Affordable Prefab Homes Make Mortgage-Free Living a Reality (2024)

Live Affordably with Prefabricated Homes

Preferred Homes is passionate about providing affordable homes to Michigan residents. We understand that mortgages can be burdensome financially, even devastating to some families. More people are seeking ways to gain financial freedom and lessen the stress load that comes with mortgages. Our company is dedicated to guiding new homeowners through the process of purchasing affordable prefabricated homes.

Affordable Prefab Homes Make Mortgage-Free Living a Reality (1)

Mortgage-Free Homes

If your goal is to live mortgage-free, prefabricated homes are an affordable option that can allow you to find a dream house on a smaller budget. Some potential home buyers will be able to take advantage of this option and achieve the goal of mortgage-free living. If this isn’t your goal or you’re not financially ready to jump in and pay in full, Preferred also offers financing options.

According to an industry overview by the Manufactured Home Association in May 2021, the average cost of site-built homes was about $119 per square foot. The average price for manufactured homes in the same timeframe was just $57 per square foot. Modular and manufactured homes enable potential homeowners of all budgets to own a high-quality home without breaking the bank or spending decades of their life struggling with a mortgage. You can live free of stress when you live mortgage-free thanks to Preferred Homes’ affordable prefab home options.

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Benefits of Prefab Homes

Prefabricated homes from Preferred Homes make great forever homes for buyers of all walks of life. No matter which step you’re at in the process, we’re here to help guide you in the right direction and discover those next steps right alongside you. Why are prefab homes so incredible? The benefits seem endless.

  • They’re more affordable. The streamlined construction process of manufactured homes takes place off-site which allows costs to stay lower than traditional homes.
  • They’re customizable. Just like traditionally built homes, a prefab home has a ton of room for customization. Whether it’s just you or you need space for multiple family members, Preferred Homes has the perfect option. Choose exactly how you want your home to look both inside and out, and the experts will take care of the rest.
  • They’re more energy efficient. Because they’re typically smaller and well-enclosed, prefab homes tend to be more energy efficient than typical-built homes. They’re also able to utilize energy less wastefully thanks to improved insulation, low-energy bulbs, and more efficient water heating systems. Even the layout of these homes takes part in how energy is distributed to prevent waste. With high standards and regulations, manufactured homes offer homeowners a solution to save money on electric bills.
  • They’re more durable. Prefab homes are structures built with durability at the forefront of priorities. Built directly onto steel beams, these homes are put onto a permanent foundation. Because they’re made in factories, every aspect of the build is highly analyzed and thoroughly completed with great attention to detail.
  • They’re readily available. Preferred Homes works with multiple manufacturers, ensuring our customers’ homes are constructed in a timely fashion. This process is always much quicker than the construction of a stick-built home. Instead of searching around for months and hoping your dream home magically appears on the market, take matters into your own hands and get a customizable dream home right now.

Modern Manufactured Homes

No matter your unique taste, there’s a dream home waiting to be discovered. Preferred Homes offers many styles of manufactured homes, ensuring every customer gets exactly what they need and desire. If you’re looking for a single wide home, our options typically average about 1,100 square feet. Our double wide options range anywhere from 1,200 to 2,000 square feet.

Manufactured Homes Cost

The cost of a manufactured home is dependent on the size. Depending on how much square footage you’re looking for, the price can go up accordingly. Preferred offers both single wide and double wide manufactured homes.

Costs are also dependent on the placement of your manufactured home. It’s important to know whether you’d like your home placed in a community home park or on private property. Before making this decision, research your community’s zoning laws and regulations. You can learn more about our transportation process here.

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Energy-Efficient Modular Homes

Preferred Homes also offers both manufactured and modular homes. Modular homes are built to meet your local and state requirements, which means energy efficiency is taken into great consideration during construction. Modular homes are permanent fixtures that are certain to lower your energy bill. Check out our catalog to see what energy-efficient modular homes are currently available.

Modular Homes Cost

Modular home costs are impacted by a wide range of factors. Your price will be completely dependent on the unique customization process. From the foundation excavation to each add-on you select, costs will vary. Modular homes are incredibly customizable with options like decks, porches, garages, and more. Check out some of our modular model homes.

Manufactured & Modular Homes for Sale in Michigan

Contact Preferred Homes in Michigan to learn more about how you can get your hands on an affordable prefab home. We’ll take the time to get to know your financial goals and supply the solutions you need to get into a dream home faster and more affordably. Whether you’re looking to avoid a mortgage by paying the entire affordable cost upfront or you need financing assistance, our company will take care of you.

Affordable Prefab Homes Make Mortgage-Free Living a Reality (2024)

FAQs

Why do banks not like modular homes? ›

Many lenders will not approve a conventional loan for a mobile home because they are not considered “real property.” However, homes that are attached to a permanent foundation could qualify. The common factor in qualifying for any loan is credit score. The better the score, the more likely you will qualify.

Why are modular homes hard to finance? ›

That said, financing the purchase of a mobile or manufactured home may require more digging than purchasing a traditional home. That's because most mortgage lenders don't offer financing for these types of properties due to their lower cost and depreciating value.

Are prefab homes a good investment? ›

You can dramatically increase the value of your property by adding some prefab homes. California is a popular hunting ground for real estate investors, so owning property in this state is already a huge investment. However, with just a few modifications, you can add a modular home that will set your property apart.

What are the advantages and disadvantages of prefab homes? ›

The pros of modular homes include lower costs over traditional construction methods, better quality, improved construction speed, and better resilience while the cons consist of a bit more complicated financing process, lack of customization, and the social stigma that is the consequence of the low-quality of modular ...

What are the dangers of modular homes? ›

These risks include transportation, defects in the manufacturing process, off-site coverage, theft, vandalism and errors and omissions during the assembly and installation stages.

Why are prefab homes not popular? ›

Just like every building method, prefab has its hassles. Robert Gurney, an architect in Washington, D.C., who designed a prefab home in Bethesda, Md., says he will never design another prefab house. The biggest obstacle, says Gurney, was that it took six months longer than normal to get the permits.

What are four drawbacks of modular homes? ›

Of course, modular houses have their downsides. These include less customization capabilities than stick-built homes. The cost of the land and construction of the home may be higher than some people can afford, land restrictions, and perceive quality issues. Modular homes may also have more a complicated loan process.

What is the difference between a modular home and a manufactured home? ›

Modular homes are assembled on a site and anchored to a foundation, whereas a manufactured home is transported in one piece to a site and can be relocated. Because they can be moved, manufactured homes are considered chattel (personal property) — like a recreational vehicle.

What is the oldest manufactured home that can be financed? ›

(Note that the FHA does not issue mortgages on mobile homes built before June 15, 1976.)

Why is it harder to get a mortgage on a manufactured home? ›

Is it harder to finance a mobile home? If your home isn't permanently attached to the land it's located on, lenders will consider it “personal property” instead of “real estate.” When this is the case, you won't be able to get a conventional loan. Instead, you may be offered a higher-interest “chattel loan.”

Why don't banks lend on manufactured homes? ›

Lenders most often deny loan applications for the purchase of manufactured homes because of borrowers' credit histories, while excessive debt-to-income ratios are the main reason for rejection of loans for site-built housing.

Are modular homes as sturdy as stick built? ›

Modular homes can be constructed with the same quality materials as a site-built home, so you can expect them to last for generations. With either type of home, the quality of the materials used is up to your personal choice and budget considerations.

Are modular homes poorly insulated? ›

Modular homes are well-insulated, tightly built, and because they are customizable, can be built using energy-efficient options. Heat efficiency is one of the many benefits of going modular, which is exciting news.

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