The housing market in Charlotte, NC is booming despite recent events, particularly when it comes to building a home. With low-interest rates, lower building material costs, and a need for a more stable home environment, there has never been a better time to build the home of your dreams.
The Value in Building over Buying
There are many pros to buying a new construction home, and while building generally doesn’t offer the same amount of convenience as buying a home, it is a great way to get exactly what you want. You can decide where you want to build and how the outside of your home will look. You also have the ability to design the inside of your home and what fixtures go in it. This can bring you immense satisfaction that buying a home would not give. Other advantages of a custom-built home include:
- Custom Layout & Finishes
- More Energy Efficient Technology
- No Pre-Existing Problems or Repairs
- Better Return on Investment
- Home Warranty
- 100% Satisfaction
These reasons alone are enough for some people to build their own homes without hesitation, but some people put off building a home because it may not be the most opportune moment for them to invest in such a project. However, since the global pandemic hit, it has created great opportunities for people to get the most bang from their buck when building a home.
3 Reasons to Build Your Home Now
To help alleviate some of the economic devastation the coronavirus has ensued over the past few months, the Federal Reserve has been taking steps to keep money flowing through the mortgage financing system. This included two rate cuts in a matter of weeks. The rate reductions were designed to stimulate the economy once the worst of the pandemic passes. Now that restrictions are easing up, it may be an opportune time to take advantage of the lower rates when financing your custom home. Lower interest rates mean more money in your pocket over the long run making your build a better value than if you had built over the last few years. Plus you can then use your extra money to further customize and upgrade your home to your liking.
Cost of Building Materials is Lower
Historically, building materials have been on an incline due to the housing boom in the area over the past decade. However, due to COVID-19, prices for building materials have dropped with the recent economic downturn. With building materials usually taking up about 30-50% of a building budget, lower material pricing for wood, piping, and more can make quite a difference in the upfront amount you spend on building your home. So while you are still getting luxury finishes, you can enjoy this new value and put more into your custom home if you desired.
Better than Apartment Rental
Owning a home certainly provides more security than an apartment rental and comes with the obvious perk of better money utilization as it goes into an investment instead of a landlord. It also gives you more control over the way you live. Since quarantine began, apartment complexes have had to shut down amenities such as pools, gyms, and other shared spaces over public health concerns. With a custom-built home, you can select the perfect lot and build your own amenities and not have to worry about any rules or regulations. You also would not be exposed to as many people, which is certainly a pro in today’s climate.
Build a Home with Simonini
As custom home building professionals in the Charlotte area, we have built a reputation for building distinct homes and neighborhoods. Our focus is on building a home for your life that will last you for years to come. If you read through these timely benefits of building a home and have decided now is the time to build, give us a call.