Despite rising interest rates and inflation, now is still a good time to build your forever custom home! As a tailored investment into your family’s unique lifestyle, a custom home is most likely to increase in value if lived in for five years or more.
Why buy a custom home now? We’ll tell you why!
No Bidding Wars + Perfect Lot
If considering buying a resale or new construction home in today’s environment, be prepared for bidding wars – building a custom home is an excellent way to avoid that headache. Bidding wars are less common on bare lots and this option gives you the opportunity to achieve perfection from start to finish in your custom home build process.
Low Mortgage Interest Rates
Over the last two years, interest rates reached record-breaking lows, but as of March 2022, the Federal Reserve approved a 0.25 percentage point rate hike, the first increase since December 2018. According to the latest update from MarketNsight, an Atlanta-based housing analysis firm, this increase is no reason to panic! When compared to a 200-year average, interest rates are still historically low. It is available inventory that is the issue – because there is none.
“After a decade of underbuilding, and especially underdeveloping, we find ourselves in an inventory crisis of epic proportions,” MarketNsight Principal John Hunt said. “For this reason, we believe any effect from rates rising even as high as 5% will be relatively muted.”
Moreover, should interest rates continue to increase during the construction period of a custom home, you can most likely obtain a construction-to-perm loan and lock in today’s low rate.
Widespread Supply Issues
So why are resale homes the problem and in such short supply? Many people are afraid to list their homes in case it sells before they have somewhere to move into. Supply issues are still widespread in the overall homebuilding process, from appliances to windows, and most closing dates end up with delays. While setbacks in building a custom home are still possible, most custom home builders remain transparent throughout the building process and communicate any interruptions.
An Exciting Family Affair
An exciting aspect of building a custom home is making all selections for how your family uniquely lives. Of course, leave the major options to you to make, but try to involve the kids in the selection of their bathroom tile or bedroom paint – you would be surprised how excited they get about being involved in the decision-making process!
You Know What You Want
After spending so much time at home the last couple of years, many of us know exactly what we want in their dream custom home. Does your current kitchen need more cabinet space? Is your laundry room in an inconvenient location? Do you need more room in your garage for storage? Would you like an outdoor living space for your family to enjoy year-round? Having these preferences fresh on the mind makes it easy to decide what you want in your new home.
Buying a typical new construction home may allow for some personalization options, but not nearly all the ones you will get in a custom build. This is where truly custom homes have an advantage!
When building a custom home, everything from the floor plan to the interior features can be selected and altered to fit both your present and future lifestyle. At Harcrest Homes, each homebuyer works with a decorator at our Design Center. Here, they will select from a variety of home features, finish materials and colors to create the home of their dreams.
Whether you have found the perfect location to build on your own lot or you want to explore existing Harcrest home lots, Harcrest Homes is prepared to build the custom home of your dreams. To learn more about the building process, call 678-828-7151 or click here.