Central-TexasThere 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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NewConstructionThere 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?”

There are many opportunities to buy a pre-existing home that may appear to be a good deal. Many buyers settle for a pre-existing home because of the appearance of a great price. However, the majority of these deals are on distressed properties. Distressed properties include foreclosures, bank-owned homes and short sales.

With distressed purchases, there are unknown risks with regard to repair and upkeep. Often buyers who purchase these homes spend more money fixing up the home to make it their dream home than they would have spent if they had built a brand new home.

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