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Beyond Trailer Parks: Prefab Homes

Prefab Homes: The Cons

Of course, not everything is perfect. Prefab homes have drawbacks as well as advantages. As with any home or property purchase, make sure you look into all your options and get references on any company or builder. Here are a few cons to buying a prefab home:

Owning property. Typically, when you purchase a home, it already resides on a piece of property, and the cost of the land is built in with the price. With a modular home, you must first find and purchase a piece of land, and then purchase your prefab home to be placed there.

Waiting. If you buy a traditional home (not new construction), you can move in right away. However, with a prefab home, you obviously can't move in until it's built and placed on your property. Construction time is certainly shorter than it would be with a traditional home, but you'll still have to make arrangements to live somewhere else until your home is ready for you.

Upfront Costs. With most prefab homes, you need to pay the builder in full before your home is completed -- meaning you're paying for the work as it's happening. You can pay this with savings or get a loan from the modular home dealer. As with any lending institution, we always advise you to make informed decisions, and always shop around before choosing a company to go with.

Prefab homes of today aren't the trailer-type or log cabins of yesteryear. Read on to see what's new in the world of modular homes.