The housing market along the southern east coast, and especially in the Lowcountry, is a wild ride. There has been no return to normal since the pandemic that some other geographical areas are seeing. The housing inventory is at an epic low, combined with the ever growing demand for housing in the greater Charleston areas creating frustration for home buyers.
Low housing inventory (for sale and for rent) in addition to market rents being at a record high across the nation we are seeing an uptick in traditional new construction homes.
“US home building increased in July, rising 3.9% from June, as low inventory in the existing home market continued to boost interest in new homes.” – reported CNN. However many families looking to build new construction are battling high interest rates, continued material shortages, lack of workforce and higher than normal material costs.
Enter: custom modular homes.
Today’s quality solution to the housing rollercoaster. Building a modular home offers solutions to many of the housing market’s problems.
- INITIAL COST.
Modular builds almost always come in under the cost of new construction and often, in today’s housing market, below the cost of buying a pre-owned. How are they more affordable? Reduced labor, less material waste and no on-site interference or setbacks plus all the efficiencies of an assembly line build system. It’s that simple. Factory built has many advantages. - LONG TERM COST. Almost all modular homes today are created with the latest energy-efficient tools on the market. This allows for not only greener builds but also for lower energy costs reducing monthly spending long term. In addition, there are the health benefits of lumber and interior building materials that are dry and protected through the entire building process, never exposed to weather or the ability for mold to grow. Check out our blog for details on how modular homes can save you in long term costs.
- COMPLETION TIMES. Whether you need to relocate quickly, you can’t find the right home or your home sold faster than you expected building a modular home will get you into your new home faster than a site built new construction home. The low inventory in the greater Charleston market can be frustrating as can the delays with new site built construction. Modular home builds are completed much quicker than new construction. Being built in a factory setting eliminates weather delays as well as increases employee retention, a key issue in the current work force.
If you are among the many searching for a new home battling the roadblocks of today’s housing market, take a look at building modular.
For more details on what modular homes offer check out our other blogs:
Modular Homes vs Site Built
What is a Modular Home?
If there are any other questions, we can answer please give us a call 843-990-3136. Gen V would love to start your modular home journey!