For the last ten years at least, the internet was a place full of resentment towards the millennials that unlike their parents from the baby boomer generation or Gen X seemed not to want to grow up and have any responsibilities. There were countless social studies and interviews that show exactly how different the world in which millennials should thrive now is different than 50 years ago where people could easily afford a house in their 20s. Even so, today there are some other ways through which millennials can afford to stop renting and start owning. Spoiler: affordable homes come in the shape of a prefabricated house.
In the UK for example, rents are increasing steadily, all while the energy crisis and the rising cost of living are affecting everyone. A study made by Rightmove is showing that the average rent is 12% higher than last year. At the same time, a study from 2019 shows a grim future, as a third of millennials will never have the means to buy a home, while half will rent into their late forties.
Beside this, the series of lockdowns from the last two years have created a massive change in the mentalities. A recent study made by Moveable, a property concierge platform, confirms that the new generation has become more obsessed with owning a place to live. Some reasons for this could be the instinct that lockdown woke up – the idea to have a place to call home, the cost of living crisis, the continuously rising rent prices. All these cause a change in mentalities of the younger generation, making them want to buy a house.
Today’s housing market offers a lot of opportunities for the millennial home buyer, no matter the budget. In this period, many first-time buyers have found that prefab houses are an affordable and efficient solution for their home needs.
Prefabricated homes are houses that involve using an off-site manufacturing technique or prefabrication method to either manufacture the main building components (like walls, roof or floor) or the entire house. There are different kinds of prefabricated houses and you can learn more about what is prefab.
Prefab houses is affordable housing
Probably the most attractive aspect of prefabricated houses – they are more affordable in terms of money and time than traditional houses. This trait alone already makes prefab houses become more than a dream for most millennials out there who are looking for a house.
Prefab homes usually cost less to build than conventional houses and this is what makes the big difference between them. Prefab homes elements are manufactured in a factory controlled environment. After all the elements are ready, they are then transported to the site and assembled by a team of professionals in a very short time. This way prefab houses are built using end-to-end standardised methods, manufacturing mistakes are avoided and there are no delays because of bad weather.
Because most of the house is made in a factory, the actual time spent on site with the construction process will be smaller, therefore the house will be built faster, without not too many unexpected problems that usually occur on a construction site.
Prefab houses are durable and high-quality with an increasing value over time
The considerable lower price of prefab houses isn’t the only reason for why they are the best choice – they have multiple other benefits, especially now as the market is growing and new regulations are in place for this kind of house.
Beside having to pass structural tests in the factory, they are mounted on site with great care by a professional team to provide a solid structural integrity. At the same time, prefab homes are mounted on in-site built foundations. This foundation has to be approved by a structural team and has to comply with strict installation standards, making it very durable.
If properly maintained, a prefabricated home can easily pass the test of time, and can last as long as a conventional on-site built house.
At the same time, houses come in all shapes and sizes, with terrace or pitch roof, brick or stone masonry cladding or even high-end details. The customer can choose the already made design or he can request any changes on the initial plan. Any layout, even the most luxurious that one can imagine, can be implemented with this precise new way of building and at a lower cost. Today, prefab houses manufacturers offer a wide range of possibilities for any budget.
A big fear is that the prefabricated house value on the real estate market will decrease over time as it is not considered a durable and sturdy house. This is not true, especially with all the rules and regulations that apply to prefabricated houses. At the same time, as well as conventional houses, you have to take care of a prefabricated house and repair any damage caused by use over time.
The value of a prefab increases just like the value of a conventional house, depending on usual factors like the neighbourhood, the state of the construction, how many square metres it has, etc.
Prefab houses are energy efficient and environmentally friendly
It is known that the construction industry generates a considerable part of greenhouse gases, both in the construction period and after the construction site is over. The case of prefabricated houses is a little bit different.
Because the elements are manufactured in fabrics and then installed on site, there is more control over the manufacturing process that involves less construction waste and a better use of resources, in contrast to building traditional houses where multiple factors can affect the efficiency of the house. For the same reason – being manufactured in factories – the whole process is controlled so the material losses are smaller, so they are more environmentally friendly.
These are only the most important aspects that come with a prefabricated house and make it the best choice for young millennials who want to elevate their status from renting a place to actually owning their dream house. If you are still having doubts then take a look at these 10 stunning modular homes under 50k.
]Rightmove study: https://www.rightmove.co.uk/news/rental-price-tracker/
2019 study: https://abcfinance.co.uk/blog/generation-rent-study/
Moveable study: https://moveable.uk/app/uploads/2022/03/Moveable-MoveOnUptoMoveOnOut-Report-2022web.pdf
Featured image model: https://spassio.com/models/tiny-green-home-modern-luxe/