The housing and economic crisis that hit the global economy has left people scrambling and wondering what to do next.
As the economy continues to rebound, consumers are going to need to be more creative with their financial decisions. One financial decision that a consumer needs to consider is whether or not to buy a house.
As housing prices continue to fall and interest rates remain at record lows, experts agree that that now is the time to purchase a home.
But what happens if a family is ready to purchase a home, but does not qualify for the house or location they want? Families in this situation have a few choices, and one of those choices is to consider prefabricated homes.
Prefabricated (or ‘prefab’) homes are an interesting option because they offer the convenience and flexibility a home does, but they are less expensive and are more affordable for homeowners because they are easier to assemble, use less waste, take only a few days to build, and the slab the house stands on is easier to arrange than a traditional house.
The home is assembled offsite at a factory, and then transported to a local dealer where the homeowner can preview available models. A prefabricated house proves to be beneficial to the developer and homeowner because the developer mass produce several models while the homeowner can choose from a wide variety of models. Models include traditional ranch, European, log cabin, etc.
Although prefab homes are not yet as popular as a traditional house, the home does provide three key benefits for the homeowner.
The first is that a manufactured home is less expensive than a traditional home. Although the return on the investment will be less, a prefabricated home allows the homeowner to gain equity rather than waste money on rent.
Second, there are several different styles that the homeowner can choose from. Homeowners who choose a traditional house usually can only choose from a small selection of homes, while the homeowner who purchases a prefabricated home can choose from several different models and will have a better opportunity to find a house they love rather than just live with. Types of prefab homes range all the way from modern homes, to log homes, and everything in between.
Finally, the homeowner can choose a location that best fits their family’s needs, and can be transported to a new location if so desired. A traditional house leaves the homeowner deciding between location and style while the manufactured home allows the homeowner to have both.
A prefab home can be a viable option for many homeowners, and they also provide the homeowner the opportunity to purchase online. Although this adds to the convenience of the product, it is imperative to investigate all online dealers and look for reviews from previous consumers. This process will help the consumer ensure that they are purchasing a reliable product from a reputable dealer.
Prefab homes are not necessarily better than traditional houses, but they are worth consideration in this economy.