For a couple days now, we have been talking about how difficult it is to buy and build a new home. The Supply (people looking to sell) is much smaller than The Demand (people looking to buy) So, what is the best way to move forward? As all Renters in Vermont know it is silly to continue renting! Since there is such a big demand it is very easy for Landlords to constantly raise their rent. Monthly rents are often more than a monthly mortgage payment would be for a comparable home.
There are several significant factors that are at work to help home buyers, especially First-Home-Buyers.
- Mortgage interest is very low. Low interest rates dramatically lower monthly mortgage payments. Many times, home buyers neglect to calculate how much it is going to cost to borrow money. Everyone knows the price of land, the price of a house, and seldom do people know “The Price of Money.” Interest that you pay on your mortgage is the cost you will pay for the money to build your home. So, interest rates reflect that “monthly money-cost.”
- Cost effective construction costs. We cannot speak for every builder out there, but Vermont Modular Homes constantly struggles to keep prices down! We do have several programs and ideas that can save you significant amounts of your hard-earned money!
Now that you have thought about the Real Estate market and good ways to keep your costs down the obvious question is –
We strongly suggest that you make an appointment with a bank or some kind of lending institution. In many ways this is your very First Step to home ownership.
Let’s be painfully honest! If you do not have and are not able to borrow the money you need then you need to put in place a PLAN so that you continue your search for a new home. Without the money from a Bank to pay for your home, well…………., you can quickly see the problem.
We suggest that you think, discuss in the family, and then make that appointment with The Bank. Bank interviews and Pre-Qualifications are Free and can be extremely helpful. This is the place to begin.
If you would like us to help you throughout, call and make an appointment. We will gladly walk you through the process. We’ve done this a couple times before.
Let us know how things proceed. Don’t forget we can help.
Give us a call at 802.985-5855