Is Now a Good Time to Build a Custom Home?
The housing market is bouncing back. A growing economy, competitive mortgage rates, pent-up demand and affordable home prices are expected to keep housing on the rise through 2015, and new home sales are expected to climb from 431,000 in 2013 to 557,000 this year, an increase of 29%.
Does this mean it’s a good time to consider hiring custom home builders to create the luxury home you’ve always wanted? Absolutely, and here’s why:
Advantages of Custom Home Building
Hiring custom home builders has a high up-front cost, but the savings over time can be worth it. Routine maintenance expenses cost 26% of all homeowners $100 or more a month, but only 11% of custom home owners spent the same amount.
Most homeowners spend 78 cents per square foot per year on electricity (on a median per square foot basis) but owners of new homes only spent 65 cents per square foot per year. Since new homes are built to modern building codes, they can be up to 17% more energy efficient than their older counterparts.
As for piped gas, homeowners spend 53 cents per square foot per year for the service on average, while new home owners spent 38 cents per square foot per year.
Home buyers who plan to build or buy a newly built home say that a major motivation for buying a new home is the control they have over custom home designs, from energy systems to floor plans to paint colors. Since the home is designed to their specifications from the ground up, most custom home owners spend less on remodeling.
What About Green Homes?
It’s often cheaper and more efficient to build a green home from the ground up than it is to incorporate a green system into your existing home. A staggering 92% of homeowners who built or purchased homes that adhered to the National Green Building Standard within the past three years said they would buy another green home. In the same survey, 55% of respondents knew that their green home cost more than a standard home, but believed the benefits outweighed the cost.
The time for building a new home is here. Contact custom home builders in your area to find out if building a custom home is right for you!
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