Here at Tuskes Homes we always want to share our expertise and years of experience building homes with our customers and homeowners. And if you have been keeping an eye on the news lately you must have noticed the positive reports surrounding the housing industry comeback. Slow but steady there is life again in the market and there are definitely advantages of buying and building a new home.
Buying and building a home is a good long term investment for many reasons all of which has become very apparent by the reports in the news in recent weeks. The 30-year fixed mortgages have dipped below 3.5%.
Where this time last year rates were anywhere at 4.75 or higher. Housing prices have risen sharply from April to May with some markets seeing increases of 3%. Nationally, this increase was the first in seven months. Foreclosures are slowing and inventories are starting to shrink. Other good indicators include housing starts that rose 6.9% in June coupled with stocks of homebuilders that are on the rise again. For those who can obtain financing at the historic record low rates it is a one sided deal at the advantage of the borrowers. It is truly the one time in history where you can basically borrow money for free.
Real-estate website Trulia just came out with a report this past week that found that it is cheaper to buy than rent in each of the nation’s 100 largest metro areas. Zillow did a similar study showing the same findings using a breakeven horizon which is the point at which owning becomes more financially advantageous then renting the same home. This means that if you buy a home today you can save the difference it would cost you to rent even if you stayed in your new home for just 3-5 years. In some areas it was only a year! Buying can offer immediate monthly savings in this climate compared to renting especially coupled with a mortgage interest deduction. The pros outweigh the cons and there is mounting evidence to back it.
All of this positive news means that many families and individuals will realize the dream of building a home is attainable which comes with many perks of its own. Homebuilders understand the hesitations of many to move forward with a large purchase such as building a new home. They often and always have special incentives and step in to help make the option to build a reality for many. Another thought to consider is that building a new home will save you money now and in the future.
Building a newly constructed home ensures the house is up to date on all the codes and it is more energy efficient which can save upwards of 20-30% on utility bills compared to older homes. Mortgage costs may be fixed but the cost to provide energy for your home will rise over time. You will be sure to save $1000’s over time on a more energy efficient new home. For those who have been looking and looking for a home and not finding a home that meets their needs, building a home is a unique situation where you get to choose and customize a home to meet all of your needs rather living in someone else’s home. You can choose a floor plan that works for you and your family and will ensure that your home is yours right from the day you move in. The options to customize your home are endless and attainable.
For those who are looking for their first home, last home or for any other reason building is an option that is more affordable now than ever before. Take advantage of this unique time in history and build a new home today!
If you would like more information on the many advantages of homeownership please check out Opportunity Knocks
presented by the National Association of Home Builders.