Common Myths About New Home Construction

Posted on: 9 January 2020

Having a new home built is a desirable idea. Take a look at some of the common myths and the truths you should know before seeking out a contractor for new home construction. 

Myth: Paying to build a new home is always more expensive than buying one. 

Paying to have a new home built is really not as expensive as most people assume. Yes, an already established home can sometimes be more affordable because its value is based purely on the market value of homes that are similar in design and placement. Hiring a contractor to build you a home means you are paying for the work done and the materials used, which does not always come out to be more than a home that is already built. The market value will have nothing to do with your end cost, so you could very well end up with a home that is more valuable than what you paid to have it built. 

Myth: You can't get financing for a new home construction. 

You can get a mortgage loan for a new construction home much like you can a home that is already built; the process is just a bit different. The contractor will give you a proposal to show to the lender, which will give the lender an idea of the end value of the home and whether or not it is a safe investment of their funding. Many banks offer home loans for new constructions, but some mortgage lenders do as well. 

Myth: You have to know something about construction. 

It is not at all necessary for the client to know anything about construction when they want a new home built. The contractor hired for the job will handle all the details of the construction process. The only input required from you will be to state what it is that you want during different parts of the process. Plus, the contractor will gladly fill you in if there is something that you do need to understand. 

Myth: It takes a really long time to have a home built. 

Home construction technology has completely changed from what it once was, which has made it possible to build a brand-new home far faster than ever. Many people assume that they do not want a new home because it can take so long for the home to be complete, but that is not the case in modern times. You can find contractors that offer prefabricated homes, for example, which means parts of the home are already built and ready to go in place. 

Contact a company that has new homes for sale to learn more.