A Guide to Affordable Homeownership: Custom Built Homes vs Mobile Homes
Owning a home is a dream that many people share, but the current economy has made buying a home a challenging endeavor. However, purchasing a home doesn’t have to break the bank. In this article, we will explore two options for more affordable homeownership. Continue reading to learn more about these two avenues to owning a home.
Custom Built Homes
Most people assume that custom homes are out of their reach, but you may be surprised to discover that these homes can be an affordable investment. While more expensive than mobile homes, tailor-made homes can be personalized to your unique needs, unlike mobile homes or trailer homes. Tailor-made homes can vary in size, shape, and price. Whether you want to build a home for your growing family or you are looking for a smaller home to spend retirement in, at Red Door Homes, we can construct the custom home of your dreams within your budget.
Pros:
- Customization – As the name suggests, bespoke homes can be entirely customized to fit your and your family’s needs. When you partner with a custom builder like Red Door Homes, you can have a hand in designing your dream home.
- Investment – Custom homes are a good investment and often appreciate over time. Homeowners who invest in a tailor-made home can often sell the home at a later date and make a profit.
- Quality – Bespoke homes are often of higher quality than modular, manufactured, or mobile homes. During the build process, homeowners get to choose what materials will be used and have more control over the quality of the finished home.
Cons:
- Cost – Custom-built homes do come with a cost and are often more expensive than mobile homes or modular homes. While the cost is higher, you can enjoy customization and high-quality craftsmanship.
- Build Time – Unlike modular or pre-built homes, tailor-made homes do require build time, which can range anywhere from months to a year or more, depending on the size of the home you’re making.
- Maintenance – Like all homes, custom homes require maintenance. Since tailor-made homes are typically larger than mobile homes, more maintenance is needed to keep your home in good shape.
Mobile Homes
Mobile homes or trailer homes are an affordable option for those seeking to buy a home on a tight budget. This can be a good option for those who don’t have time to build a bespoke home or for those needing to buy a home within a short timeframe. While manufactured homes have their benefits, they also have several drawbacks that prospective homeowners need to carefully consider.
Pros:
- Affordability – The biggest benefit of mobile homes is their affordability. Mobile homes are a great option for those on a very tight budget who need a home quickly.
- Speed – Manufactured homes are a convenient and quick option for those looking to buy a home in a short timeframe.
- Simplicity – Mobile homes can easily be transported to your location and placed on the plot–it is as simple as that. However, this simplicity can come at a cost, as we detail below.
Cons:
- Depreciation – Mobile homes do not hold their value very well, as they are manufactured quickly, often with low-cost materials that don’t contribute to the home’s overall value.
- Customization – When buying a mobile home, you must sacrifice customization, as these manufactured homes cannot be customized as easily as custom-built homes.
- Structural Integrity – While the quality of manufactured homes has increased over the past few years, they are still not the best quality and do not last as long as traditional homes. This can be an issue in areas that are prone to hurricanes, tornadoes, or other natural disasters.
Contact Red Door Homes of North Central Florida today to learn how we can help you build your dream home on your land and secure the financing you need to make your dream a reality.