Fall. It’s a wonderful season for magnificent foliage, crisp weather, and holidays with dashes of pumpkin spice. You can add homebuilding to that list. Here’s why.
Homebuilding Costs Can be Lower
While the Dallas-Fort Worth area may not see any snowbound falls or winters, homebuilders in the region can take advantage of the fact that cold weather hits hard in other parts of the U.S. That means an overall slowing of home construction. With homebuilding materials and labor in less demand, costs are often lower in fall and winter.
Summer in a New Spot
How long will it take to build your new dream home? There’s no way of predicting that with 100% certainty, but data from the U.S. Census Bureau gives us a pretty good idea of how long it takes to build a house. Which is about 6.8 months for new residential buildings and just under six months for build-for-sale homes. So if you break ground in the fall, there’s a good chance your new home will be move-in ready in the summer.
Why build instead of buying an existing home?
Let’s look at a few of the advantages of building.
- A home specifically for you. Customization is often the main reason people build their own homes. From floor plans to design, landscaping, and so much more, this is the dream home of your creation.
- Less maintenance. A leaky roof? Plumbing problems? Electrical issues? All not nearly as likely with a newly built home compared to an existing one.
- Energy efficiency. New windows are apt to be more efficient than older ones. The same goes for brand-new HVAC systems. And if you’re interested in renewable energy such as solar, new construction is the way to go.
- Resale value. With less wear and tear on the home, you may get a higher price should you decide to sell in the future.
How do construction loans work?
With many traditional construction loans, the borrower has to pay two sets of closing costs, one for the construction and one for permanent financing. Not so with the First United Bank Mortgage One Time Close Construction loan, which has one set of closing costs and allows borrowers to lock in the long-term interest rate at the start of construction, available for loans as low as $200,000 and for up to $1 million.
Are you ready to build the home of your dreams? If so, contact one of the expert loan originators at the Decker Group at First United Bank Mortgage or call us at (972) 591-3097.