Buying a new home is a wonderful adventure that comes with both ups and downs. It’s perfectly normal to have a million questions along the way, from the timeline to the costs to options and ROI. One pressing question you might ask is if it’s still a good idea to buy a new home in 2023.
Regal Homes believes that building your dream home is always a great decision if you’re ready to take that journey. And when you are ready, we’re happy to make every part of that journey stress-free and enjoyable!
An Investment in the Future
In light of current market conditions, it’s understandable to wonder about the uncertainties of new home construction costs. Based on what we’re seeing, our team of experts here at Regal Homes thinks that 2023 will be a good time to build your forever home, despite rising costs and interest rates.
At Regal Homes, we’ve always believed that building a custom home is an investment in your family’s lifestyle and should be looked at as a long-term financial and lifestyle decision.
Unlike many builders, we don’t start every day with the goal of building the cheapest house possible. Instead, we want to build the best homes our clients can afford. We evaluate both cost and value in the construction of our homes. From their distinctive architecture to their unparalleled craftsmanship to their attention to detail.
Although there may be short-term fluctuations in a home’s value, your home’s value is most likely going to increase when looked at as a long-term investment of five or more years. So if you are interested in building your “forever” home, a Regal home is a great investment, financially and emotionally.
Will New Construction Costs Impact My Build?
Over the past two years or so, the homebuilding industry has experienced a variety of material shortages and cost increases that have played havoc with pricing. Consider taking advantage of the current prices as they could go up in the future. However, the GOOD news is construction cost increases have begun to slow, according to the National Association of Homebuilders (NAHB). Even BETTER news is that lumber has fallen from its large spike earlier this year. Our outlook: if you are ready and able to build, then now is the best time to do it.
If you plan on living in your home for longer than five years, chances are you will benefit from price appreciation and the enjoyment of your family living in your new home during that time. Your family deserves a comfortable home that fits their needs and each year of waiting is another year that could have been spent building value in your home and sharing precious moments.
In addition, though current interest rates are higher than they have been, there’s always the option to refinance in the near future – possibly as soon as six months to a year after you close on your home. If interest rates continue to rise, you will be glad you built now! If interest rates decrease, as long as your credit stays in good standing, banks will be willing to work with you to refinance your loan. (Remember, banks almost always allow for refinancing – they make money off the closing costs of the new loan.) Overall, your new home will be a wise investment now and in the future.
Contact Regal Homes: Ready to Treat You Like Royalty!
During the uncertainty of the real estate market, it’s important to have a team of experts that are guides on your new construction home journey. As a trusted builder since 1994, Regal Homes would be honored to be your guide! Whether you’re looking to build your dream home from the ground up or need a quick move-in home ready to go, we’ll work with you every step to ensure your satisfaction with your new home. Connect with us online or by phone with any questions about our homes in Utah.