There are some who would argue that the opportunity to build a new home has come and gone. After all, the economy is improving and housing prices are rising. This may not be entirely true.
If you look at the facts, 30-year fixed rate mortgages are as low as 3.5 percent (this time last year, rates were at 4.75 percent or higher). Additionally, home building material prices such as lumber and drywall, have also decreased within the past year, making overhead less costly. Couple those savings with the low mortgage rates and many families are realizing their dream of building a home is not only attainable, but pretty darned attractive.
It just so happens that land prices are also at all-time lows, and many builders have lowered their profit margins in order to remain competitive. Many offer more builder incentives, including upgraded options as standard features, and are offering more energy efficient products as standard.
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There are many advantages to building a new home vs. buying one already built. The obvious advantages that come to mind are customizability, location choice, and cost savings. However, many home buyers are timid about the building process and often ask, “Why should I build when there are so many great deals on existing homes?”