Why Right Now Is a Great Time to Buy a Home
The housing marketing is booming, leading to increased prices and more competition than ever for individuals looking to purchase a home. Because of this, you might be feeling a little discouraged in your housing search. However, there are several important advantages to purchasing a home right now that you shouldn’t miss out on!
Innovative Design Trends
Between recent technological advancements and the use of alternative construction methods due to shortages in certain building materials, there are many innovative trends being implemented in home design, making right now a great time to look into purchasing your own home.
With the rise of lumber prices, alternative building methods are becoming more popular as a way to cut costs without compromising on quality. ICF construction is a house framing method that involves creating a shell of rigid insulation, placing rebar as reinforcement within this shell, and then pouring concrete to fill the shell and complete the framing process.
While ICF Construction is generally slightly more expensive than traditional lumber framing, it can make up for the added cost in energy efficiency. It acts much like older stone-built homes, in which there is so much material for the heat to travel through, that it is difficult for changing outside temperatures to alter the indoor temperature of your home.
Technological advancements in building materials are allowing for the unique and historic look of old building materials in a modern and more durable design. For example, composite roofing options allow you to customize your roof to fit the style of your home.
If you live in the southwestern United States, you might want to consider a Composite terracotta roof, which offers the unique look of multi-colored and aged barrel tiles, in a modern, durable, and environmentally friendly design.
Metal Lap Siding
With the rise in wood prices, alternative siding materials are becoming more popular. Metal lap siding is an excellent option that provides durability with little maintenance required. This type of siding also comes in color and finish options that can mimic the look of wood siding, to maintain a more traditional home style. If you find a home with metal lap siding, that is certainly a benefit to consider during your home buying process.
ADA Compliant Finishes
Aging in place, which refers to the decision of many senior citizens to stay in their home as they grow older rather than moving to a retirement home, is growing in popularity. Because of this, many homes are being built with finishes that accommodate the needs of an individual aging in place, such as interior handrails throughout the home, a stairlift, or a safe step-in tub or shower. If you are looking to purchase a home in which you can safely and independently age, then be sure to look for these features.
Competitive Mortgage Rates
A major reason why many people are braving the red-hot housing market right now is the opportunity to take advantage of competitive mortgage rates. The average interest rate for a 30-year mortgage as of July 23, 2021, is 3.01% A 30-year mortgage will also keep your monthly payments down by spreading the payments out over a longer period.
Important Items To Consider Before Buying A Home
Your Credit Score
While mortgage rates are competitive right now, you must have a good credit score to take advantage of those low rates. If you have a poor credit score, it may be best to hold off on purchasing a home and give yourself time to work on improving your score, so that you can secure a better mortgage loan.
In any situation that you’re considering an important purchase, it is important to have a foundation of financial stability. Setting aside 3-6 months of living expenses into a savings account before making a big purchase will allow you to continue to put food on the table and pay your bills, even in the event of an emergency.
What Home Fits Your Lifestyle
Of course, the first thing that you should do when you are considering buying a home is to reflect on what kind of home might best fit your lifestyle. For example, if you’re looking into a large home, but don’t want to invest in the time and money to clean and maintain it, then that may not be the best fit for you. There also may be features of a home, such as a garage, basement, number of bedrooms and bathroom, or simply overall style that help you narrow down your home search. Identifying your home design preferences will make the home buying process much easier.
Ryan Shure is an editor for the Innovative Building Materials blog and a content writer for the building materials industry. He is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that save money, improve energy efficiency, and increase property value.