Here in Australia, and in particular Melbourne, we are seeing a large change in the way that people are building and designing properties. The driving force behind much of this is millennials and some baby boomers are simply being priced out of buying traditional properties and have instead sought out new ways in which they can get in the property market. Transportable homes in particular have really been increasing in terms of popularity and for home builders, Melbourne is really the hotbed of this type of property design. This trend shows no sign of slowing down, and here is why it looks to continue.
Property Prices
Melbourne property prices has recorded a massive 2.3 percent increase in the last decade alone, which is great for those looking to sell, but a real problem for those looking to buy. Many people can still afford to move into rental properties, but the desire to own a home has resulted in many looking for alternatives living options. In contrast to the rising costs of living in Melbourne, a transportable home can be built for between $30,000 for a small studio, to $100,000 for a large and comfortable 2 bedroomed home. Melbourne property buyers have had to get increasingly savvy in the wake of house price rises leading to this increase in popularity.
Benefits of Buying a Transportable Home
Beyond the cost savings, there are many other benefits which buyers can count on. The biggest benefit is the speed of the build, the modules of these properties are all made in a factory and then delivered to the property in order to be put together. Essential this is a flat pack which a construction company can put together in no time at all. Another key benefit which buyers of transportable homes can count on is the environmentally friendly nature of the build. Because the home is built in factory conditions, there is minimal waste and a reduction in plant vehicle usage on site. These homes are built with less stress and setbacks and they work on a clear timeframe leading to a reduction in obstacles when it comes to the overall build.
Disadvantages
However, like anything there are also some drawbacks of this property, the biggest of which being a poor resale value. There is a stigma attached to these types of properties and many buyers unfortunately don’t value them as much as traditionally built homes, even if they are both similar sizes and located in similar areas. Transportable homes are also difficult to finance and owing to the relative newness of this property type, banks and lending companies are still slightly standoffish, when it comes to providing financial support for their purchase.
What has happened here in Melbourne with regards to transportable homes, has already begun to spread to other cities where the same inflation in real estate has also taken place. Lower costs, easier builds and modern designs of these homes has already started to lead the way and this looks set to continue in the coming years.
