It may seem obvious, but the opportunity to build your own home has never been more profitable. And if you are looking to use a custom home plan, then it makes even more sense to jump on the chance to build that dream house you’ve always wanted. Consider the following when deciding on whether to build or wait:
* You’ve probably heard it a million times, but interest rates are the lowest they’ve ever been. And not just compared to 20 years ago--even within the last 12 months, 15-year mortgage rates have dropped below what was thought to be the bottom of the rate plunge.
* Materials costs fluctuate dramatically. For example: lumber costs are on the rise since they bottomed out in 2009, but are lower now than they’ve been all year. Even if you can’t take advantage of the immediate savings, the actual cost of building a house is on the incline, so the sooner, the better.
* New home prices are an average of 14% lower than they were just 4 years ago. That translates into more house for your money! You can pocket the savings, or use them to upgrade your home (extra bedroom, vaulted ceilings, jacuzzi, etc.).
* Consequently, prices for real property (where you’ll build your house!) are also down. If you are looking to build on a new lot, you can take advantage of the buyers’ market and snag a deal on 3 of the most important factors of your new home: location, location, location!
* Finally, with home construction down, contractors are looking for work. Again, the buyer has the power for negotiating discounts and upgrades. You can get a bargain on the builder fees or labor costs, or perhaps the contractor will throw in a little something extra when you choose them over the competition.
In each case, the homeowner comes out on top. It make clear financial sense, not to mention the opportunities that may not even exist in the near future. So what are you waiting for? Take this once-in-a-lifetime chance, and build now......or regret it later!