Can A First-Time Homebuyer Build A House?
First-time homebuyers worry about a lot of things - their credit scores, their down payments, their income, what they’ll be buying, where they’ll be living, and more!
And one of the major decisions they need to make first is - should they buy or BUILD? There are positives and negatives either way they decide, but here are the major advantages to building your first home, instead of buying an existing house:
- You can choose your location.
Of course, this is “within reason.” You’ll have options as to where the lot you want to build on will be located. It’s important to choose the right type of neighborhood/environment for you and your family.
- You can generally put less down as an initial investment.
- Your credit score may not be as important...
...if you work with the right building program.
- Everything is NEW.
...and generally speaking, under warranty. No moving into an older home and needing to replace the roof or have the furnace die on you. You should have years of enjoyment and comfort before even thinking about anything needing to be replaced.
- Energy-efficient building supplies and appliances will keep your utility bills much lower.
This also leads to a smaller carbon footprint, if you want your home to be eco-friendly.
- You have design control.
And, honestly, this is a biggie… You will have control over the design of your new home. You will get to make the decision as to the floorplan and the room layout that meets your needs. Floorplans can also show you how the home can be adapted over time, if you need to add-on down the road for a bigger family, a home office, more entertaining space, or any other needs that may come up.
Homestead is currently building in three of the top 10 states for first-time homebuyers, according to a recent study by Bankrate.com.