Insights On the Housing Market and More to Help You Decide
Clients who wish to work with a custom home architect are known to be meticulous about their vision for a new home, as they should be. They are equally conscientious about when to bring that vision to life.
These clients thoughtfully weigh factors such as current interest rates and construction costs, as well as localized concerns, including the resilience of their region’s housing market and job market stability for their chosen profession. For those in retirement, they may also consider the health of their investments in the current economic climate.
No matter what factors a client uses to contextualize their choices, those who seek an architect who designs custom homes are discerning. They understand that a measured approach is best.
Four Considerations for Designing a Custom Home In 2024
Current market conditions, the larger economic landscape, housing market trends and strategic approaches available to homeowners all suggest a favorable environment for those wishing to work with a custom home architect this year. Here are some considerations to help navigate your decision to begin designing and building a custom home in the second half of 2024:
- Look to the Fed: The Federal Reserve still intends to cut interest rates in 2024 when inflation cools. As of the Fed’s May meeting, interest rates have held steady, as officials wait for the right timing to lower them. However, PBS NewsHour and CNBC report that the Federal Reserve is eyeing the second half of 2024 for cuts. An interest rate cut will have a direct effect on more than just home loans; they are also directly tied to lower construction costs. More construction activity as a result of the Federal Reserve’s plan will create new opportunities for those interested in designing a custom home.
- Seek enduring concepts from a custom home architect: Whether you’re considering a vacation home, a new phase of life or wanting a home to fit your current needs, partnering with a custom home architecture firm that knows how to design for luxury and longevity is key. A timeless design, even at its most contemporary, endures with sound and classic design principles. The right custom home design won’t have you eyeing significant changes in the near future. It is intuitively equipped to evolve. An experienced firm anticipates your present and future needs, so you can enjoy your home through life’s transformations.
- Research incentives: Those considering a new home designed by a leading architecture firm should also explore 2024 federal and state tax incentives, which may benefit homeowners who want to bring their vision to the drafting table now. Homeowners also may be able to negotiate costs with their construction partner, based on business credits and deductions that reduce contractors’ tax liability for custom home builds, energy efficiency and more.
- Remember the market value of a custom home: Depending on your particular requirements for livability, working with an architect for your custom home can help develop a design concept that is highly relevant to your needs and secures the home’s resale value. Creating special custom features that meet your needs and have a universal appeal will bolster the likelihood that your home appreciates in value over time. This is yet another reason to consider an architecture firm with a high level of expertise so that your home is as you envisioned it, while also attracting the admiration of buyers in the future.
The Value of Custom Home Architecture Transcends the Market
Clients desire a custom home for reasons that are as unique as their designs. Custom homes can be second homes, spaces that reimagine how a family lives together as children grow older, a new beginning after retirement or a vacation home to retreat from the world.
Therefore, a client’s needs may simply outweigh “the market” and present conditions. This is especially true if a client has identified a custom home architecture firm with significant design experience, unmatched taste and a collaborative spirit. When helmed by a firm that can bring your vision to life, your home’s design becomes a resilient investment all its own, transcending the moment and retaining its value far after a single year’s market conditions have passed.
After all, a custom home is a setting in which you hope to thrive in both trying times and tranquility. The question may not be whether the time is generally favorable to design and build a custom home, but whether the time is right for you.
