One of the most depressing things about being a first time homebuyer is the variety of houses that are usually in one’s price range. Read: mostly “handyman’s dream” and the like. Searching for an affordable home in the Logan, Utah area is much the same as it is anywhere else for a first-timer with a modest income: frustrating as you spend hours looking at old homes in old neighborhoods with little to recommend them beyond price.
The good news is that there is hope for first time homebuyers who would like something newer than 1985. In many college towns (like Logan) builders and contractors understand that there are graduate students, just starting families, who are interested in getting started with a first home. These are starter homes, not mansions, but looking for a reputable builder who can help you get into your first home can save you money in the long run. And put you ahead when you are ready to upgrade to a larger home.
Starter homes built for first time homebuyers are usually not custom-designed. However, the buyer often has the perogative to choose between two or three plans that the builder has to fit the $90,000 to $140,000 price range that most first time homebuyers fall into. Some builders do allow the addition of special features, and the ability to choose your own lot. The key is discovering what the local builder has to offer.
Another build-your-own-home option as a first time homebuyer involves the help of contractors. Many homebuilders are also general contractors, and they can assist you in building your home. There are many regulations and codes that are required of new construction homes, and a good general contractor can help you wade through the bureaucracy. Additionally, the general contractor knows electricians and plumbers who can do that specialized work that you might not be able to do yourself. Let the contractor know that you are willing to pitch in and help build and prepare the home, and you will often get a lower price on the cost of building.
But ultimately, all of this construction needs to be paid for. And that is tricky for first time homebuyers. Luckily, there are many programs in place through state and federal government agencies that help first time homebuyers. In Logan, the Neighborhood Nonprofit Housing Corporation can help you find loan programs you qualify for, often with smaller initial down payments and reasonable interest rates. Many banks, such as the Logan branch of the Bank of Utah or Utah 1st Mortgage (located in Ogden), offer special financing options for first time buyers building their own homes.
The easiest way to a new construction home, however, is to find a builder with special ties to a local lending agency, and that offers a special package. In Logan, this package includes a newly built home, chosen from one of three floor plans, a $32,000 lot allowance included in the price (you choose the lot, and the builder pays up to 32 grand for it), and special first time buyer financing.
There is no need to settle for an old home that you need to fix up. Have a fresh home built for you with the help of special programs that help you take advantage of first time buyer financing – even if you are having your home built.
