As housing prices soar here in Arizona, owning a home can sometimes feel like a dream only accessible to the super rich. And building your own custom home? For many of us, that can feel like it’s not even on the radar. But at Fairway Homes West, we want to show that owning a home custom-built towards your needs isn’t just a vague possibility, but rather a concrete, achievable goal. And with some of the circumstances and events surrounding COVID-19, we’re reminded how.
First thing’s first…
The most important thing during this pandemic is that you and your loved ones are safe and healthy. Around the globe, there are myriad societal and economic effects of COVID-19 — some that are incredibly significant, and others that aren’t quite as high a priority — and some relate to our line of work. Obviously, the byproducts that are the most urgent are those that relate to everyone’s health, safety, and housing and food security.
One effect worth discussing here is on a topic that informs our work, and that’s how COVID-19 has affected homeownership — specifically, how mortgage rates have responded to the crisis.
Mortgage rates were low prior to COVID-19’s spread, and since then they’ve dropped more. This has us thinking about the myths many people believe about homeownership, especially regarding the kind of custom homes in which Fairway Homes West specializes. For one, it seems like people often assume custom homes are exclusively within reach for the elite mega-rich and that, for everybody else, a stale, ready-made home is your only option to escape the money pit of renting. So, in an economy where housing security and homeownership can feel like a luxury, we at Fairway Homes West like to show that not only is it possible to own a house, it’s possible to own a customized, true-to-yourself home.
What mortgage rates remind us about homeownership
The current low mortgage rates have accentuated the fact that custom homeownership is a possibility for people who, in many cases, didn’t think that would ever be achievable. We understand that a mortgage can be intimidating — and that the costs associated with a custom home can increase that sense. We also feel that anybody who wishes to own a home should be financially barred from that possibility, nor should they have to accept a cheaply-built, cookie-cutter home. Owning a home that nurtures your sense of place shouldn’t be out of reach.
Along with these low mortgage rates, Fairway Homes West has a few traits that make a custom home possible. The first is that our down payment is only $3,000. This combined with low interest on your mortgage — the lowest rate ever of 3.29% was recorded in March — means you don’t have to pay a much higher amount now, nor do you feel the squeeze of high interest payments later.
The other cornerstone of Fairway Homes West is our commitment to energy efficiency. Besides being environmentally responsible, this also saves you a ton of money. It can be a bit scary to think about a home’s monthly expenses and maintenance, but Fairway’s focus on building energy-efficient homes means less expensive utilities and subsequently less wear and tear on utility infrastructure. Over the course of your home, you’ll save many thousands of dollars.
These qualities combined with today’s low mortgage rates put you in a favorable position for homeownership. A low down payment means the initial step is attainable, a low mortgage rate means long-term affordability, and an energy efficient home means fewer long-term expenses with utilities and maintenance. Combined, these make custom homes a possibility for many who had assumed otherwise.
Most importantly, from your friends at Fairway Homes West: Stay safe and look out for one another.