Did you know that the average price of a home is nearly $350,000? If you’re deciding whether you want to purchase a house, you know there are lots of decisions to make. And with inflation at record highs, it’s important to make smart choices.
One of the biggest decisions to make is building a home versus buying a manufactured home. New build home costs can differ greatly from manufactured home prices. So which is the better option regarding your budget, needs, and the current market?
The experience of building a home and buying a manufactured home differs in many ways. So, keep reading as we discuss the details and the cost of each choice.
Building a New Home
Building a new home is a thrilling decision; there’s no question about it. You can build the house of your dreams down to every last detail and shingle. And you’ll get to be intimately involved with the big decisions and direction your new home takes.
There won’t be any hidden surprises (like mold) or leaky pipes. And you’ll also have the luxury of getting the latest technology, like solar panels and other modern amenities.
Although, it’s an involved process that you’ll have to closely monitor. And if you have a set budget for buying a home, a new build may not be your best option.
New Build Home Prices
HomeAdvisor states that the average a new build home cost is currently around $282,000. Though, other sources state the median cost is about $400,000. On average, building a new home will run you more than buying a manufactured home.
A new home with around 2,000 square feet could cost anywhere from $200,000 to $500,000. And building a home comes with additional construction costs.
Buying a Manufactured Home
Now, you may be asking, what are manufactured homes? A manufactured home is a house built in a factory, which is then transported to your location of choice.
Manufactured homes cost less than buying a traditionally built home and much less than building your own house. They cost roughly half the price (per square foot) for a traditional build. And they could be the future of the housing market.
Manufactured homes are a relatively new opportunity. They can offer similar benefits to building a home, like modern features, energy efficiency, and safety. Though, you probably won’t be able to create a 4,000-square-foot dream house going this route.
Manufactured Home Prices
Manufactured home cost starts at $50,000 and can go up to around $300,000. Whether you choose to buy used or new, you’ll surely spend less than a new-build home with this option. And manufactured homes are also highly customizable!
If you have a tight budget and you’re comfortable capping out at around 2,000 square feet, manufactured homes will be an exciting opportunity for you.
What Should You Choose?
Choosing between a new build and a manufactured home is entirely up to you. Just keep in mind a few things before you make your final decision. New build homes offer creative freedom and unlimited potential at the cost of a rather high price point.
Manufactured home prices are the perfect choice for budget-conscious families who still want the amenities of building a new home. Though, your creative freedom is limited.
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