When it’s time to start looking for your new home, you may want to consider new construction. Building a new home comes with many benefits. You get to be the first owner, it can be customized to fit your specific needs, the neighborhood is often newer, and you’ll have a warranty on your new home. However, you and the builder are not the only ones that will benefit from a new construction home.
When you build a new home, it actually helps to boost the local economy around you. New construction gives people jobs and helps to increase sales for local businesses. There’s nothing wrong with choosing an existing home, but the main financial benefit of buying an existing home will go to the real estate agent and the mortgage company. When you build a home, it contributes to more of the local economy.
According to the National Association of Home Builders or NAHB, building just 100 new single-family homes in any local area can boost the economy with nearly $29 million in income and close to 400 new jobs. Building 100 homes will also provide about $3.6 million in new tax revenue for the local area.
The building process certainly boosts the local economy, but the benefits continue far after the home has been built. New property tax revenue puts more than $4 million into the local economy each year and ongoing projects, such as home renovations and maintenance will keep people employed. Building 100 new homes in any local area will help to keep about 69 people employed after the project has been completed.
The actual impact on the local economy may vary, depending on the area the home is built in. However, any new home will have advantages for the local economy.
Not only will new home construction help directly, but also indirectly. When new homes are built, new roads are necessary, which creates even more jobs and improved transportation for the local area. In addition, new homes often attract new commercial real estate, which means new businesses open and more jobs move into the area.
Socially Conscious Choice
Many people are starting to see the world differently and make decisions based on what is most socially conscious. By supporting local businesses, recycling, and choosing certain products, consumers have the ability to make an impact with the money they spend. The NAHB has strongly encouraged many to build a new home because it’s the more socially conscious choice. This is due to the support of local businesses and the job creation new home construction causes.
There are several benefits you gain from building a new construction home. While some of the benefits directly impact you, others directly and indirectly impact the local economy. You have the choice between buying an existing home and building a new home. If you’re searching for a new home, consider building a custom home and gaining all of the benefits that come along with the process.