With a housing market crunch, custom homes and new builds are all the rage. Why compete for a small number of existing homes on the market when you can make an empty lot into your own fresh slice of paradise? Whether you're a builder or a home buyer with plans to build, Fossil Blu is always proud to be a part of your local, affordable, and bespoke new home design.
A New Dawn for Affordable Custom-Made Homes
The cost of homes has risen profoundly in the last two years. The pandemic and the immediate aftermath led to both interruptions in the building supply chain and a frenzy in the housing market. The resulting cost increases have priced out many typical first-time buyers. As neighborhood prices skyrocket, building a home becomes more affordable than buying. Of course, other factors also play a role.
The now-rising interest rate and the ongoing high cost of building materials has also increased the cost of homeownership. So naturally, home buyers and builders alike are seeking new ways to make home building more affordable and create as many new homes as possible.
In this blog we will explore some of the modern ways that a builder can make home-owning more affordable. We would love to help you realize your dream of a new home - with a perfect new kitchen including a beautiful farmhouse sink.
1) Use Simplified Home Designs
One of the best things you can do for affordability today is to try simplified home designs. Bring together architects and logistics to determine the most affordable layouts, designs, and materials that can make a high-quality modern home.
Home design has advanced in many ways over the last few decades. It is possible to provide multi-bedroom family homes built in a minimal yet energy-efficient way. A simple design home can start the home building budget on a lower threshold to help home owners attain funding and afford the total expense.
2) Provide Basic Custom Options
Anyone who chooses to build a home instead of buying will want to customize it. It's one of those special privileges of building a home, even if there's not a lot of room in the budget. Having just a few customized options for can help you take ownership of the design without accidentally blowing your budget out of proportion.
Consider options like one central dormer window or two symmetrical dormer windows. You can shift the garage on the right or left, or choose between laundry in the utility room or the garage. You might delight in a round or diamond window above the front door, or feel truly at home with a homestyle farmhouse sink in your custom kitchen. Little decisions can matter and make the home feel personalized.
By choosing basic and affordable customization options, you can approach your dream home on a modern budget.
3) Connect with Lenders
Getting lending for a home - bought or built - is becoming increasingly difficult. As the interest rate goes up, approvals go down. An important way to improve affordability is to connect with financing that will typically approve a financially solid buyer.
Connect with a lender before you begin. Construction-Only Loans are harder to qualify for. There are many variables and are considered higher-risk loans. Be sure you look into the ins and outs of these types of loans.
4) Work with Neighborhood Developers
Empty lots and last-mile connections are other important considerations when it comes to new home affordability. Partnering with land developers and neighborhoods in development can help you access a fine selection of pre-plumbed lots that are partially pre-graded with water, power, sewer, and cable ready to connect. New neighborhoods are also less likely to come with a legacy mark-up from decades of appreciating home
5) Source Affordable Building Resources
Essential and raw building materials are still high in price, and there is not much to be done about it. However, work with your builder to find the most affordable price for quality goods on the market. Doing this research and making the connections ahead of time can allow you to secure the materials you need for your new home build at a price you can predict and afford.
With a simple and affordable design, a stable material price is important so that you can make plans for financing with no surprises like a sudden increase in the cost of your building materials values.
6) Prioritize Local Suppliers
When it comes to making materials more affordable (and available) for your home-building plans, consider local suppliers. With interruptions to international supply chains, local sources, and suppliers like Fossil Blu, can make a difference in ensuring your pieces all arrive on time. Shortening that supply chain can help secure access to the materials you need at a nearby affordable price.
While some want to order certain materials from overseas, most home builders today are looking for a beautiful, secure, affordable home. If you can do that with the materials that are readily available at a fair price, everybody wins.
7) Consider Affordable Features and Alternatives
Some design details are surprisingly affordable alterations in the build and will make your home design dreams come true - while other dream-home visions are ridiculously expensive to implement.
Ask your builder to help you identify your most affordable dream-home features - and to suggest practical, more affordable alternatives - to help you get the most from your affordable custom home. Something as simple as a round stained-glass window or an entertainer kitchen layout can make all the difference between a so-so house and living the dream.
Making Your Custom Home an Affordable and Rewarding Project.
Right now is a golden opportunity for home buyers who are ready to build. While the prices of established homes are rising, you can create the home of your dreams with nothing more than a beautiful lot, a reliable builder, and an excellent plan.
If your dream home includes a kitchen with a luxuriously large sink in copper or smooth fireclay, Fossil Blu would be honored to become a part of your dream-come-true home-building experience. Contact us today to learn more.