Category: building a new home

The One Reason Why Now Is the Best Time To Buy A House

Posted on October 30, 2020 by - building a new home

What tells you it’s time to invest in a home now?

  • falling mortgage rates, and
  • soaring prices of existing homes

Although the two trends seem contradictory, for home buyers they actually work together to solve the common issue – building an affordable home. A low rate of interest is by far the most important factor in the final decision to build a home.

Mortgage rates are at a record-low

If you have always dreamt of buying your own home, there is no time like the present. Financing is more affordable just now. Mortgage rates are at an all-time low. In fact, this is the lowest it has ever dropped in three decades. According to Freddie Mac, banks are rolling out cheaper loans. FRM rates have plunged by one percentage point as a norm as seen in June: 3.13% (30-year FRM) and 2.59% (15-year FRM).

Mortgage rates chart

For prospective buyers, it means that mortgage repayment is less expensive. If you take out a home loan now, you can lock-in this rate and be assured of a low, predictable monthly outflow, irrespective of market fluctuations.

Let’s do the math:

In Jan, an interest rate of 3.72 % on a mortgage of $300,000 could set you back by $1,384 every month. With a lowered rate in June (3.12%), you pay $1,284. Jingling away in your kitty is a neat saving of $100 each month, or $1,200 a year.

There is no doubt that lending rates have fallen. Nowhere in history has this rate been as low as it is currently. If you need more information, do your own research on the top American banks like Wells Fargo, Bank of America, or JP Morgan Chase to find more about falling mortgage rates. Or, you may talk to a trusted builder to find out if they have any preferred lender to help you pre-qualify.

However, there are no projections that rates are going to go further below. Besides, as the market picks up and the availability of homes rises, the tables are going to be turned.

Property prices have risen steadily

Contrary to predictions, house prices are continuing to surge. Even the pandemic couldn’t put a dent in the housing market. If anything, rates have increased two-fold since last year. So, you can safely discard any thoughts of bargain-buying your dream home. In the near future, housing projections show a rise in housing costs brought about by both an insufficient inventory and demands for new homes. Hence, housing pundits are encouraging prospective homeowners to put in the money now lest prices swell out of reach.

Apart from borrowings, a surety of earnings also affects buying decisions. The pandemic has wiped away thousands of jobs and although the market has been recovering since May, most Americans are staring into an insecure employment scenario. Hence, before applying for a mortgage, the one thing first-time homebuyers must ensure is their ability to repay it. Interest rates are, for the first time in housing history, at their lowest level but this should not be the sole reason to burden yourself with a house loan.

Hence, if you are financially ready for investing in the new home of your choice (loss of employment is not a major concern for you now and you have enough dough in the bank) it is only practical to buy the same house at a lower interest rate.

Personalized homes in the Valley

Buying a custom home in south Texas is a safe option given the condition of the housing market. Many homes have been pulled out of local listings and house prices are predicted to rise further. Experts suggest that building a new home with low interest rates in mind could help you increase savings on your EMIs.

Trevino Construction packagesTrevino Construction comes to the rescue with their luxury home packages that not only use the finest building materials but also help you make over a thousand dollars every month in savings.

Three premium residences – Castle Lux, Royal Grande, King Marques – are built-to-order homes that speak of architectural finesse. These residential spaces carry some of the highly-priced characteristics of first-class homes:

  • guarantee of quality
  • attention to details
  • network of reliable financers
  • strong community of existing buyers
  • foundation built over a decade of expertise

Trevino Construction can further lower your house-building expenses by helping you save more. Combined with dreadfully low interest rates, a Castle Lux home can earn you almost $1,200 every month.

Apart from assisting customers with checking out their eligibility for mortgages, we also help you get the most affordable interest rates for your budget. For instance, a Royal Grande home is designed to save as much as $1,500 per month and the savings extend to cover taxes and insurance.

We also have a unique system to arrive at the final cost of your property. Rather than selling at per square foot of space, we factor in all the exclusive elements that went into the building. A fully customized Kings Marque home will squeeze out $1,800 a month from your monthly loan bill.

Overall, if you find a home that appeals to your aesthetic and practical selves, go invest in it now rather than wait. The country is in a state of an unprecedented period of recession and no one knows where the end lies.

Waiting further in the hopes of even lower rates may prove futile since a lot of factors determine the trends. Take advantage of a rate cut in mortgage and reach out to us today to start building an exclusive, premium home for your family.

Top 10 Things to Know When Building a New Home

Posted on July 14, 2020 by - building a new home

Couple holding tablet in front of imaginary home

New home construction takes much effort on your side, from making sure it fits your investment to get all the features you ever wanted. It is also about getting a trendy, yet comfortable space, while adding your personal touch. Besides, you get an opportunity to install unique features that you rarely get to see if you buy a preowned home. No doubt competent builders take care of every project, but as a homeowner, you may also consider giving your inputs.

So, before you start your dream home in McAllen, here are the:

Top 10 Things you Should Know About Building a New Home

1. Make a Budget Plan

Most homeowners might have applied for a loan before they started the construction. This budgeting phase is crucial in your home construction process. You will have to take a realistic look at your expected costs, how much you can afford, and how to gather the funds. Plan for cost overruns and hidden costs.

These are one-time purchases during the build and recurring expenses towards the home maintenance. It is a great idea to hire the services of a financial advisor who specializes in similar processes. Shop around for materials and see if you can find better deals on premium materials.

2. Choose the Right Lot

If you already own a piece of land and build on it, then it is fine. Otherwise, you have to select the right building lot for your home, in your planned budget. Typically, the land alone may cost up to 25% of your construction budget. Even if you have a neighborhood in mind, compare the land costs in the surrounding area. And the locality where you purchase the land also impacts its price. For instance, it may be lower in a suburban area and higher if you are looking for an ocean view.

3. Engage an Expert Team

Your construction team includes an architect, designer, builder, surveyor, excavator, subcontractors, and more. To start with, you may want to hire a home designer or architect. Also, ask your family and friends that had their homes built for advice. Most importantly, ask yourself: “How much time and effort am I going to give to this project?”

Because, if you want to be involved in every step of the way and see to it that your ideas take shape, it may be better to engage a custom home builder. Moreover, hiring a construction company may make sense as they will be dealing with the subcontractors, skilled crew, and coordinate the project.

4. Plan the Layout

For builders, home construction can be routine. But for you, it is a matter of sentiment and full of ideas that you have dreamt of. So, rather than picking a stock plan off of a catalog, try incorporating your favorite style. Take inspiration from as many sources as you can, and with the help of a designer or an architect, you can make changes to the stock designs and build a home per your tastes.

In contrast, a custom home builder will ask you about your preferences and recommend ideas to suit your lifestyle. You should also keep your future needs in mind. If you are a young couple who is going to start a family, you will need more rooms.

5. Customize Every Aspect

Incorporate the custom options you have always wanted, such as, under-cabinet lights in the kitchen, higher ceilings, or a deep pour basement. The main advantage of making these modifications is that you open up the area and your home looks more spacious. You can make the living space more dramatic and vibrant with a custom shelf unit as the focal point. They are functional, add a ton of storage space, and can be made to perfectly fit any corner or archway.

6. Install Smart Technology

Smart devices and systems may be installed as add-ons after the build, but why wait until then? You can add smart home systems like a self-programmable thermostat, smoke detectors, advanced home security systems, and more, as you start building. Mirrors that can turn into TV screens, motion sensor lighting, energy-efficient devices, smart faucets, and AI-powered refrigerators that memorize your grocery lists can make your life so much easier.

7. Make Way for More

If there is a possibility that you can have more space in any room or area, go for it. Extend your garage so it fits 2-3 cars easily and has enough storage space for the safekeeping of valuable items, tools, bikes, and other stuff.

Instead of doing your laundry in the basement, why not have a laundry room upstairs, where you can have ample sunlight to brighten the space? And while you are doing these for your convenience, it is time to consider adding a mudroom to keep your dirty shoes. A mudroom can be a small area with a bench and cupboards.

Separate bathrooms may be a stretch, but a closet for each of the couple is an excellent idea to be well organized. Talk to your designer or builder to check if they can shave off an unused area in the master suite to add more square footage for two closets.

8. Electricals and Built-in Equipment

Adding extra outlets around the home might come in handy during the holidays when you have to plug in Christmas lights or outdoor speakers. Installing them now would save a lot of money in hiring an electrician after the build is finished. Another idea that you may use is a heated driveway to avoid all the strenuous snow shoveling come winter.

Built-in equipment like sprinkler systems with programmable settings let you maintain your yard without moving from your spot. Similarly, heated floors and a central vacuum system can keep you cozy, comfortable, and safe in all seasons.

9. Look into Green Options

Make sure to power your home – either with electricity or with lighting, naturally. Ensure that the design flows in tandem with sunshine and wind coming into the home. Situate the laundry, bathrooms, and garages, are on the south side of the home, where you receive more sunlight. They must have small windows to reduce heat loss. Choose energy-efficient products for your cooling and heating system and other appliances around the house.

10. Don’t Forget the Resale Value

No matter how much effort you put into choosing and inspecting each part of the home, unforeseen events may lead to you sell it in the future. Given this situation, you should plan now for any potential resale years down the line. If you add too many upgrades, it may become too pricey for your neighborhood. Besides, make sure no addition is over-the-top and ends up being unappealing to others.

Conclusion

When it comes to building your home, take advantage of every chance you get, and indulge your fantasies a bit. You have the control to decide how you live for a substantial amount of time. So, it is crucial to have an open discussion with your builder.