New Construction, Now Attractive for First Time Home Buyers
As the real estate market continues to rebound, more people are able to own homes, including first-time homebuyers purchasing new construction, starter homes. Thanks to record-low mortgage rates and new financing programs, it’s the perfect time for first-time home buyers to start looking for a brand new construction home to call their own!
There are differing opinions on what constitutes a "starter home” however, in general, a starter home is something people will live in for around five years, even if they foresee outgrowing it through lifestyle changes. Starter homes should meet most of the criteria of one's forever home, including the right location and the right price.
There are many attractive reasons to purchase your new construction home in the Omaha area. Recently, Omaha was voted in many “Top 10 Cities” categories in various publications…
No. 1, “The 10 Best Cities to Raise a Family in America,” Movoto Blog
No. 1, “Best place to raise children in Nebraska,” Bloomberg Businessweek
No. 3, “Best States for Young Adults,” MoneyRates.com
No. 6, “Most Secure Places to Live in the U.S. (for Large Metro Area of 500,000 or More Residents)” Farmers Insurance Group
Why Now? Renting Versus Owning...
The biggest benefit will be able to take advantage is the ability to put money toward a purchase they can call their own, as opposed to paying someone else's mortgage when they rent. A new construction, starter home offers things that renting simply cannot provide…
Ability to personalize the home (painting, decorating, gardening, landscaping)
Pride of ownership
Currently in Omaha, because of all-time-low interest rates and reasonably priced homes, it is more affordable to buy than rent - meaning that renters are spending a larger portion of their incomes on rent than homeowners are spending on their mortgage.
Points To Keep In Mind…
#1 Today's first-time homebuyers have different expectations than those from 10 years ago. Functionality of the space takes precedence over the amount of space. Instead of buying a large house at the top of their price range, new homeowners are willing to sacrifice space for comfort, convenience and efficiency.
# 2 Older homes may provide a low price point, BUT they require maintenance for new roofs, HVAC or a number of other items. With interest rates at historic lows, you can finance a home that is near the top of your budget with a lower monthly payment and minimal expenses for upkeep.
# 3 Affordable price points in neighborhoods throughout the Omaha metro along with new federal programs (and changes to down payment guidelines) can make owning a first home a reality.
Call us today to schedule your personal tour of The Home Company homes. It definitely worth looking into!
Click Here To Message Raquel | New Home Helper for The Home Company
or Call/Text 402-201-9118