Things You Must Know About Buying a Prefab Home
Prefabs Are Faster to Build
Home modules are constructed and inspected in a factory, where weather won’t delay the process. The modules are then transported to the final building site. It takes about three days to fully assemble those components at the site
You’ll Pay More Than Just the Base Price for Your Modular Home
For manufacturers that offer preset home plans, the base price of a modular home typically includes construction, transportation of the modules to the final build site, and setting the home on its foundation. Buyers can tweak a builder’s preset plan — say, you want hardwood floors throughout the home instead of carpet — at additional cost.
Sure, You Can Remodel Your Modular Home
If you decide to invest in the bathroom or kitchen of your dreams, “there’s nothing that would preclude the reconfiguration of a home simply because it’s a modular build,” says, co-owner. “Just like a stick-built home, you need to account for the structural support and layout.” Prefab homeowners looking to remodel should let their contractor know early on that they have a modular home,
You May Need to Be a Patient Seller
Despite strict building standards and vast improvements in modular homes over the years, these types of dwellings still get a bad rap among buyers who aren’t familiar with the building process. Many people think mobile when they hear the words modular home
spokesman for the Appraisal Institute, a professional association for real estate appraisers. Buyers may fear that modular homes aren’t as sturdy as traditionally built homes or that they can’t be customized. Owners of modular homes who sell down the line might find themselves having to explain to novice buyers what the building process entails
Ways You Can Save Money Building Your Custom Home
Building a custom home doesn’t have to cost you a small fortune. In fact, with a bit of cost-effective planning, a well-defined budget, and an economical approach, you can build the home of your dreams, all while saving money during each phase. From choosing a smart design, to selecting the right builder, avoiding common mistakes, and knowing where to purchase your materials, the following tips can help you to cut costs, while still building the perfect home for you and your family.
Saving Money During The Design Phase
The following tips are meant for someone who is quite far along the path to home building – someone who has picked their lot, worked out a budget and has narrowed down the type of house they want to build. If you aren’t yet at this stage, you will still pick up some helpful tips for the future!
The bigger the home, the higher the cost: This first tip might seem like a bit of a no-brainer; however, it is a vital consideration if you want to stick to your budget. For example, during the design phase it is easy to think that a 1,250 square feet home will be a similar cost to a 1,000 square feet home; after all, you are only adding 250 square feet of extra space. However, if your home costs $100 per square foot, then that extra 250 feet just cost you $25,000. By keeping your floor plan small, yet highly functional, you can maximize your dollar (and stretch just a little bit farther). One of the easiest ways to stretch your dollar even farther is to create an open floor plan with multi-purpose living spaces. The open floor plan gives you the feeling of a bigger home, without the added building costs, while the flexible space offers easy accommodations for future life changes.
Choosing the right (and economical) aesthetic: The aesthetic of your home is a vital component that should be considered during the design period. For example, if you want to have an industrial aesthetic, then you might choose to use concrete flooring. However, dying concrete floors can quickly break your budget. With this in mind, you might choose to simply seal the floors and save the colored dye for a future project. The unfinished look, coupled with the right interior design choices, can give you the finished product that you desire, without costing a fortune. In other words, when you are designing your custom house, it is okay to leave some projects purposefully unfinished. The end result can still match your chosen aesthetic, and your bank account will thank you.
Choosing cost effective must-have features: During the design phase you should choose your must-have features. However, it is important that these features are also cost effective. For example, can you live with high quality faux wood floors that cost less than the traditional hardwood floors you initially picked out? By setting clear expectations during the design phase, you can ensure that your costs don’t suddenly skyrocket when your contractor begins the building phase.
Buying a Spec Home
What Is A Spec Home?
Let’s shed a little light on the subject of spec, inventory, and feature homes or houses. The names may change, but they are all the same thing! A spec home is a new, move-in-ready home built by home builders across the country. These are houses that are built before a home buyer makes a purchase.
Homebuilders offer spec homes because not every homebuyer has five to six months to wait for their new dream home to be built. For buyers who do not have the time to wait or simply aren’t interested in the construction process, spec homes are a convenient option!
Why Buy A Spec Home?
The most obvious reason a new home buyer would consider purchasing a spec home is timeframe. The real estate market is on fire, homes are selling in days and closing quickly!
Often times, buyers who have just sold their current home or are moving out of a condo or apartment are only given a month or two to find a new home making a spec home the perfect solution. They are able to move into their home quickly with little to no delay! Purchasing a spec home is also simple! Although building a brand-new home “from dirt” is rewarding and exciting, it can also be a lengthy process with many decisions. Although these decisions are often fun ones and include things like selecting your countertop style, flooring options, paint colors, and more, some prefer to take a hands-off approach. In these cases, a spec home might be the answer as it may have all the desired details and features, but requires very little effort on the part of the buyer, other than the actual move. Moving in does take a little effort!
When Is The Right Time To Purchase A Spec Home?
The right time to purchase a spec home to up to you! Only you decide when it’s time to move and make an investment in your future. However, we will give you a small piece of advice: purchase sooner rather than later. Interest rates are still at historic lows, and home prices are only expected to rise!
Buying new construction? Avoid these costly mistakes
Existing-home inventory is dreadfully low in many areas and prices keep climbing. If you can’t find a suitable resale or you just want to start fresh, new construction might be an option.
Settling on one lender without shopping around
Many large builders have in-house mortgage lenders or preferred companies they work with who may or may not offer competitive rates and terms. Unless you shop around for mortgage rates, you won’t have a basis for comparison.
Not understanding builder warranties
When you buy a home, there are two types of builder warranties you’ll hear about: implied and express warranties. Implied warranties cover defects in workmanship that impact a new home’s habitability, livability and safety, based on local building codes and standards,
Builders sometimes offer an express warranty, which has more precise wording on what is covered and cutoff times for varying parts of a new build. Sometimes, builders ask buyers to waive their rights under an implied warranty when an express warranty is offered so it’s important to read all warranties closely. Enlisting a real estate agent or attorney to review warranties, as well as the purchase contract, may help you avoid doing business with an unscrupulous builder
“Builders live and die on their reputation, so they don’t want to get into long, drawn-out legal battles; this type of warranty provides more defined terms.” Builder warranties are not a blanket guarantee for all types of defects or problems with a new home
for home builders
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For some builders, their website needs go beyond the basic. With a custom website, you’ll work with a dedicated design team to build a custom site that is designed around you. Think of as the architect and all options are possible. In fact, you’ll find that the process works very similarly to yours, because building a website is a lot like building a home – it all starts with the plans.
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