Building a custom home feels like a fantasy for many people, but can be more realistic than you may think. With a reputable, experienced home builder, a custom home can be affordable and practical–as well as fun and exciting–and it may be the right solution for you and your family. For those looking to purchase a home, 2018 could be the perfect time to build a custom home.
1. Low Mortgage Rates
Mortgage rates are still low but they most likely won’t stay that way. The current average 30-year fixed mortgage rate is 3.70%. If you are ready for new home, don’t wait until interest rates go up. Locking in a low interest rate soon makes a new home more affordable.
2. Increasing Home Values
The median home value in Colorado is $337,900. Colorado home values have gone up 8.8% in 2017 and Zillow predicts they will rise an additional 3.7% in 2018. The median list price per square foot in Colorado is $215. The median price of homes currently listed in Colorado is $399,500. This makes home ownership a wise investment, and with a custom home you can control your budget to a greater extent, getting a home that perfectly suits your taste and lifestyle.
3. Reasonable Construction Costs
Construction costs alone can account for as much as 61% of your budget, according to the National Association of Home Builders (NAHB), so taking advantage of reasonable construction costs makes smart economic sense. Building a custom home that truly fits your needs and lifestyle can be more affordable than purchasing an existing home that may have space and features you don’t want or won’t use. Space costs money (on average $120 per square foot), so even a small amount of unused space translates to thousands of wasted dollars.
4. Accessible Credit Options
Lenders are loosening their standards and extending more credit than last year, making it an excellent time to borrow and invest in a home that meets your needs.
A home is a huge investment–so much more than simply walls and a roof. Your home is where you find expression of self and identity. It’s the peaceful place in which you find refuge from a hectic world, and where you gather with family and friends to connect and celebrate. A custom home affords the truest expression of self and family. Now is the time! Make your dream a reality.