The Importance of Building Affordable Housing

The Importance of Building Affordable Housing ICG

Building the Future: The importance of affordable housing

There are so many great reasons to purchase your own home. Beyond the pride of ownership – especially for first-time buyers –  there are investment opportunities and tax advantages for homeowners. They’re an appreciating asset that opens up the possibility for equity loans and rental income down the road. 

But finding affordable housing can be a real challenge. 

It can be particularly hard to find modern, high-quality, energy-efficient housing with a price tag that matches your income level and your lifestyle. This is top-of-mind for the next big wave of homebuyers entering the market: Millennials, who have a steady income and a different set of expectations than the generations that came before them. 

Any future buyer who’s used a mortgage calculator or looked at lending options will have a clear idea of the financial resources they need in order to buy a home. The prospect can look out of reach when they compare those resources to a climbing real estate market, which is gradually outpacing wage increases.

Many first-time buyers – and those down-or-upsizing, moving for a new job – look to prefabricated homes as a cost-effective option. Why? Because they’re built with precision and can be modeled to suit individual tastes before the first two-by-four is sent to the saw – for less.

How can a brand new home be affordable?

One of the biggest reasons we’re committed to our process is the savings we can pass on to our developers. In turn, they can pass them onto the buyer, and as such create affordable housing. We think everyone deserves to have a roof over their head…one that they can afford.

Our process saves time – and money. Our prefabricated homes are designed using MiTek’s state-of-the-art 3-D design software. It allows our structural designers to take an architect’s drawings and create a full model of the home on a computer. Conflicts in structural design or building code are caught in an office, not on-site, where they can be costly in terms of both time and materials. 

The team on our shop floor works with precise measurements, using modern laser technology to ensure each board is cut accurately, and with the least waste possible. Less waste, less room for error, more savings…

The entire home is shipped onsite like a giant puzzle…without the usual mystery of not knowing where the pieces go. It’s all packaged in order of assembly, with each component marked clearly. A shortage of skilled labor has driven up costs for one segment of the building trades – such as framers and contractors. Off-site – prefabricated – construction takes that challenge out of the equation. 

Labor costs are lower…and more people are working on-site to build entire subdivisions in a fraction of the time it takes for onsite construction. And because all the components are modeled in 3-D off-site, there are virtually no surprises in the walls for the plumbers, electricians, finishing carpenters…all the tradespeople who are expensive to have onsite. 

Reducing waste, lowering labor costs, still delivering quality, affordable housing.

We don’t want rising labor and material costs to price people out of the market. There is a smart, efficient way to build a high-quality home to suit everyone’s budget and tastes. More and more developers – who share our desire to provide affordable housing – are seeing the benefits of prefabricated homes.

While there are market fluctuations – we started our business in the middle of a big downturn – real estate is still considered a hedge against inflation. Homeownership provides some financial stability during uncertain times. Giving that opportunity to more buyers is one of our long-term goals.

If you’d like to learn more about our product and our partners, please contact us. We’d love to help more people get into their new home.

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