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Pre-Fab Homes?
itwerx asks: "I am considering purchasing a pre-fabricated home to put on an empty lot in an urban area. I have researched hither and yon and Googled to my heart's content and found great gobs of information online. The question here is what the SlashDot community's own experience has been with this type of technology? Anybody purchase a pre-fab home recently? What was your experience like?"
pre-fabs are cheaper than a 'properly' built home but offer a way for someone with a limited budget to have something of their own.
I purchased one back in may (2003) and over all have been very happy with it. All of the problems that I have had have been from installation of the home and not construction of it in the factory.
Its solid, roomie and costs as much as renting an apartment but without the landlord hassels.
Check with the manufacturer, ask for details on how it's constructed. They've been required since the mid-80s to build them to at least HUD code and since they're generally shipped down the road in pieces, each piece is usually sturdier than many "stick-built" homes (in order to survive the trip).
:D Also, prices vary from dealer to dealer (even with the same manufacturer), so you may be able to drive an extra hour or two and save yourself a few thousand bucks.
Even with these requirements, there's still a _very_ wide range of construction quality, both exterior and interior. Shop around, walk through a few lots physically. Beware, we work on commission. Don't seem too interested or you may find yourself sitting at a table with a pen
As for the houses themselves, there are several different types (manufactured, modular, etc.) each with their own features and price ranges. I sell manufactured homes. They have their own shipping frame built into the bottom of the house. The structural benefits make construction less expensive for the manufacturer, but as a result they're built less like a stick-built home than a modular is (where rooms are preconstructed, minus foundation, and shipped to the site). Also, much of the construction contains OSB (oriented strand board) which can cause problems for severe asthmatics due to possible low-level formaldehyde release from the bonding adhesives. Most modern homes actually use this material in one place or another, it's just more prevalent in a manufactured home. If you're worried, look for adequate ventilation in the construction. As a side note, I've worked 8 hours a day (sometimes more), 5 days a week in one (for an office) for a few years and feel fine.
I actually got into the business when my wife and I moved and were looking for a new home. We considered a manufactured home, but eventually settled for stick-built. Here's why: the house was already built, all we had to do was pay a price. With paperwork, site-work and build-time, a manufactured home can go up in as short as 2 months. This is _extremely_ fast in comparison to constructing a stick-built home, plus you have a considerable amount of 'customization' available (at roughly half the cost per square foot). However, it _is_ a construction site and will probably end up being a construction loan. Be prepared for it to take time and you'll need to be in constant contact with your salesman and bank.
As for the prior poster who wrote: "If the soil is clay or too rocky, you could spend as much as 50-75k putting in a septic system!", I can honestly say I've _never_ seen a system cost that much. Maybe it's just where we live, but high end systems here run just under $20k, while the average is $12k. You will need to be sure of: Electrical access, septic rated for the house you order, site-work for the foundation, garage (?), access for getting the pieces of house on-site, etc. There are a lot of costs that aren't included in the house, _make sure you get it all up front before you sign_.
All said and done, manufactured homes are a great way to go for a semi-customizable home at about half the cost of building your own. You'll probably be limited to a single floor (2 story homes are still a rarity, but they exist), but we've got some that are in excess of 2700 sqft. I really like the product and may end up living in one at some point in the future. Good luck in your research.
Suggestion: go to real estate school and get your real estate license.
It's kind of like a law degree. You don't have to be a practicing lawyer for it to help.
A real estate license will teach you the great unknowns about the laws and pitfalls of the business.
Unlike law, the real estate license takes about a month (around here, at least) and is subsidized by the real estate brokerage firms. They don't care to make money by tuition, they just charge enough to make sure that the prospective students are serious, not timewasters.
Around here it's $500 dollars, and that more than covers the savings you'll make on every house you buy or sell. It's a month, but the hours are extremely flexible at most of the schools, and your real savings will probably be closer to $3-5000 on each house you buy. More than enough to pay back your time invested.
Earning a real estate license will also let you forgo the need to hire your own agent. You'll be able to split the fee with the selling agent, and pocket about 3%. Yes, it's legal in most, if not all places, to act as your own agent when purchasing on your own, but there are some thing you really need to know. Accordingly, this paragraph starts with the word "Earning" rather than "Having"
Also, there are a great many people who don't like realators for various reasons, and prefer to keep the comissions for themselves. Hence "For Sale by Owner". It is very helpful to know what you're doing in this circumstance because both of you might very well be clueless to the laws and ordinances and local "gotcha's".
Another worry is that "For Sale by Owner" might be because the current owner is attempting something that no realator would risk their license by being a party to.
Caveat emptor. Knowlege can keep you from getting burned.
Good luck.
********* sig: If you don't like the law, get filthy stinking rich, and buy a better one.