When it comes to finding your perfect home, deciding whether to build or buy is one of the difficult choices you’ll face. This decision can impact your finances, lifestyle, and long-term satisfaction. Should you buy an existing property or go for a McAllen custom home building? Each option comes with its own set of benefits and challenges, and what works best depends on your unique needs and situation.

This article will help you understand the intricacies of the McAllen real estate market and make an informed decision that fits your timeline, budget, and dreams.

Convenience and Speed: Buying an Existing Home

For many, buying a home is the faster, more straightforward route. If you’re in a hurry to move, the process of purchasing an existing property can be relatively swift, often taking just a few months from start to finish.

Once you’re pre-approved for a mortgage and find a property, you could close the deal in 30-60 days. For those with a tight timeline—perhaps due to a new job or needing to settle in before the school year starts—buying can provide peace of mind.

Additionally, McAllen has a range of established neighborhoods with homes that are move-in ready. These areas often come with perks like mature landscaping, established communities, and close proximity to essential amenities like schools and shopping centers. There’s no need to worry about permits, construction delays, or managing contractors, making it an ideal option if convenience is your priority.

Customization and Control: The Appeal of Building

On the other hand, McAllen custom home building offers an unmatched level of customization. You’re in the driver’s seat when it comes to everything from floor plans to finishes. Want an open-concept kitchen or energy-efficient upgrades? You can design the house of your dreams without having to compromise on the layout or features you value most.

Also, new homes in McAllen are built to modern standards, incorporating energy-efficient technologies that can save you money in the long run. You won’t have to worry about outdated plumbing or electrical systems, and with everything brand new, repair costs will be minimal in the first few years. Plus, the ability to integrate smart home features and state-of-the-art security systems can ensure that your new home is both future-proof and eco-friendly.

However, building does come with its own set of challenges, including finding the right plot of land, navigating permits, and managing the timeline and budget. On average, it takes several months to a year to complete a custom home, which means building may not be the best choice if you need to move quickly.

Financial Considerations: Weighing the Costs

Buying a home often starts with a downpayment, usually around 20% of the purchase price. This can vary based on your loan and finances. In addition to this upfront cost, buyers need to budget for closing fees—about 1.5% of the home price in Texas. These cover loan origination, appraisals, title insurance, and surveys.

Homeownership comes with ongoing costs like homeowners insurance, property taxes, and possibly HOA fees for managed communities. Plus, there are hidden expenses—maintenance, repairs, and potential upgrades like new windows or HVAC systems. Experts recommend setting aside about 1% of your home’s value annually for upkeep.

Don’t forget moving and furnishing costs. These can quickly add up, so it’s important to factor them into your budget.

On the other hand, the cost to build a custom home in RGV starts with purchasing land, and costs depend on location and any necessary site preparation like clearing or leveling. Site work includes permits, inspections, and architectural fees to ensure your project complies with local regulations.

The bulk of your budget will go to construction—foundation, framing, and exterior finishes like roofing, windows, and siding. These are essential for both structure and aesthetics.

Other expenses include landscaping, interior finishes like flooring, and setting up utilities such as water and electricity. Planning for these ensures a smooth transition from construction to move-in.

Mortgage Options: Build or Buy

When deciding whether to build or buy, understanding mortgage options is important. Traditional mortgages, the most common choice for homebuyers, usually require a downpayment ranging from 0% for some first-time buyers to 20%. You’ll often choose between fixed-rate mortgages for stable payments or adjustable-rate ones for more flexibility.

If you’re building, construction loans are tailored for you. These short-term loans (typically one year) cover land purchase and construction costs but come with higher interest rates and a more rigorous approval process due to the risks involved.

No matter the path, financial planning is key. Budget for downpayments, closing fees, and other upfront costs. Using mortgage calculators and securing pre-approval from lenders can help you better understand what you can afford.

Evaluating Long-term Value and Investment Potential

Both building and buying a home offer distinct long-term advantages. Newly built homes often feature modern amenities and energy-efficient designs, making them more appealing in the market and potentially boosting resale value.

In growing areas like McAllen, Texas, new homes can be especially attractive due to the region’s affordability and increasing demand.

However, market conditions play a key role in investment potential. In hot markets, existing homes in prime locations may appreciate faster, offering higher returns. In contrast, during downturns, newly built homes with modern features may hold their value better. It’s important to consider local market trends and how they affect property values.

Personal satisfaction is also vital. Building a custom home allows you to create a space that perfectly suits your lifestyle, which can offer long-term happiness and unique value. While buying an existing home may involve some renovations, it offers the advantage of quicker occupancy and typically lower upfront costs.

Ultimately, your choice should align with both your financial goals and personal preferences for customization and convenience.

McAllen’s Real Estate Market: Factors to Consider

The McAllen real estate market offers both affordability and growth potential. Whether you’re leaning toward buying or building, it’s worth considering McAllen’s unique market conditions.

Home prices are generally lower than in larger Texas cities like Austin or Dallas, making it a more affordable option for many buyers. At the same time, Rio Grande Valley’s proximity to the U.S.-Mexico border and its growing economy add a layer of investment potential, as homes in the area may appreciate over time.

If you decide to build, you’ll want to factor in land costs, which can vary significantly depending on the location and size of the lot. Building in a less-developed area may offer more affordable land prices, but you’ll need to consider the long-term growth potential and whether the area is likely to see infrastructure improvements and rising home values.

Making the Right Choice for You

Ultimately, the decision to build or buy depends on your priorities. If you’re seeking convenience, an existing home may be the way to go, allowing you to move in quickly with minimal hassle. On the other hand, if you value customization and are willing to navigate the complexities of building, a new home with the help of luxury custom home builders will be worth the wait.

In either case, understanding your financial situation, timeline, and long-term goals is key to making the best choice for you and your family.

If you’re ready to take the next step in your real estate journey, whether it’s buying an existing home or building the custom home of your dreams, McAllen has plenty to offer. Take the time to evaluate your options, and you’ll be well on your way to finding your perfect place to call home.

Build Your McAllen Custom Home Now!

Ready to build your custom luxury home in McAllen? Trust Treviño Construction for innovative designs and premium materials. Contact us today to get started.

In recent times, there has been a notable shift in living arrangements in families. Pew research revealed that a quarter of all adults between 25 and 34 years of age now live in a multigenerational living situation.

Multigenerational living involves many generations of the family, such as grandparents, parents, and children, staying under one roof.

Changes in population demographics, economic factors, and socio-cultural values have made multigenerational living increasingly common.

This change brought about not only a change in family structure and dynamics but also the shape and design of homes. With everyone living in close proximity, it is essential to design a home in a way that ensures harmony, connectivity, and privacy.

So, if you are considering living in a multigenerational custom home, this article digs deeper into its importance, design considerations, best practices, and more. Read on to find out.

What is the Significance of a Multigenerational Home?

A custom multigenerational home gives you the liberty to design your living space in a way that suits your family members and your personal needs.

With proper and practical designs, careful planning of your multigenerational home can be perfect to accommodate all the different personalities and characters of the generations that are living together.

A well-thought-out design will create a living space that is comfortable, functional, and supportive.

For example,

• Senior citizens would require grab bars in the bathrooms and stairs, or even wheelchair accessibility, as well as large doorways to accommodate them.
• Children will require a dedicated play area for them to free creative.
• Young adults will need private spaces for studying, working remotely and unwinding with friends.
• Moreover, shared spaces should also be designed in a way that creates room for interaction and connectivity without feeling restrictive.

You don’t need an overly large house to live comfortably in a multigenerational home, but enough space is essential to make the house feel a sense of openness. Therefore, the key factors to making a multigenerational home a success are its size and layout.

Unique Options for a Customised Multigenerational Home

Designing a custom home in Rio Grande Valley with multigenerational living in mind offers various options, such as incorporating a casita or an in-law suite.

Tiny houses and apartments above garages with private entrances are also popular choices, providing family members with privacy and independence while staying close to each other. However, in some cases, adding extra structures may not be feasible, which calls for alternative solutions. AARP recommends converting a garage, rebuilding a basement, and using the unused attic space if you are running out of space.

Additionally, homes can be designed with separate living areas for different generations, ensuring flexibility for future needs. Collaborating with a custom home builder will bring about the creation of a comfortable and cohesive multigenerational living environment designed specifically to the family’s requirements.

Some living options for a multigenerational home are:

• Dual-Key Home: This home involves two separate living spaces with different entrances under one roof. This is perfect for families that want privacy while living together.
• Attached Home: A second house attached to the main one can also provide independence while living in close proximity.
• Granny Flats: These are self-contained living spaces that are built on the same property as the main house. These houses best suit elderly parents or adult children who want privacy.
• Two-Story Home: Separate living spaces on each floor can accommodate multiple generations under one roof. This is an ideal situation for different generations to live together in one house.

Features of Multigenerational Custom Homes

Multigenerational homes offer unique features that cannot be found in any other type of house. These special features that are incorporated in a home where people of different generations live are:

1. Functional design

One of the key features of a multigenerational home is creating a functional design that meets the needs of all family members. This includes considering certain factors such as accessibility, safety, and ease of navigation for senior citizens or those with special abilities.

Moreover, adding flexible living spaces that can adapt to changing family dynamics is a plus point. For example, a separate attached home or living area for grandparents may give them privacy and independence while still being able to interact with other family members frequently.

2. Private and shared spaces

With a multigenerational home, there is a need to balance the need for privacy with ample opportunity for shared activities. Allowing each family unit its own private living areas, such as bedrooms and bathrooms, will ensure that everyone has their own space to retreat and relax.

At the same time, shared living spaces such as a spacious kitchen, dining area, or family room will give room for bonding and social interaction among family members. You can also consider adding outdoor living areas or communal gardens where family members can get together for outdoor activities or meals.

3. Separate entrances and living areas

Providing different entrances and living areas for different generations can help maintain a sense of independence within the household. This allows each family unit to come and go as they please without disturbing other members of the household.

4. Flexible use of space

Designing the space and layout is key for multigenerational living. Spaces that can serve multiple functions and adapt to changing needs over time give families the flexibility to make the most of their living areas.

You can consider adding features like movable partitions, fold-down beds, or convertible furniture. This versatility ensures that the home can grow and evolve along with the family.

5. Emphasis on connection

While privacy and independence are important, it’s also essential to create areas for connection and bonding among family members. Add features such as open floor plans, communal gathering spaces, and outdoor living areas to create a sense of togetherness within the household.

6. Integration of technology

Adding advanced technology features into the home can enhance its convenience, safety, and connectivity for multigenerational families. Smart home features such as programmable thermostats, home security systems, and voice-activated assistants can help improve the overall quality and comfort of life.

7. Environmental considerations

With the threat of climate change looming large, building sustainable and energy-efficient homes will not only reduce the environmental impact but also provide long-term cost savings. Having features such as solar panels, energy-efficient appliances, and high-performance insulation can also significantly reduce utility bills.

Additionally, using eco-friendly building materials and design strategies can contribute to a healthier indoor environment and minimize the home’s carbon footprint.

8. Community amenities and services

An important aspect of multigenerational living is its surrounding community and available amenities. There is an added advantage if you live close to essential services such as healthcare facilities, schools, grocery stores, and recreational opportunities that can enhance your quality of life.

Additionally, access to public transportation and community spaces such as parks, libraries, and community centers can provide opportunities for socialization and engagement with a wider community.

9. Future planning

Finally, when building homes for multigenerational living, it’s important to think long-term and plan for future needs. Features such as universal design principles, aging-in-place modifications, and adaptable spaces can help ensure that the home remains functional and comfortable when family members age or life changes.

Considering the cost of building a custom home in RGV, multigenerational homes are cost-effective as they facilitate multiple generations to live under a single roof.

Build Your Multigenerational Custom Home With Us!

Trevino Construction understands that building homes for a multigenerational home requires thoughtful planning along with a focus on creating spaces that promote harmony, privacy, and connection.

By adding functional design elements, accessibility features, flexible living spaces, and opportunities for growth and change, multigenerational homes can provide a supportive and nurturing environment for families of all ages and backgrounds.

So, if you want to convert your custom home to support multigenerational living or build one from scratch, Trevino Construction is here to help. We are one of the leading luxury custom home builders known for our state-of-the-art ideas and execution. Our homes blend privacy and communal spaces, offering adaptable layouts for comfort and functionality. Contact us today to learn more.

Buying a home or building a custom home is a hallmark of the American dream. Everyone wants to live in a home that they own. The latest data from the National Association of Realtors shows that the average price of buying an existing single-family home is $271,300. In contrast, the average cost of building a custom home is almost double that of $427,893.

While buying a home seems easier on the pocket, building your own custom home gives you the freedom to personalize every inch of the house to your liking. So if you’re willing to dig deeper into your pocket to build the ideal home, why not go down to South Texas to build one?

Why South Texas?

South Texas is one of the most frequented places owing to its attractive tourist destinations and recreational opportunities. It is also famous for its strong Hispanic cultural influences, especially in architecture. Comparatively, building a custom home in South Texas is also quite affordable compared to other areas of the country.

Many people moving into South Texas from other states like California sell their homes and buy larger homes or build new and better ones for just a little more than half the price. This makes it an ideal location among others when it comes to building a custom home. So how much does it cost to build a home in South Texas? To answer this, there are several factors and hidden costs that you need to consider.

Factors To Consider While Making Cost Estimates For Building A House

• The location of your home
• The cost of labor in your area
• Pricing differences among the different regions
• Home type and size
• The different building materials and products you choose to use
• Use of modern or custom designs
• Other miscellaneous costs
• Price hikes due to the pandemic

With these in mind, let’s follow the steps while building a custom home to get a better idea.

STEP 1. Obtaining A Plot Of Land

Building a house requires a plot of land. If you already don’t own one, then you’ll need to look for one to purchase. Most average single-family homes are built on a half-acre lot, so that would be an ideal comparison base while looking for a new one. There are mainly two types of land in Texas: subdivided lots and raw land. Depending on the city and the size of the plot, the costs of each type of land may vary.

Subdivided lots are fully finished lots in cities that feature roads and various utilities most of the time. The actual land, however, is platted. Subdivided lots can range from $30,000 to over $300,000 for 1-acre depending on the area, community, or city. Subdivided land costs are more when you factor in other features and utilities, surveyor costs, septic tank installation costs, grading, roads, etc.

Raw lands are undivided plots of land. These types of land are cheaper by the acre, but they are costlier to develop when you factor in utilities, grading, and roads. Such types of land can range from $7,000 per acre to over $50,000 per acre for larger tracts. This may seem like a cut-price compared to subdivided lots, but the cost of developing these raw plots brings their actual cost up to par with subdivided lots.

STEP 2. Obtaining Building Permits

Building permits are essential before you can start building a home. The cost of obtaining a building permit ranges between $400 and $4,000, depending on the location of your land. Usually, getting permits in rural areas is cheaper, and costs can vary widely depending on local regulations.

STEP 3. Creating A Construction Budget

Single-family homes on the mid-levels usually take up around 2500 to 3000 square feet of space. San Antonio, the fastest-growing city in South Texas, has an average of $160 per square foot. Other cities are comparatively cheaper, around $100 to $140. This gives you an estimate of the total cost of building a house, which can vary from $260,000 to $400,000.

All these costs, however, vary according to different factors. For example, while the house structure and exterior finishing make up the bulk of the total budget, you should allocate around 25% of the total budget towards interior finishing. Given below are some of the different expenses that factor into the total amount.

• Foundation work

Foundation work involves breaking ground on your new home, and it will usually cost you anywhere from $4,500 to $21,000 when pouring a concrete foundation.

• Finishes and fixtures

There are many options when you consider finishes and fixtures. While some basic packages may start at $90/square feet, luxury packages can hit up to $1100/square feet.

• Type of roof

Installing new roofs can cost up to $7,300. However, the prices increase if you go for options such as slate roofing.

• Appliances

Appliances like smart home features can cost you from $50 to thousands of dollars, depending on the quality. Moreover, you’ll also need to factor in the electrical wiring and water plumbing costs as part of your budget estimates.

With all these different estimates and expenses in mind, now you have a better idea of how to plan your budget for your custom home construction. While the cost of building your own custom home may seem hefty compared to buying a new house, it is suddenly worth every penny you spend. In addition, there may be parts of the new house that you may be tempted to change for a few thousand dollars or more. Factoring this in mind, building your own custom home may be the ideal decision while opting for a new place to stay.

Ah! Finally, 2020 is about to end, and we can’t be happier. 2020 was one hell of a year. Social distancing, masks, lockdowns, and whatnot?

But one thing that 2020 taught us is to have your home – the one you call your own, the one you can practice work-from-home from, and the one you can relax yourself in amid tough lockdowns and other situations.

So, let’s welcome 2021 with all the positivity and hope. Here are the top 7 reasons you should build a new home in 2021.

Property value never depreciates

The main reason people invest in real estate is that the value (almost) never depreciates. And this has been true during the pandemic as well. Even the lockdowns and economic recession haven’t been able to put a dent in the housing market.

Going by the stats, property rates have increased two-fold since the last two years. A report published by the National Association of Realtors suggested that the existing home sales hit an all-time high since December 2006. This means that people are still buying and selling homes, even in the pandemic recession.

So if you’re building a home in 2021 intending to sell it later in the future (yes, we know you don’t want to sell it, just in the worst-case scenario), then just know that you’ll never incur a loss.

Mortgage rates are at an all-time low

Contrary to the property value going up, the mortgage rates have hit an all-time low. Since the beginning of 2020, the drop seen in December is the 15th for the year.

Freddie Mac reported that the FRM rates have dropped by one percentage point to 2.59% (15-year FRM) and 3.13% (30-year FRM).

Therefore, banks are offering cheaper rates on mortgage loans. This means that getting financing for building your home in 2021 has become easy.

Since the economy has started to recover, you never know when the price may go back up. So it’s best to build a house in the early part of 2021. The sooner, the better.

Leverage the pandemic sale

Building a home isn’t only limited to plots, bricks, cement, and all those things. You’d also have to purchase carpets, electronics, furniture, and other essentials that make up a luxury home.

The pandemic has forced several consumer sectors to roll out cheaper variants to stay competitive. Not only companies but consumers too are demanding discounts on products.

You can take advantage of this pandemic sale and buy products and materials at cheaper rates for your home.

Save money on rent

If you do not own a house, then you must be living on a rented property. This means thousands of dollars of bills every month. The average monthly rent for an apartment in the US was about $1,400-1,500 in 2017. Factor in the inflation rate today, plus additional expenses like application fee, security deposits, pet deposits, insurance, among others.

By having your own house, you’ll be saving those expenses every month. For example, saving $1,500 every month means you’ll save $18,000 every year. You can reinvest that somewhere else and reap dividends.

Earn money from rent

By owning a house, you create an additional income source for yourself. You can rent out part of your home to a tenant and receive monthly recurring payments from him/her.

Renting out to tourists is also another option. When the travel industry is back to its feet, travelers will be looking for low-cost accommodation options. You can list the rooms on services like AirBnb, Homestay, and Couchsurfing, and get paid.

If renting out to tourists is why you’re building a home, you should consider building a high-end luxury construction as vacation rental property for higher profits.

Receive tax breaks

Almost no one likes paying taxes, especially when it’s in the higher percentages. Real estate is one of the best ways to receive tax deductions in the US. Therefore, many people prefer to invest in them and REITs.

The tax benefits you receive for building a house are associated with:

• Mortgage interest
• Property tax
• Operating expenses
• Depreciation
• Repairs

When you combine these verticals, you’ll see that you’re saving a lot of money with tax breaks in the longer term. There are also capital gains to be made when you sell your house in the future.

Get a customized home in 2021

Custom homes are personalized and hence allow you to express your creativity. From the kitchen to the living room, you have complete control over the design. Not only in design, but you also have power from a budget standpoint.

You’ll also realize the value of a customized home when you’re trying to sell. People value creativity for which you can charge more.

Your turn

There you go, those were the top 7 reasons you should consider buying a custom home in 2021. As the year is about to end, now is the best time to kickstart your 2021 positively and buy a home. What are your views on this? Do you have any questions or want to discuss anything? We are here to help you out. Contact us today!