Purchasing a home represents a major financial commitment. That is why you should think about purchasing a modular home or a prefabricated home.
When you consider that the median home price in the United States is currently approximately $245,000 (according to Zillow). With a 20% down payment requirement, you’ll be looking at putting down approximately $40,000 in cash upfront.
Even more astounding is the fact that so many people are able to achieve homeownership. This is despite the fact that 29% of households have less than $1,000 in savings. And the average savings account balance is only $17,750, according to the Census Bureau. On the other side, those who are unable to participate because of a financial barrier to entry are left out in the cold.
As a result, many are now contemplating modular or prefab homes as an alternative.
The entire construction process of modular homes (prefabricated homes) takes place at a factory. Delivered in pieces, and then assembled on the construction site. The home has the same appearance as its traditional on-site produced equivalents. However, the construction procedure, as well as the dismantling process, are significantly shorter than those of traditional residences.
Buying a modular home allows purchasers to move into their new home sooner and at a reduced cost. However, it has some pros and cons. As a result, you must think carefully before selecting whether modular construction is the best solution for you.
Pros and cons of a modular home
- Portability: The majority of the time, contractors create modular buildings with the intention of using them as permanent structures. However, they also construct dismantle structures. These kind of structures allow you to pick them up and move them anywhere you want according to your preferences. This will save you the money you would have spent on additional construction.
- Quicker build– The impact of inclement weather is not an issue for a modular home. This is due to the fact that the construction takes place in a factory rather than on-site. On top of all of that, because a considerable percentage of the assembly has already been completed, the time required for the final assembly has been reduced significantly.
- Lower cost– The cost of typical construction methods can range between $150 and $250 per square foot if you’re building a regular, non-luxury home. Because of the efficiency of the assembly line, modular building can be up to 10%- 20% less expensive than traditional construction methods.
- You won’t be able to customize as much as you would like– While certain adjustments are feasible with modular buildings, the majority of designs have limited adjustability.
- You must be in close proximity to the factory– Customers should make every attempt to purchase a modular home from the factory or company that is the most convenient for them in order to keep prices and effort under control. Alternatively, you run the danger of incurring expensive transportation costs.
- Zoning is an obstacle– Modular buildings are still in their infancy in the construction sector, and municipal zoning boards are only just beginning to catch up.You may run into some out-of-date zoning regulations, which could derail the project or possibly prevent it from commencing at all.