2020 was a rough time for everyone involved, but you can significantly improve the quality of your life by building your custom home in 2021. After all, you’ll need your very own sanctuary, whether you’re social distancing, working from home, or just relaxing and de-stressing. If this sounds great, here are more details on why 2021 is the best time to build on your lot.
Property Is Typically a Safe Investment
Investing in property is usually considered a good financial investment since it tends to appreciate over time. Even during the pandemic season, the real estate market has remained quite sturdy, and people are buying and selling homes more than ever.
So if you’re planning to build on your lot, you can always be sure you’re making a wise decision, whether you plan to sell in the future or not.
Circumvent Limited Housing Stock
The pandemic season has given rise to limited housing stock as fewer and fewer people are willing to sell their homes. Therefore, the demand for homes has increased, and so has the price.
Most homeowners are clinging onto their property in these unstable times, preferring to stay put instead of inviting strangers into their homes for viewings and having to move. So if you want somewhere new where you can sink your roots, building a home is the best option. The good news is there are enough home builders on the market to meet the increased demand for new homes.
Low Interest Rates When Financing
In most instances, building a home requires a sizable lump sum of cash, meaning you may need to finance the project so it’s more affordable.
Fortunately, 2021 is not only the best time for building a new home. It’s also a great time to finance the projects because of the all-time low interest rates. You can hit up your local bank to see what cheap rates they have in store for you if you’re interested in taking out a mortgage loan. The sooner you take advantage, the better because you never know when interest rates will start climbing again.
As you can see, building a custom home in 2021 offers many benefits. A real-life example of his can be found in Houston. The value of homes in Houston has increased by 7.2% in the past year, and the Houston real estate market forecasts a 3.4% increase over the next year. So, if you want to build on your lot, 2021 has never been a better time.