Homebuilding Tips

Asking millions of people what they want in a home may well yield millions of unique answers. This fact makes it more difficult to categorize a group as large as the Millennial generation based on their home buying preferences. However this generation is viewed by its predecessors, Millennials’ general expectations have a fair overlap with other home buying groups. What they look for when they start to search for homes is bound by their finances and where they are in life.

It started with This Old House and continues today with Fixer Upper, Flip or Flop, and countless other home-renovation shows: the trend of romanticizing big DIY projects that seek to transform aging homes into contemporary showplaces that are loaded with history and charm.

There’s no doubt that with enough time, money, and expertise, an older property could become the updated home of your dreams. But in the process, you may actually wind up spending more money than you were planning—and, in some cases, even more than you would have spent if you opted to build a custom home from the start.

How is that possible? Let’s take a look at the top four reasons why building a custom home can actually save you money:

A couple years ago, millennials surpassed baby boomers to become the largest living generation. Now that this generation is solidly in their 20s and 30s, they have become a major influence in many markets, including real estate, as they now also represent the largest share of home buyers. The National Association of Realtors compiled a report that outlines the trends that are impacting the industry and the housing market as a whole.

Over the next several years, the dream of building a home will be within reach for many Americans. In fact, research by Zillow recently found that nearly 70 percent of U.S. households earn enough, in theory, to purchase a newly-built home that costs around $300,000. That’s exciting news if you’re looking to upgrade to a new home in 2018.

Several forces are guiding this trend. First, the economy in many parts of the country has rebounded from the recession, which is strengthening people’s purchasing power. Meanwhile, affordable yet high-quality home builders like Adair help to make the dream of building a new home more achievable than it was for previous generations.

But how does building a new custom home compare to buying a pre-built one? If you’re like most homeowners, you want to make sure that your next choice is a smart investment. Let’s take a look at some of the advantages of building a custom home so you can decide if it is right for you.

Building a custom home can easily be one of the most exciting times in a person’s life. It’s a unique opportunity to create exactly the home you’ve always wanted—one that will meet your family’s needs, suits your style, and is located in the ideal place.

Of course, going through the custom home building process also means making a lot of very important decisions, from finding the right builder to selecting countertops, paint colors, and cabinetry. One of the first big decisions is whether to build your custom home within a subdivision or on a piece of land that you own. In this blog, we’ll take a look at both options to help you determine which would work best for you.

If you have decided that you want to build a new home but you do not yet own land, one of the first steps is finding a suitable lot. While it’s true that you can start planning your home design while you are in the process of looking for land, it can be difficult to make any final decisions because of unknown factors. For example, the price of land might influence your home budget, or you could decide to buy a narrow lot that will limit the size of the floor plan.

When it comes time to buy your next home, is it best to opt for new construction or pre-built? Custom, manufactured or “stick-built”? These days, there are so many options available to home buyers, it can be challenging to find the best path.

In our area, buyers’ preferences tend to be fairly evenly split when it comes to newly built versus pre-built homes. Recent research shows that home buyers in the western half of the United States are the most likely to consider purchasing a new home. In fact, 27 percent of all new homes sold in July 2017 were in the West, up from 24 percent a year prior. This trend holds true in and around the Pacific Northwest, where home buyers are increasingly drawn to newly built homes.

For many people, building a custom home is completely new territory. Even if you are already a homeowner, the process is much different from buying an existing home. You have to find land, secure financing, and, of course, get a custom home design. It’s easy to assume that every new custom home must start with an architect, but this isn’t necessarily the case.

In fact, you can work with an integrated team that includes a design team, builder, estimator, and materials purchasing staff to create a beautiful new home that has the features and floor plans you want. There are multiple benefits to taking this route, including cost savings and better budget management.  

A recent analysis of apartment listing data and statistics from the Census Bureau shows that rental prices are increasing. If you are weighing your options between renting and building a custom home, consider these facts in your comparison:

There’s no denying that the average American wants plenty of space. And it shows: Today’s homes are 61 percent bigger than homes that were built just 40 years ago. In 2016, the median size of a new single-family home in the U.S. was 2,467 square feet—the largest on record.