Why You Should Build Your Dream Home Now - Rent vs. Own

There’s no time like the present to make your homeownership dreams come true! Renting has become increasingly expensive, and it's only going to get worse. In fact, the average national rent rose by more than 11% in just the last year.

When you rent, you’re paying your landlord’s mortgage – not building equity in your own home. Buying a home (and even better, new construction) is a great investment. Many people think they can't afford to build their dream home, but that's simply not the case. 

Now is the time to build, and here are 4  reasons why:

Owning a home means you have a valuable asset that will likely appreciate over time. Home prices nationally rose 19.8% in just one year, from 2020 to 2021. So if you buy a new home today, it will be worth more by next year!

But there are many benefits to owning your own home that go beyond simply building equity. Owning your own home can provide you with a sense of stability and security that renting simply can't match.

Owning allows you to have more control over your living situation. You can paint, renovate, and make any changes you want without having to ask permission. You're also not at the mercy of a landlord who can raise your rent or sell the property at any time. Plus there’s the peace of mind in knowing exactly what your monthly mortgage payment will look like for the life of your loan.

If you haven't heard the news, the Federal Reserve recently raised interest rates for the second time in 5 months. We've been seeing historic low rates of around 2.65%, but the average 30-year, fixed-rate mortgage is now a staggering 6.11%. This adds a hefty amount to the total price of a home.

And rates are expected to continue to rise to combat the current inflation. That means if you're thinking of buying a home, it's best to do it sooner rather than later. By locking in your interest rate, you'll save many thousands of dollars over time.

The housing market is incredibly competitive right now, and many buyers are finding themselves in bidding wars or losing out on homes entirely.

With new construction, you get to pick the perfect lot, the perfect floor plan, and all of the finishes and features that you desire.

You also don't have to worry about things like hidden damage, outdated systems, or mold and mildew. When you build new, your home is covered by a comprehensive warranty, so you can rest easy knowing that everything is new and under warranty.

Taking out a loan is a big financial decision, and it's important to work with a lender that you trust. There are many different loans available for new construction, and our preferred lender, Vision Lending, can help you find the right one for your needs.

Because we've partnered with Vision Lending, they're able to offer our customers special financing programs and rates that aren't available to the general public. And the purchase process is absolutely seamless, so you can experience a stress-free build from start to finish. Explore these tips for financing your next home.

If you're thinking of building your dream home, now is the time to do it! With rising interest rates and a competitive housing market, there's no better time than now. 

The dream of owning your own home is within reach! Now is the time to build your new home in North Carolina with McKee Homes. We have a wide variety of floor plans and locations to choose from, and our team of experts will help you every step of the way. Contact us today to get started!