Right now we’ve got that “buyers market” that everyone waits for when it comes to real estate investment. So it’s a great time to look, or even look again, at the possibility of buying and building your own home.
Trent Maddox with Pepperdign Homes describes the value in the market now.
There are a number of factors that make this a wonderful time to build a new home.
1. Land costs are at about 2003-2004 prices and there are plenty of wonderful lots available: i.e. One lot in Jordan Heights was selling in the $200ks and we picked it up from the bank last week for $75k.
2. Contractors are hungry so they are offering their services at dramatically discounted prices as compared to 3 or 4 years ago. For example, it used to cost us about 50% of what we used to pay for the framers to frame the home.
3. The materials used to build homes have come down dramatically and some of the most popular features of new home are now offered at amazing prices. For instance, we rarely do solid surface counters in the kitchen or bathrooms because the cost of granite has come down to about the same price. We can also offer beautiful travertine for not much more than the price of a nice tile.
4. Now is still a great time to buy or build a home. With rates still low, you can buy in Salt Lake County up to $729,750 with a 620 fico score and with 3.5% down. (this loan amount depends on the county you choose to build in) For example: A borrower who makes $70,000 a year, and has monthly debt of $1000 can purchase a home with a loan amount of $300,000 for a mortgage payment of $2098.00 at 4.75% with 3.5% down. It is likely that rates will increase up to 1% by the end of this year, meaning that same borrower would only qualify for a loan amount of $250,000, losing $50,000 in buying power.
5. Pepperdign Homes is able to integrate all this amazing cost savings into a custom home building experience that is both value oriented and friendly in terms of the actual building experience. We can either begin with your plan or start a plan from scratch to make your new Pepperdign home unique to you and it doesn’t cost any more. Our design architect and home designer will walk you through the process of customizing both the interior and exterior of your home and picking all your colors. As a builder of some of the highest rated energy star homes in the state, we also integrate in many energy saving features that will save you money in utilities in your home. Why settle when you can have a Pepperdign Home at about the cost of a production home?
Sign a contract to build a home with Pepperdign Homes in May and get a FREE 4 Panel Solar Array valued at $8k.
· Website www.pepperdignhomes.com
· Sales Agent Contact Info: Jason Holt: 801-809-5245, Jen Yeo: 801-427-0644
· Financing Provided by Security National Mortgage Co: 801-748-4875 www.SNMC360.com