Finding the right home to buy can have its challenges and at times may be time-consuming; Zillow estimates that it takes the average buyer 4.5 months to find a home. So why not streamline the process and build your custom-designed dream home? Let’s look at some of the benefits.
The Location You Desire
Rather than living where the home you want happens to be, you decide where you put down roots. And finding land is easier than you might think. A simple online search of “land for sale” in the areas you like should yield lots of results. Real estate websites often have plots for sale, and there are sites including LandWatch, LandHub, and LandCentral that specialize in land sales.
A Budget That You Control
Taxes and utilities such as water, sewer, and electricity vary by location, and an existing home could be located in one of the costlier spots. With building, you can choose a place where long-term costs are lower. You can also choose how much you plan to spend on the home based on a construction budget you can afford. For families with children, a home in a good public school district could significantly lower education costs.
Spend Less for More
But isn’t building more expensive than buying? Not always, and costs can be compared. Recent data from the U.S. Census Bureau and the National Association of Home Builders shows that in May 2022, the median cost of new construction was $449,000 and the median cost to buy an existing home was $414,200. When you factor in repairs and upgrades, which could be virtually nonexistent with new construction, building a home could work out to be cheaper.
Customization is Key
Arguably the biggest selling point of building over buying an existing house is the ability to customize your home, literally from the ground up. You choose the layout, the design, and the details, down to the very fixtures. For many people who build homes, these include environmentally friendly features such as solar panels, insulated windows, and plumbing systems that conserve water. All of which lowers utility bills and save you money.
When you are ready to build, the Decker Group at First United is here with a One Time Close Construction loan, which minimizes expenses by avoiding two sets of closing costs that are common to construction. It also lets you lock in an attractive interest rate at the start of construction. To learn more about this unique financing option, connect with one of our loan experts online or call us at (972) 591-3097.