Yes, You Can Build a Home in a Pandemic… Here’s How.
Yes, You Can Build a Home in a Pandemic…Here’s How.
If you’ve been planning on building a home, you may think that it’s best to shelve the project in light of the pandemic. However, you don’t have to. In some respects, it may even be a great time to start your home construction. Here are some of the most important things you should consider as you decide whether or not to move forward with your build.
The timing is currently right.
The COVID-19 pandemic has affected many industries, including real estate and construction. And while construction workers were classified as essential workers at the height of the pandemic in some states, they were also shut down in others. Similarly, the real estate industry has had to think of inventive uses of technology to keep going.
Despite these initial difficulties, home construction has since regained steam. In fact, new home construction increased by 17 percent between the months of May and June alone. Mortgage rates are presently at their lowest in years, encouraging people to buy. Moreover, the supply of existing homes has been constrained even before the pandemic, encouraging buyers to turn to home construction.
Needless to say, if you’re looking for a good deal on a new construction, you’ll definitely want to take advantage of the current housing market. And with real estate being one of the more resilient industries even in a pandemic, Property Wire notes that a new home is among the safest investments you could make right now.
Anticipate some challenges.
While the market outlook is generally a good one, there are still some potential setbacks in home construction at present. Health and safety considerations are most important these days, and these can slow down your construction. Ditto with government restrictions. In some areas, there may even be labor and supply shortages.
It’s definitely good practice to do your due diligence before starting a build. Get to know current guidelines in your state, as well as lock down your financing well in advance. By knowing the full picture, you can better handle any situation that may arise and maybe even fully avoid them.
Consider new design trends.
The pandemic has changed the way people live, maybe for good. Per The Conversation, experts believe that this means changes in the way homes are built. Case in point, many are likely to continue working from home even after the end of the pandemic. A comfortable working environment then becomes a must-have for new home constructions. Open floor plans may also be on the way out in favor of more personal spaces.
Building a new home at present will definitely allow you to design a home that befits the new normal. It’s important, therefore, to really take into consideration the changes caused by the pandemic and determine your needs accordingly. It’s also wise to work with licensed contractors like Beachfront Builders who can help you design and build a smart, sustainable, and stylish home.
Sound financial health is more important than ever.
Finally, don’t forget that we are living in economically difficult times, so before you decide to build a new home, you have to make sure that your financials are in good shape. Consider getting a mortgage pre-approval, so you’re not only guaranteed financing, but also have a firm idea of what you can afford.
To get approved for a mortgage, you also have to make sure that you have a good credit score and enough savings for your down payment and other fees. If you have outstanding financial obligations, help from a debt relief program may also get you better rates and financing terms.
To conclude, understanding the perks, challenges, and current market trends will help you realize your goals. So don’t let the pandemic keep you from building your dream home.
Let us do your next project. David Shoultz, and his team at Beachfront Builders located in Delray Beach, do all kinds of construction from remodels, flips, renovations, and new construction. Furthermore, his wife, Ivana Shoultz and her company Beachfront Properties handle all of the project’s design and real estate portions. They work together to help you find any home and make it your very own. This is our passion; we live here locally and would love to help you. Contact us if you’re interested in finding that perfect #beachfront winter getaway, and we’ll help make that dream a reality.
Beachfront Builders. We are local, Licensed, and Insured Contractors that offer a unique style of building. Uniquely, we do this by focusing on luxury, sustainability, and using the latest technology to build your dream home. Not to mention, we work with the best Architects and Interior Designers to design your dream home and build them exactly the way you want. Therefore, we pride ourselves on all of the various small details and try our hardest to make this process an enjoyable and great experience for everybody.
Lastly, we look forward to getting your feedback and potentially working together in the future!