Let's be real, the housing market is crazy high. Chances are you will be taking on a 30 year mortgage and anxious to keep your job to keep up on the payments. It's a bit scary if you live paycheck to paycheck.
According to experts, the median cost of a home in 60's was around $11,500. While currently, the median cost of a home is $320,000. Yes, of course you have to factor in inflation, wages and cost of living during that time change. But that's a 2682% increase! Some find it normal and justified economically, but still, it's pretty expensive to buy a home.
More and more people are now trying to live a simpler lifestyle. With the overall goal to live stress free, with less debt and a more eco-friendly impact. There's something to this, we don't know what the future holds and living cheaper may be smarter.
While prefab homes aren't exactly new, they have changed a lot. In fact, the changes we have seen in the last 10 years does make it new. And now, they are better choice than ever.
Prefab Homes - 5 Reasons They are a Great Choice
1. Low Cost
My guess is you have heard of the tiny home lifestyle, well, prefab homes can be similar. While slightly bigger and built into a foundation, they can still run the same low cost as a tiny home. Making it a great alternative.
You can actually get a really nice home shipped, built and ready to go for around $20k. In fact, the home itself, already built, can be as low as $10k. And they aren't bad!
Unless you want to take out a mortgage for a larger home and go that route, this can be a way to live mortgage free. Imagine saving anywhere from $1500 to $3000 on a monthly payment for 30 years, that's huge and it will make a big change in your savings account.
Buying some affordable land, say under $10k and a full home build for around $20k. You can be a home owner rent and mortgage free for around $30k.
If you want to see what kind of prefab homes are available take a look here prefab homes
2. Easy to Build
Prefab homes are built off site by a company. The companies goal is to build a home in such a way that it can be shipped and put together by the home owner.
Think of it as the same design as Ikea furniture, they are kits that slide together and come with the parts required to do so.
With a little bit of smarts, two people can put one of these home kits up in around 3 days. Even without building experience.
While electrical, plumbing and septic will be separate, the plans to put them in are already there. In fact, some kits can actually include that, even furniture.
3. Good Quality
Prefab homes come in all shapes, sizes and quality. It's important to know your weather condition in the area and choose accordingly.
Quality of prefab homes can be just as good as another home build. There are times where people do struggle with the quality of it at times though. So do some homework.
Some report gaps in the final build and flimsy materials, this can be user error or just a bad product from the beginning. But there are some super good ones available.
Prefab homes can come in wood, blocks and even shipping containers. So the options for design and materials are all different, chances are, there will be a suitable one for your taste and location.
Prefab homes most often are the full package for your home. But, you can customize the home just like you would any other home. Meaning you can change the inside style of your home or the outside walls.
Putting in your own style floors, kitchen, window types and such is all doable. However, they often come with these things. Most prefab homes will offer different levels of features to reach the quality you want. If you are looking for lower cost, the basics will be a cost saver. If you want more quality items and builds, a more advanced model will be available. Things like double pane windows, more solid doors, different floors and roofing materials can all be upgraded.
You can certainly get a very good quality prefab home.
4. Delivered to Your Land
Building a home requires a ton of work, a lot of drive time and deliveries. Often deliveries for material are done in stages for home builds. First you would get your foundation pour, then wood or blocks delivered, then dry wall...etc. This will have delivery fees for each one, and chances are you will be needing to drive for other smaller materials.
The great part about prefab homes is the company delivers your project in full. You have just about everything you need as long as you have the tools.
Most prefab home makers will include a delivery fee in the full cost. At least everywhere but Hawaii and Alaska, those are often more.
Not only will you be saving on the home itself, construction workers and supplies. But avoiding the constant delivery costs will also add up to a lot of savings.
5. Live Mortgage Free
Due to the low cost to get a prefab home up, chances are you are not getting a huge loan from a bank. However, if you don't have the funds to buy the prefab home upfront, have no despair. Most of these companies will offer financing for 1 year.
The overall result though, the home will be paid off, that is quite rare nowadays. Most dream of it but few attain it till old age.
Due to the high monthly cost of a mortgage, most people see 1/3 or more of their paycheck go towards the bank payments. With this type of money savings on a home, you could even get a couple more throughout the years to make rental income. With enough rentals, you may be able to leave a full time job.
Overall, without any major construction experience you can start something most can never attain. Building affordable homes paid off and making an Airbnb or hotel. Cheap prefabs really make something possible that wasn't before.
Take a look at some prefab homes and see for yourself. They may open up some great options for you to own a home.