WhatArePrefabHomesandHowMuchDoTheyCost?
Overthepastfewdecades,prefabhousinghasadvanced significantly.Theyresembletraditionalresidences,morethanan outdateddoublewideoncinderblocks.Although financingaprefab homecanbechallenging,aconstructionloancaneaseyourfinancial burden.
Thisarticlewillexplainwhataprefabhomeis,howtofinanceone, thevarioustypesofhomes,andtheirprices.
WhatIsAPrefab(Prefabricated)Home?
Aprefabricated(prefab)homeisahousingstyleconstructedpiece bypieceusingprefabricatedbuildingblocks.Prefabhousescanbe constructedoff-site,broughttotheconstructionsite,ordeliveredin variouscomponentsforthehomeownertoassemble.
Prefabisageneralphrase.Theyareavailableinvariousshapesand sizes,includingmanufacturedandkithomes.Asizableportionof theconstructionworkiscompletedoff-site,whichconnectsthem.
TheCostOfAPrefabHouse
Youwillneedtolocateamortgagelenderwhofinancescertain prefabhomekinds,suchasmanufacturedhomes.Weprovide financingformobilehomestiedtothelandasrealpropertythrough conventionalloans.Somelenders,aboveothertypes,prefermodular homes.
Aconstructionloanisnecessarytofinancetheconstructionofa prefabhome.Aconstruction-to-permanentloanwillcoverthe upfrontcostofbuildingthehouse,whichwillconverttoamortgage afterconstructionandinspectionsarefinished.A20%down paymentforaconstructionloaniscustomary,andacreditscoreof 620istypicallyneeded.
Prefabhomeswithfinancingimplythataconstructionloanis necessaryforbuildingahome.
PrefabricatedHomeTypes
Therearedifferencesbetweeneachprefab.Theycomeinavariety ofdesignsthatvaryintheirconstruction.However,kithomesare noteligibleforfinancing.Someofthemosttypicalprefabhomes areillustratedinthefollowinglist.
ManufacturedHomes
Mobilehomesandmanufacturedhomesarephrasesthatare frequentlyusedinterchangeably.Beforethe1976passageofthe U.S.DepartmentofHousingandUrbanDevelopment(HUD)code, amobilehomewasofficiallydefinedasafactory-builtresidence. Manufacturedhomes,unliketraditionalhomes,losevalueovertime iftheyarenotaffixedtoasolidfoundationandconnectedtothe ownershipofthelandtheyarebuiltupon.
Modularhomes
Modularhomesarestructuresconstructedinsectionsormodules transportedandassembledonthebuildingsite.Theyarecategorized assingle-familyhomesand,unlikemanufacturedhomes,havea permanentfoundation.
Modularhomesaresubstantiallylessexpensivethantraditionally builthomes,buttheysharethesametendencyforvalueappreciation astraditionallybuilthomes.Infact,accordingtoseveralstudies, site-builthomesarerarelysaferthanmodulardwellings.
Moretypesandfloorplansareavailableinmodularhomesthanin prefabricatedhomes.Therearemanymodularhomes,including CapeCods,bungalows,andranches.Amodularhomemightbe idealforyouduetoitshighlevelofcustomizability.
PanelizedHouses
Homesconstructedemployingapanelizedbuildingtechniqueare frequentlyreferredtoas"panelizedhomes"or"open-wallhomes." Pre-builtpanelsareusedinthisbuildingmethod,whichinvolves shippingthemtotheconstructionsiteandassemblingthemthere.
Thefloorsystem,internalandexteriorwalls,androoftrussesarethe partsthatareusuallyseparated.Ifthehomeisbuiltonaconcrete foundation,thefoundationisconstructedon-sitebeforethehomeis addedontop.
FinalVerdict
Intheend,consideraprefabricatedhouse.Donotforgetthatnotall prefabhomesarethesame.Knowthedifferencesbetween manufacturedandmodularhomes.ChooseTrinityBuildingSystems forprefabhomefinancingbecausewewanttodoeverythinginour powertoassistyouinconstructingyourprojectfromthefoundation tothedoorknobs.WehaveteamedupwithNewCenturyBankto streamlinethelendingprocedure.