Finding a house that aligns with your budget and needs can be daunting. However, various innovative methods have risen and revolutionised the housing market, offering attractive solutions for those seeking cost-effective homeownership.
In this blog, we explore the top 5 most affordable options for owning a home. In no particular order, we delve into the benefits of each option and discuss how they can help you achieve your dream of owning a home without breaking the bank.
Building a prefab home
Manufactured prefab homes are less expensive than traditional on-site houses because they are built off-site in a specialised factory. This means the project is protected from the elements and can be completed much more efficiently.
Prefab homes are more affordable because they require fewer labour hours and lower travel costs. With streamlined building techniques, they can be built quickly and with less material waste, which means more savings can be passed on to the customer.
Pros of a prefab home may include:
- Customisation and upgrade options
- Minimal disruption to your building site
- Permanent and durable once installed
- Sustainable construction
Cons of a prefab home may include:
- Limited traditional character
- Smaller floor plans
At Genius Homes, the base cost of a prefab 3-bedroom family home starts at $333,300, depending on the size, design, and chosen upgrades. That price includes the labour, compliance, finishes, subtrades, appliances, flooring, and project management. The only additional costs are based on your location, such as delivery, groundwork, custom inclusions, and consent.
Building a modular home
A type of prefab, modular homes have grown in popularity as an affordable and customisable housing solution. Similar to prefabs, they are built off-site in multiple sections, transported to the building site, and assembled as a cohesive unit. This allows for more flexibility in floor plans and sizes and can accommodate various lifestyles.
Pros of a modular home may include:
- Customisation and upgrade options
- Minimal disruption to your building site
- Permanent and durable once installed
- Sustainable construction
- More flexibility than a standard prefab
Cons of a modular home may include:
- Limited traditional character
- Somewhat limited floor plans
If you want the benefits of prefab construction but need a larger layout, consider the Benmore 3-bedroom modular plan.
Buying a small unit
While it isn’t a new or innovative idea, small housing solutions still meet a lot of people’s needs. If you want to live in a high-density area, buying a unit may be a wise investment for you.
These smaller homes are often more budget-friendly than standalone houses and occasionally offer the convenience of shared maintenance costs. However, limited space, privacy and potential restrictions on customisation may be a drawback for those seeking a more personal touch.
Pros of a unit may include:
- Lower bills as they require less energy to heat and cool
- Fewer rooms to maintain and furnish
- Community feeling with neighbours
- Low maintenance
Cons of a unit may include:
- Limited space and storage
- Small or no garden or backyard
- Limited customisations
- Limited privacy
Buying an existing home
Another option for affordable homeownership is purchasing an existing home. While this can provide a sense of character and charm, it may also come with higher maintenance costs and the need for renovations. Additionally, the price of existing homes can fluctuate based on the housing market so it could be challenging to find an option in your budget.
Pros of an existing home may include:
- Potential for traditional character
- Established utilities and driveways
- Potential for more space and storage
- May have an established garden
- You can move in sooner
Cons of an existing home may include:
- High maintenance
- Often require expensive renovations
- High demand drives prices up
Building a kitset home
Kitset houses are built from a package of materials and plans that are delivered to your building site. Typically, you are responsible for arranging the contractors and compliance yourself, as well as the project management. Depending on the supplier you buy from, you may be able to choose an off-the-shelf plan or customise the design to suit your needs.
Pros of a kitset home may include:
- Potential for traditional character
- Established utilities and driveways
- Potential for more space and storage
- May have an established garden
Cons of a kitset home may include:
- No traditional character
- Limited customisations
- May require expensive contractors
Since kitset packages start at around $58,000, many buyers think they’re the most cost-effective option. However, once you include labour, compliance, project management, subtrades, travel time, and the full internal fit-out, the total will be well over $200,000. On top of that, you’ll also need to account for the cost of the land.
How Genius Homes can help you
Here at Genius Homes, we build and deliver prefab and modular homes all over the South Island. Our prefab building process offers all the appeal of a traditional home but with none of the hidden costs or complications that come with building on-site.
We strive to design, build, and deliver your home in a stress-free manner so you can enjoy the process. We handle everything for you as part of our standard inclusions:
- Proposals and designs
- Siteworks
- High-quality materials and workmanship
- Consent and building code compliance
- Construction and subtrades
- Project management
- Internal fit-outs and finishes
- Delivery
- Final touch-ups
You can have complete peace of mind that your dream home is built to a high standard, within budget, and on schedule. Just find a design that suits your needs, budget, and site, from our wide range of 2-bedroom homes, 3-bedroom homes, 4 and 5-bedroom homes, accommodation, and staff accommodation.
