2 months ago ·Justin Becker ·Comments Off on Is It Cheaper to Build a House or Buy a Manufactured Home
Deciding on whether you should build a home or purchase a manufactured house does not have to be tough. In fact, you just need to look at the costs, pros, cons, and your overall needs. Once you know what you can afford and what will ultimately work best for you, the decision tends to make itself. Nevertheless, if you are looking for a little guidance, we can help. Obviously, building a brand new house takes time and money. But it definitely has its perks as well—the main one being that you can pretty much create your dream home. That said, manufactured homes are easily customizable, affordable, and ready sooner when built from scratch. So where do you go from here? Well, let’s go over several things to consider when comparing the two.
Building a Home
In general, building a home is often exciting in the beginning. Then, it slowly starts to become an overwhelming and slightly time-consuming process. Though you finally can own a home that has everything you ever wanted, it is not a passive experience. In other words, get ready to be highly involved in the building process every step of the way. Of course, this can be a good thing for anyone who wants to make sure everything is being done to his or her liking. Yet, for many, the idea of building a house means telling your builders what you want and pulling into your new driveway six months later to start your life in your new home, and, for the right price, you can make this idea/dream a reality.
The cost of building a roughly 2,000 square foot home in 2020 ranges from the low $200,000s to well over $500,000 on average in Michigan. Having a turnkey house built to your specifications without being overly involved could easily cost you twice as much, if not more. Yet, there is no denying that there is something wonderful about coming home to your very own custom dream house after a long day at work. Thus, if the price tag is not an issue for you, then it may just be time to start drawing up your blueprints and picking out wall sconces.
Things to Know
If you choose to build a house, you should keep several things in mind, like your overall budget. In the beginning, you may think your home will only cost you $200,000, but things can add up quickly, so you need to have access to additional funds, just in case. You should also double-check your builder’s references, design your home so you can still sell it later, think green whenever possible, and keep your punch list handy.
Clearly, you already know the main advantage of building your own home—you get exactly what you want in roughly seven months or so. But, outside of that, there are other benefits like having a more efficient and modern house. Typically, newer residences have smart home technology, possible solar energy/panels, oversized kitchens with contemporary touches, and more. Another advantage of building is that you are the first owner, and there are no hidden surprises—like mold in the basement or needing all new plumbing. Other perks also include non toxic materials and no other competing offers for your house.
Yet building your house from scratch does have a few downsides. For starters, your home may not be move-in ready in seven months. Generally, bad weather/non-ideal conditions and human error can add months to the entire process. Plus, the longer it takes to complete your home, the longer you have to stay with relatives or pay for a hotel room, so not only does construction cost you more, but your related-expenses also go up. Moreover, even with the best conditions and the most reputable construction crew, there might be unexpected costs and last-minute changes. Finally, even if everything goes according to plan, you are still responsible for picking out flooring, paint colors, countertops, fixtures, and the list goes on. At the end of the day, these are just a few disadvantages.
Purchasing a Manufactured Home
On the other hand, manufactured homes for sale can be everything you dreamed of and more. Today’s manufactured houses are relatively affordable, plus they have modern bells and whistles like vaulted ceilings, gourmet kitchens, stainless steel appliances, and spa-like bathrooms. Nevertheless, purchasing a manufactured home is still new territory for most people. In fact, only in the last 20 years or so has there been an overwhelming shift from the biggest house on the block to efficient manufactured or modular homes.
Here, the cost of purchasing a manufactured residence depends on whether or not you want to buy a brand new or used home. You also have your choice between single or double-wide residential homes, and you can have a manufactured home custom built too. Nevertheless, you can expect to pay anywhere from the mid $60,000s to the low $300,000s. Be that as it may, overall, you will spend a lot less on any kind of manufactured home than you would to build a brand new home.
Things to Know
When it comes to manufactured houses, you should also be clear on your budget and financing options. Doing so will ensure that your reasonably-priced home stays affordable. While you are at it, keep in mind additional costs like site rent, insurance, taxes, and more.
We have touched on one of the main advantages of purchasing a manufactured home—affordability. Most new manufactured houses cost $41 per square foot in comparison to $84 per square foot for a traditional house. Manufactured homes are safer and more energy-efficient than most other types of housing. This is partly due to the controlled environment they are constructed in and the strict safety building standards/regulations these homes must meet in order to be built on-site. Furthermore, these smaller houses use less energy and are actually equipped with appliances designed to be more efficient and environmentally friendly. Plus, these modular residences can be customized with high-end features in no time at all.
Though the list of benefits goes on, there are a few disadvantages to buying this particular type of home. For many, manufactured homes can feel too cookie-cutter or rather limited in layouts and floor plans. Furthermore, not everyone loves the idea of less space. Most manufactured residences tap out around 2,000 square feet or so, which might take some time to get used to if you used to live in a 4,000+ square foot home. Other downsides include a lack of homesites or affordable home parks for manufactured residences. Here, the truth is these modular residences improve every year. Today’s modular homes are spacious, plus have unique and innovative layouts. There are also more manufactured home communities popping up all over the country.
Ultimately, the decision is yours to make. Only you know for sure what housing scenario will work best for your family and your budget. If you are still unclear on the better options after weighing the pros and cons, you might want to start shopping around for manufactured homes and builders. Getting a real feel for the next few months of your life may help you quickly come to a decision. If you are looking for the most affordable option with high-end and contemporary features or a home that can be yours in a matter of months without any unexpected setbacks, then you should really consider the manufactured houses for sale in your area.