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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
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Prefab homes — short for “prefabricated” and also known as modular homes — are constructed away from the home site in a factory, then shipped in sections to the customer’s property for assembly. These homes can often go up much faster than traditional stick-built houses, and at a lower cost.
Prefab and modular homes are related but different kinds of housing. For all intents and purposes, as far as homeowners are concerned, these — as well as terms like “factory-built home” — mean the same thing. In each, there’s some level of construction that takes place offsite, then the sections are trucked to your home site for assembly.
Prefabricated homes, which can be single-family or multi-family, are generally built with a specific customer in mind. They can often be customized to the customer’s specifications, though not to the same extent that a custom-built traditional home might be.
Prefab can cost less than a custom-built home. According to HomeAdvisor, the average cost to build a traditional single-family home in 2022 is $283,900. The comparable cost to build a prefab home is $240,000.
While hard costs such as construction labor make up a larger portion of the price tag for custom-built houses, prefab generally costs less because it requires less time for the underlying product to be created, along with less equipment and lower labor costs.
Keep in mind, though, that you might not receive as many customization options with prefab. Prefab homes are designed to fit the needs of the average person — they’re not based entirely on your individual needs. If you want to customize the home in certain ways, you often can, but you’ll pay more.
Prefab homes can provide some homeowners with peace of mind, knowing that their home was designed by professionals and built with specified quality standards, repeated over a vast number of structures.
A prefab home is typically built just as well or better than a stick-built home. It can go up faster and cost less to build, too. But customization can be limited, and prefabs are not available in all areas of the country and for all types of housing.
Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.
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