Deciding where to move can be difficult and stressful. And, once you've decided where, you have to determine what type of home to look for, what amenities you need, whether to buy an existing home or go with new construction, and so on.
With the super-competitive housing market, now might actually be the perfect time to build a custom home rather than buy an existing one. Read on for five reasons you may want to consider building a new home.
The US housing shortage is affecting many markets all over the country, which makes finding - and getting - the perfect house difficult, to say the least. With the high demand for housing compared to the supply, some buyers find available homes too far outside their budget, and when they submit an offer, they're competing with many other buyers.
Building a custom home, on the other hand, eliminates that. In places where there is more land, like the surrounding areas of Knoxville, TN, property is still available and affordable. For example, since 2021, Tennessee National has sold nearly 300 new and existing lots, with more acreage being developed for release throughout 2022. This means building your own dream home could be within reach.
When you've been searching for your dream home for a while without much luck, it can be tempting to give up and stay where you are. However, lender interest rates are still low but expected to rise, so you may not want to let this opportunity pass.
By deciding to build instead of buying an existing home, you're out of the competition and still able to take advantage of current rates, which can save you thousands in the long term.
In addition to taking advantage of low interest rates, there are a couple of other ways that building can be a good fit for your budget.
When you build a custom home on a lot you own, you don't have to pay realtor fees, potentially saving you tens of thousands of dollars. If you don't already own land, many communities employ experienced land sales agents who are terrific at helping you locate and purchase the perfect lot to build on. You'll pay the typical fees for those services, but not on the house you build on the lot.
Another way to save money going with new construction is because you'll likely have built-in equity when the project is complete. Custom homes often cost less to build than their appraised value, giving you instant equity in your home, which continues to appreciate year after year.
One of the major advantages of building a custom home is getting to decide every design detail - inside and out. While many neighborhoods and communities will have guidelines for your home's size, exterior, and landscaping, selecting those and every interior element can be exciting and rewarding!
For the interior, think of your home's interior as a blank canvas. You can choose everything from the floor plan to the features, fixtures, and finish quality, right down to the last light switch.
When you're considering where to build, ask your agent what kind of design services will be available or if you'll need to contract with an architect to draw a custom floor plan for your family.
At Tennessee National, for example, our custom homes team will meet with you at the design center to learn about your unique vision and needs. To get things started, a builder's liaison will review a few popular plan designs which can be customized for your family - or we can draw a new plan entirely if you have a specific vision in mind.
If you plan to build in an established community, they'll often offer design and construction services or provide you with a list of architects and custom home builders familiar with the community.
While you hunt for the perfect location for your next home, ask how construction services are handled. Some communities will offer a team of specialists with expertise in each phase of the building process, which can help your project go more smoothly because their team is well-versed in all the community guidelines and procedures.
Take the time to determine which construction company you believe will best meet your needs and expectations. Ask about things like point of contact, communication style, meetings, design support, change orders, and anything else to help you decide on the right partner for this significant purchase.
At the end of the day, building a custom home could be the perfect way to make your family's dream home a reality. If you're considering the Knoxville, Tennessee area, visit Tennessee National in Loudon. Our team has helped over 1,000 clients realize their dream home, and we'd love to do the same for you.
