Reasons To Build A New Home

Not sure whether building a new home is right for you? Let’s consider the benefits to building a new home. 

Here are some of the top reasons that building might be a good choice for you.

Want Something New

The idea of living in a home that wasn’t previously owned before sparks interest. Since all inspections are up to code when you move in, any surprises or unexpected repair jobs won’t be a concern. Your home will be equipped with all modern conveniences and will be truly ready to move in. 

Go Green

Incorporate smart home technology with new modern appliances and luminescent lighting. Adhering to all up-to-date codes, you can live environmentally-friendly which saves you money. With modern eco-friendly and energy-efficient features, take pride in going green. 

Specific To You

If you are someone who cares about keeping up with the latest design styles, building a new home is the best way to achieve this. It gives you the ability to customize it exactly to your needs and wants. You can design a floor plan that is specific to you and your lifestyle, customize aesthetic features tailored to your liking, and install any kind of walk-in closet, boudoir, or master bathroom your heart desires.

Live Where You Want 

You have the perfect home in mind, now you need the perfect location. Find an available plot of land, then build your dream house in your dream location. Imagine choosing between the kind of neighbors you’ll be inheriting or no neighbors at all. Give yourself more privacy by installing a fence around the property or remain completely isolated by utilizing a tree-lined environment. 

Choose Your Builder

Building a new home enables you to pick your own builder. If you do your research and pick a high-quality, professional builder, you can be rest assured that you’ll end up with a sturdy, well-built home. You’ll be entering an exclusive relationship dedicated to making your needs a priority. This requires building communication skills and being fully transparent with what you want. 

Don’t Rush Your Decision

Bidding wars can make you feel rushed when buying a home. If you want to take your time making a decision rather than rushing into a very expensive purchase, building property is the right choice for you. It’s a very slow paced process, and you’ll have full autonomy and final say. Not to mention this takes away competition. 

Conclusion

There are many perks to building a new home. A home is an expensive investment and building is the best way to ensure you get exactly what you want. It’s important to be carefully detailed with what you and who you’re working with. When presented with tile or hardwood floor options, be sure to take your time. 

Want to learn more about home construction?

Home Design that’s Trendy and Timeless

A new home comes with endless possibilities – including the overall design. The best part about new construction is you have a blank slate to create the home of your dreams. While recent home design trends can be fun to incorporate, they don’t always last long.

No matter your preferred style, you can customize your home, so it is both trendy and timeless. Keep reading to learn how!

Start with Function

When meeting with your builder, decide on an overall layout that meets your needs. An open floor plan often allows for flexible living spaces that can be modified to fit your changing lifestyle. In addition, a bedroom option on the main level creates the opportunity for one-level living, should you or a loved one need it. Review the pros and cons of floor plans with your builder to determine what works best for you. By starting with a practical floor plan, you’ll be able to enjoy the space for years to come. 

Go Classic with Big Items

Big construction items are generally harder to change out, and therefore more expensive. If you want a design you’ll love for years, select classic options for exterior finishes, flooring, countertops, and cabinets. Selecting quality materials for finishes ensures these items will last in terms of function and design. While they may be more expensive upfront, high-quality finishes are both luxurious and timeless.

Sprinkle in Trends

If there is a trend you love, incorporate it in a way that can easily be altered. Paint color can easily be changed, as well as furniture and decor. Light fixtures and hardware can have a drastic effect on the overall style of a room. These small ticket items can easily be upgraded should you get sick of them in a few years. 

We’d love to know – do you prefer a classic look or love to switch it up with the latest trends?

7 Ways to Improve Indoor Air Quality

We often think of air pollution as something that could affect us outside. However, as Americans spend about 90% of their time indoors, keeping indoor air as clean as possible is essential. 

You can make simple changes to reduce the number and exposure of air pollutants in your home. Here are seven things you can do right away to improve the air quality in your home:

Get Rid of Mold

In bathrooms and kitchens, mold and mildew can easily grow where moisture levels are higher than the rest of your house. Plus, the hot summer months can bring about incredibly humid conditions. Exposure to mold can lead to respiratory issues like allergies and asthma. Invest in a dehumidifier in an HVAC system to reduce humidity levels and create comfortable living conditions in your home. 

Purchase an Air Purifier

Using air purifiers is another effective way to limit air pollutants. There’s a variety of indoor air quality products on the market to combat common indoor pollutants. Place purifiers in the house’s most commonly used areas, including the kitchen, bedroom, and living room. 

Invest in Indoor Plants

Houseplants can detoxify indoor air naturally. Spider plants, Chinese evergreens, snake plants, and aloe vera are all plants that NASA recommends for the best air purification.

Increase Ventilation

Proper airflow and ventilation are crucial for good indoor air quality. Over time, dust and mold can accumulate in your ducts. Opening your windows and cleaning your ducts allows harmful air pollutants and allergens to circulate outside, thereby limiting your exposure to it. 

Clean and Vacuum 

Rugs and carpets can easily trap dust particles in their many fibers. Use a vacuum cleaner with a HEPA filter, strong suction, and rotating brushes to suck up all the dust and dirt. Try to vacuum once or twice a week, and don’t forget about furniture, shades, and sheets. 

Keep it Outside

People can track all sorts of chemicals from the dirt on their shoes. Put a large floor mat at every entrance. By simply wiping your shoes off, you can reduce the amount of dirt and pollutants fin your home. 

With summer nearing an end, many of us will be spending more time indoors. Determine what you need in place to keep your indoor air quality high all winter long. 

 

Builder Confidence Increased in July 2020

News about low inventory and historic low mortgage rates has been garnering a lot of attention in the housing market. While real estate agents have been noticing a recovery in the market for the past couple of months, the latest NAHB/Wells Fargo Housing Market Index (HMI) is also showing an increase in builder confidence. 

 

July 2020 Builder Confidence

 

In July, builder confidence in the market for new single-family homes jumped to 72 points, up from 58 points in June. This is a significant increase from April, when builder confidence plummeted to a low of 30 points, the lowest level since 2012.

 

The HMI is a monthly survey that has been conducted for 30 years. It gathers information about builder perceptions and buyer traffic for single-family homes. Anything above 50 points indicates a positive outlook for the market, and below 50 indicates a negative outlook. 

 

The Appeal of New Construction

 

Buyers are actively searching for homes. With low inventory and the desire for a floorplan to meet needs created by the pandemic (like home offices and outdoor living spaces), builders are seeing more interest from prospective buyers. 

 

“Builders are seeing strong traffic and lots of interest in new construction as existing home inventory remains lean,” said NAHB Chairman Chuck Fowke.  “Moreover, builders in the Northeast and the Midwest are benefiting from demand that was sidelined during lockdowns in the spring. Low interest rates are also fueling demand, and we expect housing to lead an overall economic recovery.”

 

Low mortgage rates aren’t just for existing homes, they extend to new construction. If you are a prospective buyer who isn’t haven’t luck with current inventory, consider building new or looking at new developments.

New Construction Loans

Buying a home may require a mortgage, but building your dream home requires a different type of mortgage – a construction loan. New construction loans can help pay for home building or renovations and work differently from traditional loans. We’ll delve into what you need to know about a construction loan and how it works. 

 

What is a new construction loan?

A construction loan is a short-term loan that covers the costs of work and materials for new-build homes. Some of the items you can finance with a construction loan include permits, contractor labor, roof framing costs, and many other expenses that come with building a house. 

 

Types of New Construction Loans

Construction lenders provide different types of loans for a variety of homebuilding scenarios. Here are some financing options when building a new house:

 

Construction-to-Permanent

Also known as “single-close” construction loans, this type of loan converts to a permanent mortgage after construction is completed. The benefit with construction-to-permanent is that there is only one set of closing costs to pay, reducing your overall fees.

 

Construction-only

Construction-only loans are also referred to as “two-close” construction loans that require closing on two different loans. The first loan is taken out for the construction. Once work is completed, the loan is paid off with a new loan, called an end loan. The end loan is based on terms locked-in as the home nears completion. 

 

Renovation Construction Loan 

If you want to upgrade your existing home instead of building one, you can look for a renovation loan. This type of loan comes in various forms depending on the amount of money you’re planning on spending. 

 

How Construction Loans Work

As mentioned previously, new home construction loans work much differently from the typical mortgage loans. The lender pays the loan to the contractor, not the borrower, in installments. Once the project has been completed, construction loans can be either converted to permanent mortgage or paid in full. 

 

How to get a Home Construction Loan

Before applying for a loan, the borrower should meet with the designated contractor to understand the total cost to build so a  loan amount can be established. The lender will then review a borrowers’ employment history, savings, income stability, and ability to pay back the loan. A property appraisal will also be obtained to support the value of the project. To qualify you will need an excellent credit score, stable income, low debt-to-income ratio, and a down payment of 20 percent. 

 

How to Find a Lender

It is important to find a lender who specializes in construction lending and isn’t new to the process. Research several lenders to obtain detailed information about their background and specific programs. We recommend that you compare construction loan rates, terms, and down payment requirements to make sure you’re getting the best deal possible. 

 

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