From planning through to the financial details—building a new home in Tasmania is a heavily stressful task that takes time, patience and effort. However, the best time to build a new home is now. In the future, economic conditions and real estate environments are bound to change, making building expensive and challenging. Here are top five reasons why now is the ideal time to build your dream property:
Lot prices are relatively low
As the population increases and demand for new homes also increase, the prices of land is bound to go up. But for now, the rates are reasonably affordable, making it perfect for new home owners or first time builders who are looking to get down to it.
High future interest rates
Real estate rates are always on the rise and likely to erode people’s buying power. In the future, the interest rates will be higher than they actually are now. To escape these increases, building a property sooner, rather than later, will get you into your property before these climbs hit.
Securing mortgage is easier now
Mortgages could get tougher to access in the future than they are these days. Many real estate experts predict an upward trend; tougher and tighter legislation for the down payment requirements are likely to occur thanks to an increase in the number of people who will require mortgages.
The current low resale inventory
Low resale inventory is making old home sell faster and at good prices. It is, therefore, a good time now to sell your current property and build a new one, if it has been a thought that has crossed your mind. Obviously, these conditions can change at any time and the market can get flooded by resellers who actively reduce the market prices. Selling your old house now enables you to get good money quickly, before you’ve missed your chance.
Rent prices are on the rise
Renting in most metropolitan cities around the globe is skyrocketing. As of 2015, the Rental Market Report revealed about 88 percent of property managers have increased their rents in the past one year, and this is expected even to increase further to 96 percent in 2016.