Most people make the grave mistake of going all out when building their homes. They do this without considering which option would save them more money – building a big house from the get-go or buying a big lot, building a modest home, and leaving room for additions later on.
We think a prefab is a good option for home expansion. You can ask your real estate agent, an engineer friend, or the architect across you current home for opinions.
At first glance, the first option seems to be the better option especially for a newly married couple. They anticipate the big family they would eventually have, so they build a house that would be big enough to accommodate a growing family. However, due to time and unforeseen occurrences, their plans could go down the drain. Loss of income could impede the construction of the house, among other things. The past year, for example, a lot of families had to cut down on expenses as most lost jobs.
You also have to consider mortgage, maintenance, utility fees, and other money matters. If you have the cash to pay your house wholly, then there’s no problem. But if not, knowing how much mortgage you have to pay through for years is a good thing so you can prepare. Also choosing between low-deposit mortgage over higher ones, and which will be viable regarding rates through the years is one thing house buyers should consider.
Mortgage calculator helps future house owners see how much they have to pay in a projection of years. For example you can calculate a €200,000 house like this: €20,000 downpayment, 3% interest rate payable for 300 months equals €853 a month. The total payment would be £276,074.11 at the 3% interest rate. Calculating it this way makes one see how doable it it to finance a home.
Now, if the couple decides to purchase a big lot and build a home that’s big enough to accommodate a small family, they can simply expand the house to make room for more family members later on. In the event that they’re content with a small family, they can use the untouched lot to construct a swimming pool, a patio, or a landscaped garden. Otherwise, prefabs (Prefabricated homes) are a dime a dozen these days.
A prefab could be an entire house or a room that is constructed off-site (in a factory) and when a homeowner decides it’s time for an expansion, he can just buy one. The prefab would be transported to the location, assembled there, and affixed to the existing building.
The cost of hiring a construction team to handle the expansion of your home is relatively high. Moreover, the builders would need to knock down several walls in your house in order to build additional rooms. This complicated process could take weeks or months to complete. On the other hand, attaching a prefab to your home is less time-consuming. In fact, it usually just takes a day or two to attach the prefabricated addition and you’re good to go.
Prefabs are very durable and reliable so you have nothing to worry about. The fact is prefabs go through rigorous tests and quality control. Since prefabs are mostly machine-made, it’s safe to say that these are quite better than a room built from scratch.
Fab Prefab is a Good Option Key Points
Financially, a prefab is a better alternative to constructing additional rooms in your house. Just think; you only pay for the prefab, the cost to have it transported to your place, and the work force. In most cases, builders offer packages for prefabs; thus, you’re bound to save more if you opt for it.
As your family grows, you can have additional rooms attached to the existing house. Opting for prefabricated additions lets you sit down, calculate the expenses, and see where you stand financially, whether you have enough saved to pay for more prefab additions or if you need to save more.
Obviously, you have two distinct options as far as your plans for home expansion go. Use your better judgement to decide which option suits you best. At any rate, it pays a lot to go for the more frugal option.