With so many different options available in the construction industry, the decision to build a new home is not a small one and there are lots of different factors to consider. It can be daunting to navigate, especially when delving into the uncharted territory of building a prefabricated house design. However the Genius Homes team are dedicated to making the build process as easy as possible, therefore in this blog, we’ve covered the top five things you need to know when building a prefab home.
Benefits of choosing a prefabricated home
Prefabricated homes (also known as modular or transportable homes) are built off-site in a factory and once constructed, are delivered to the site to become permanent dwellings. This unique method of prefab construction enables savvy home buyers to build a high-quality home in an efficient and cost-effective manner. The key benefits of this type of building method include:
Affordability: Due to the controlled building environment and established bulk buying agreements, a prefab home typically saves you 15% compared to a traditional or kitset build.
Faster than a traditional build: Off-site construction can reduce the build time by 60%, and our experienced in-house team of tradespeople move with precision and efficiency. Once your plans have entered the production line, your home will follow a step-by-step building process averaging 10 weeks. After delivery, there will be an additional 4 weeks of on-site work until the keys are handed over.
Controlled environment: Constructed inside a purpose-designed factory, every element of a prefab build can be tightly controlled. Poor weather conditions often cause delays to traditional builds which can push back the timeline of other trades. As prefab homes are built in a factory, work can continue through the year, rain or shine. This means that the budget and timeframe of the build can be better defined and adhered to, all while ensuring the highest quality of building standards due to the ongoing support and supervision.
Budgeting & finance for your prefab home
With recent data from the Real Estate Institute of New Zealand (REINZ) showing the median prices for residential property nationwide now at $826,000, which is a 25% increase from the 12 months prior, many are searching for more affordable ways to enter the housing market. As mentioned above, the prefab home building process has many cost-saving advantages and due to the controlled building environment, costs are managed effectively and overruns avoided.
However funding or getting a mortgage for your prefab home can be a little different from your traditional or kitset home, primarily due to the way it’s built. Commonly, lending for kitset or traditional homes is released at agreed stages which allows you to pay your builders after each construction stage is completed. Of course, this protects you in case the build is delayed so you’re not paying for incomplete work. Also, since you only pay interest on the loan amounts that have been released, should a delay occur you won’t be paying interest on any work that hasn’t been completed. A prefab home is built all at once and delivered to your site, therefore banks look at them in a different light. However, we’re happy to discuss options for adjusting payment terms to meet the needs of the lender, if required.
Since prefab homes are often less costly, those with equity tied up in another house or land may still gain support from the bank. First home buyers may be able to get a guarantee from a parent using the equity in their property to support the loan application. In addition, mortgage brokers can assist with sourcing funding outside of traditional lenders like banks.
How to choose a floor plan and house design
When building a new home, the floorplan and design you select should align with your lifestyle and future plans, as well as still fitting into your budget. It’s important to consider the following factors when weighing up the various design options:
Budget: Determine a realistic and attainable budget, with an in-built buffer for any unexpected costs.
Lifestyle: Consider a layout that caters for your specific lifestyle and the amount and ages of your family members. For example, those with young children often request a master suite that is close to the other bedrooms, whereas those with teenagers may prefer to be further apart. Other factors to consider include; Do you entertain often? Do you enjoy spending time outdoors? Are there any hobbies or work requirements that need to be considered? Do you prefer open-plan living or more private areas to unwind?
Site specifics: Consider the requirements of your site, such as the size, slope and any building restrictions, as well as the best placement for capturing views, maximising sunlight and privacy.
Features: Create a list of your non-negotiable features (such as the required number of bedrooms, additional storage or other practical elements of the home) and prioritise them over your additional dream-home preferences. These ‘nice-to-haves' may include walk-in-wardrobes, office nooks, sculleries and ensuites, however, every household has different priorities.
Future-proof: Factor in your life stage and ensure that the layout will be able to adapt with the occupants. If this is going to be your family home, is there adequate room for new family members or does the design allow for future extensions? If this is your retirement home, does it have adequate accessibility and space to manoeuvre?
Style: Select an architectural style that suits your taste, as this will set the tone for your home and be reflected in the floorplan layout (including roof pitch and window placement).
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