Are you tired of searching for the perfect home? It’s possible that it doesn’t exist. Depending on the state of the market, the house you want may only exist in your mind. If this is the case, don’t fear there is a solution – build baby, build. A rising number of home seekers have decided to skip the hassle of searching for a home, and are partnering with professional builders to create a custom design/build. Some people think that designing and building a home is expensive, but the truth is this could be an affordable option with many advantages.
Customizable Floor Plans
Don’t waste your time or money trying to make a pre-existing home the perfect home for you, build one instead. Companies have portfolios of homes that home seekers can sort through that are highly customizable from kitchen countertops to flooring.
One of the major ways individuals save money through building is by contributing to labor. If you are particularly handy, you can save a massive amount of money on doing work yourself. People also save on taking out the middleman. Usually when you build your own home, you pay the suppliers directly and cut out the mark ups. Taking control of the building process and strictly monitoring the costs of materials and construction, can save you money as builders can inflate the costs of homes to cover potential cost overages.
Owning a home has proven over and over to be one of the best long term investments a person can have. Homeownership can represent an investment in revitalizing or building a neighborhood. Also homeowners have an easier time obtaining lines of credit, as many creditors see homeownership as a sign of responsibility and a guarantee that they will make payments.
Most homes that are built now have an average of 700 more square feet. This means homes that are built have bigger rooms, kitchens, and bathrooms. In addition, upgraded features, low maintenance fees, and increased energy efficiency means design/builds give you more house for less.
Spend Less in Materials
The Master Builders Association (MBA) reports a steady drop on lumber costs. In fact, material costs are lowest they’ve been in five years. This could translate into as much as 15 percent savings in material costs in a 2,500 square foot home.
Great Interest Rates
The housing market is experiencing record low interest rates. According to the MBA, between 1971 and 2001 there were only 13 months when interest rates were lower than they are now. This means that once you’ve saved money on materials, labor, energy, and more, you can tack on a historically low interest rate once the home is completed.
If you are considering purchasing a home in the near future, building a home may be a more sound investment. With low interest rates, more home for less money, highly customizable plans, and great long term investment potential, building your own home will not only get you the home of your dreams, but save a lot of cash along the way.