With a limited supply of entry-level housing for sale, first time home buyers are starting to turn to new builds. Because of this, the home construction industry is booming. While the construction process may take longer, building gives clients the added benefit of avoiding a bidding war, customizing their home, and experiencing turn-key construction.
Avoiding the Bidding War
Currently, there are more prospective buyers than people willing to sell. First time home buyers have a hard time competing with those who already have experience in the housing market. Credit score and knowledge of what to bid makes a huge impact on their overall success. To avoid being outbid for the 20th time, or making a rookie mistake, first timers are choosing to go with what seems simpler: building rather than buying.
Customization of Their Home
Currently, a lot of the first-time home buyers are going into the process with the hope that this will be their only home. Because of this, the importance to have a home directly in line with their tastes is even more important. Home remodels can be expensive and daunting for anyone who hasn’t done it previously. On the other hand, new construction lets the buyer customize their home exactly how they want it. New home construction can be a modern, cost-effective, energy-efficient alternative to traditional building styles. The benefit of full design freedom and flexibility often outweighs whatever potential problems an older construction may bring.
When a home is custom built, once it is ready you can move right in. There is no remodeling or repairs required. In addition to this convenience, a turn-key home helps an individual control their costs. A new home has a set price that the owner can budget and apply for a mortgage accordingly. Whereas a fixer-upper can be unpredictable with how much it will take to get the home in the state they would want it. Most construction agencies also offer warranties on their construction, giving owners piece of mind knowing that even if something goes wrong with a new build, it is covered.
The decision to buy or build is much more complicated than the overall aesthetic of a home. Both options require a lot of communication, decisions, and involvement. Regardless, more and more first time home buyers are building because it makes the process much easier and more rewarding.
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