Rising Interest Rates: What does That Mean When Getting a Home Built in Wisconsin?

One of the most important factors to consider when building a house or applying for a new home loan are the current interest rate levels. These rates help to determine exactly how much house you will be able to get out of your monthly investment based on the current market climate. With interest rates expected to climb from historical lows, now is the time to start planning your dream home build!

Interest rates are essentially the amount that a lender charges you for the use of its assets.  Therefore, in terms of a new home loan, the interest rate given will determine exactly how much you will need to repay on top of the principal loan amount given to build your home. The higher the interest rate on your loan is, the higher your monthly repayments will be. Therefore, in the current climate of rising interest rates, now is the time to start work on your dream home, as it will only become more expensive in the future. 

We at William Ryan Homes have built close relationships with our trusted lending partners over many years of being in business together. We choose to only refer our customers to the very best new home lenders in the area; those who will walk you through every option available to you, so that you can make an informed decision and choose the best path for you and your family’s needs. Best of all, their long-term rate lock programs will protect you against rising interest rates that might occur during the build period.

By far the biggest benefit of building your own home is the level of personalization that you are able to achieve that is simply not possible when buying from the resale market (without costly renovation).  The fact that you can build your dream home from the ground up and work hand in hand with designers to make each space fit perfectly to your lifestyle, provides new home buyers with a level of comfort and security that is simply unmatched in the resale market. 

A new build offers the flexibility of choosing the perfect community, something that is difficult when buying a resale home as the market can be much more limited when it comes to location. William Ryan Homes currently builds in four Wisconsin communities based in the Madison and Milwaukee areas. Sussex Preserve provides a closer option to downtown Milwaukee with traditional style homes located just across the street from Armory Park. Stoner Prairie, West Prairie Village and Heritage Gardens are all located in the Madison area, only a short distance away from area lakes, state parks, and the calm waters of the Yahara River.

Another benefit of building new vs buying from the resale market is the lack of renovation costs that you can expect to incur. One of the biggest complaints when buying a used home is the unexpected costs that can arise after closing on the home. These unexpected renovation costs can be a huge burden on families that have just spent their lifesavings on a used home and are still expected to pay off their mortgage. However, with a new build you will feel much more secure knowing that everything is brand new and built to a quality and standard you can expect from us at William Ryan Homes.