A prefab or a prefabricated building is manufactured in parts at the factory. It is then assembled at the site. The prefabricated frame is easier to manufacture, transport, and build. It is one of the most cost-efficient methods in the building and construction industry. To build an average commercial steel building, it costs around $20 or more for every square foot. Moreover, steel building lasts longer than most other structures.
Read on to know more about the benefits of prefabricated steel buildings.
Durability and reliability
Steel, being one of the strongest metals, can withstand any weather condition. Steel buildings can stand against extreme environmental conditions right from earthquakes to high winds. These structures can also withstand attacks from termites and other pests. Steel buildings are durable enough to not have any rotting or cracking. They can even withstand fire. Moreover, nearly all steel buildings are protected against rust with specialized steel coatings on the surface of the metal. Thus, there is no risk of the structure getting damaged because of any corrosive action.
Strong and easily customized
Whether it is warehouses, event centers, retail spaces, or homes, steel buildings can be easily customized at a manufacturing plant. The structure is manufactured in parts, and the parts are assembled on the site. The design of the structures can be built to match and blend with the surrounding. With advances in steel technology, it has become easier to be innovative in terms of designing and creating new structures when it comes to steel buildings. Metal roof panels, wall panels, and steel frames can now be made to look like other materials like wood stone, as well as brickwork, making steel a very versatile material. Moreover, steel is quite strong without the bulkiness that may be a problem with stone structures.
Eco-friendly and sustainable
Steel is a recyclable material. In the construction industry, most of the steel is recycled and re-used. As they are assembled on the site, steel buildings can also be dismantled. Instead of filling up landfills, the parts can be melted, welded, and used again for other purposes. Moreover, steel does not emit any toxic gases during construction and even in the case of a fire. The use of steel makes the construction process sustainable and the steel building eco-friendly. Additionally, there are lower cooling and heating costs involved in steel structures. This is because it is easier to insulate steel buildings and put tighter-fitting around windows and doors making temperature control more convenient. Additionally, steel buildings can be incorporated with cool roof designs that help in reducing the amount of heat emitted by the structure to the surrounding environment.
Low construction cost
The manufacturing and construction process involved in a steel building often involves automated engineering. This minimizes the labor costs by nearly 60 percent. It also lowers raw material wastage and saves construction time. Moreover, steel buildings can be supported with foundations that cost far less than those used for buildings made of other materials. This brings down the overall cost of the project to a great extent.
A reverse mortgage is a type of loan that allows homeowners to receive payments on their house as opposed to them making payments to the lender. At first glance, this option seems too good to be true. But, before committing to it, there are some nitty-gritty details that people must consider when opting for this type of financing. So, here is some information regarding the pros and cons to consider when getting a reverse mortgage.
Advantages
Disadvantages
A reverse mortgage is a loan that allows individuals older than 62 to improve their financial well-being. They can convert part of their home equity into lump sum cash, fixed monthly payments, or line of credit, according to their preference. The money can be used to pay for medical bills, in emergencies, or to pay off a mortgage. Here’s what you should know about reverse mortgages in case you’re looking for one.
How much can you borrow?
For reverse mortgages, the loan amount can’t exceed the value of the property against which it is borrowed. Federal regulations require lenders to ensure that the loan amount doesn’t exceed the value of the house by structuring the transactions accordingly. Additionally, these regulations state that the owner/borrower is not liable to pay off the balance amount in case it exceeds the property value.
How are reverse mortgages paid for?
A reverse mortgage is payable when the borrower sells the house, relocates permanently, or dies. Unlike forward mortgages, reverse mortgages don’t need the borrower to make any monthly payments. They are only liable to pay interest on the money received, which is rolled back into the loan balance. While the owner gets to keep the title to the home, their home equity reduces over the loan tenure.
Who can take a reverse mortgage?
This type of loan is ideal for seniors and retirees whose net worth comes mostly from the value of their home. Seniors who don’t qualify for a home equity loan or can’t refinance due to limited cash flow or poor credit can opt for reverse mortgages. Home Equity Conversion Mortgage (HECM) for purchase is a reverse mortgage that allows seniors to buy another property. That said, it is complex, and you should study the risk factors before getting one.
What are the risks associated with reverse mortgages?
Reverse mortgage scams are not unheard of. Unreputable vendors could offer to help seniors secure reverse mortgages by undertaking house repairs. They don’t provide quality results and get away with the homeowner’s money instead. For spouses living together in a home with only one spouse named as a borrower on a reverse mortgage, the other spouse can lose the home if the borrowing spouse dies first. Besides, reverse mortgage lenders charge fees and closing costs and may also charge mortgage insurance premiums for federally-insured HECMs.