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You Design it, We Finance it!
Published: May 2018
Author: Bank of England Mortgage Staff
According to the National Association of Realtors (NAR), the average time an existing home is on the market has hit a new low of 29 days! With homes flying off the market so quickly, competition to find an existing home can be tough. Here are some benefits to building a new home vs. buying one.
Think about this, when building a home you get to customize almost every detail. You'll get to personalize the details of your house when you're building from the ground up. You'll also get to choose the initial layout, the cabinets, flooring, sinks, lighting, paint colors – the choices are endless! Even tract homes that are built within neighborhoods allow for some customization in color choices, flooring options and certain finishes. Limited choices reduce labor costs—and your bottom line. Tract homes are a style of development in which multiple identical or nearly-identical homes are built to create a community.
New homes that are built to meet current building codes, are often more energy efficient and can incorporate up-to-date technology. For the first few years, you're less likely to deal with big-ticket maintenance issues like leaky roofs or failing heating and cooling systems in a newly built home. Often times, many home builders offer a limited warranty if something should break.
Another benefit of building a new home is protection. When building a house, you are protected by the Warranty Protection Program which offers deposit protection, builder performance protection, structural integrity and first year warranty protection to home buyers as well as mediation, conciliation and arbitration procedures.
What if you can build your way to affordable housing? What if, in fact, building is the only path to affordable housing? What if cities around the world have been building their way to affordability for decades? You can. It is. And they have.
On March 1st we rolled out our new Construction Loan Program! With the current market conditions and low housing inventory - we have a huge advantage by being able to offer this program to the community and our consumers. When working with us, clients will have a loan professional who understands new construction and the challenges that developers and their clients go through. We're committed to making the home builder's role less stressful and more rewarding.
If you've been thinking about building your dream home – contact your local Bank of England Mortgage office today! We look forward to working with you.