10 Reasons to Build Your Own Home
Posted Jan 10 18:28h
in Home Loans
Picturesque waterways, lush forest, open spaces, and a simpler way of life. The of appeal Central Virginia is readily apparent to its residents.
If you’re looking in the area for the home of your dreams, you might want to consider building it on your own. There are many potential benefits to new home construction:
1. Your Dream, Your Way
Many homebuilders allow you to participate in the process of designing your home. Working with a reputable contractor allows you to create just the house want. Looking for walk-in closets? Like to choose paint colors? Want a say on floor plans? It truly is up to you.
2. Be Your Own Builder
Maybe you already own a parcel of land. Realize significant savings by serving as your own contractor. If you have the time and flexibility, BSV can assist you in making this happen. You got this!
3. Attractive Interest Rates
While interest rates have risen a bit, they are still at historic lows. According to the Master Builders Association between 1971 and 2001, there were only 13 months where the interest rates actually dropped lower than seven percent. Rates are still very attractive.
4. New and Under Warranty
An existing home likely has older products that may need replacing. When you build a home, your products are new and under warranty. You’ll likely get many years of use out of your components before they need replacing.
5. Low Maintenance
Builders often agree to take care of any potential unexpected repairs to your newly built home for at least the first year. According to S. News and World Report
, “When you buy a resale home, even if you have a home inspection done, it still does not turn up hidden defects that you don’t find out about a lot of times for two years.
6. Advanced Technology and Design
Existing homeowners can always retrofit their property or buy higher-efficiency appliances, but doing so requires a potentially significant expense. With newly constructed homes, you gain huge efficiencies in scheduling by planning it all out in advance.
7. Energy and Cost Savings
Energy-efficient appliances can help reduce utility bills for new home buyers. Newly-constructed homes often include green systems and appliances like high-efficiency stoves, refrigerators, washing machines, water heaters, furnaces, or air conditioning units. Compared to homes built ten or more years ago, the difference is substantial. According to NewHomeSource.com, many news homes offer double or triple-pane windows, saving you, even more, energy and money in heating and cooling seasons
Here is a list of just a few of the most up-to-date safety features available when building a home:
- State-of-the-art circuit breakers
- Electric garage door openers with infrared beams that sense and stop when children are near
- High-efficiency furnaces and air conditioners using the latest environmentally-friendly coolants
- Cabinets, carpets and paints with fewer volatile organic compounds, allowing you and your family to breathe more easily
- All newly constructed homes are required by law to include hard-wired smoke detectors. These devices are more advanced than battery-operated smoke detectors, which can fail to perform if their battery runs out.
Most reputable builders will work with you to reduce costs. Substituting different materials and fixtures can save thousands of dollars, so if costs are a concern, ask ahead of time if there’s a cheaper alternative. Material discounts, smarter project costing, and being in control of your project from start to finish may allow you to spend more on your home’s customization. But be aware that anything out of the ordinary is going to cost more.
10. Support Your Local Economy
Carpenters, electricians, contractors, and many others. They also call Central Virginia home. With their expertise, your dream can be turned into a reality. And you’d be going a long way to help them not only survive but thrive.
The process starts with applying for a home construction loan. Without local roots, national banks are sometimes reluctant to make these type of loans. Your best bet may be going through a community bank, like The Bank of Southside Virginia