There has been an ongoing debate as to whether prefab homes can match the standards of old-fashioned stick-built homes. The good thing about owning a prefab home is that it takes a shorter time to build and is relatively affordable. In this article, we will be discussing why prefabricated houses have been developing slowly and what influences homebuyers’ choices when buying a new home.
Misunderstanding between prefab and mobile homes
Many people tend to shy away from prefabricated homes because they confuse them with mobile homes. Prefabricated homes are built in sections, also known as modules before they are transported on-site and assembled on a solid foundation, similar to stick-built homes. Mobile homes, on the other hand, are manufactured houses built on a chassis or trailer and can be shifted from one location to another when necessary. Mobile homes are preferred by people who live a nomadic lifestyle. Understanding the fact that prefabricated homes can have the same standards as a stick-built would be beneficial to homeowners looking for a permanent home that can appreciate.
What it takes to build a prefabricated home
- Quality concerns about the housing structure
Many people have the wrong misconception that prefab homes are built with substandard materials and therefore may not last longer than stick-built homes. Modular home manufacturers use quality materials that are supplied and stored in safe warehouses. Each module of a prefab home is built to standards and goes through quality checks before they are transported and assembled on-site. The entire structure is assembled on a solid foundation similar to stick-built homes and later inspected after project completion to ensure it meets the state building codes and regulations.
- Lack of information about prefab homes
If you have no idea of what prefabricated homes are, you are more likely to shy away from investing in one. The same goes for people who are misinformed about the quality of its housing structure, mode of construction, and overall outlook. A lack of viable information can make it difficult for new homebuyers to invest in prefab homes. This can make it difficult for many people to invest in one, especially if it is new in a particular area. Modular home manufacturers allow the home buyer to share their ideas and even oversee the construction of their new home before it is assembled on-site.
Is building a prefab home a good investment for you?
There are several factors to consider to understand whether a prefab home is a good investment for you. The most popular benefits are that it takes a shorter time to build and you can get a clear idea of how much it costs to complete based on what features you want the house to have. The long-term return on investment significantly depends on the conditions of the sale. For instance, the amount of money you spend on a prefabricated home needs to be recouped in full when you sell it. While there is no way of knowing how much it will sell in the future, you can get a few insights by researching the local property market to get a rough idea.
Prefabricated homes have a good appreciation that is similar to traditionally-built properties. However, having an idea of what goes on in the local property market can give you an idea of how much potential you have in making a good profit on a sale. Besides the sale and rental values, prefab homes are environmentally friendly, energy-efficient, and have proper insulation which saves costs on your monthly energy bills.
What you need to know before buying a prefab home
The first thing you need to know before investing in a prefab home is that you need to own the land beneath it. You also need to ensure that you can connect your home to social amenities such as water, electricity, and sewer. Keep in mind that it can take some time to secure the land, permits, and inspections which add up to the overall cost of owning a prefab home.
Prefab homes continue growing in popularity at a time when new homebuyers have a variety of housing options to choose from. There are many things to expect when investing in a prefabricated home as it offers similar benefits to old-fashioned stick-built homes. New homebuyers need to be well-informed about different housing options before investing to bring their dream homes to reality.