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Why Are Houses So Expensive

Why Are Houses So Expensive

No one enjoys paying rent. For renters, it feels like you are throwing away money every month at something that is not yours. You want to be building up equity and investing in your future, and you also want a space that you can call your own. You want to be able to paint, repaint, add on to the space, and generally do what you want with your home. Yet, when you get ready to think about purchasing your own home, you have to wonder why houses are so expensive. It is a significant investment, and the price point can seem overwhelming.

As home builders in the Myrtle Beach area, we feel your pain. In this article, we are discussing why homes are so expensive to purchase and what you need to know about the price tag.

 

Why Is It So Expensive to Purchase A Home?

There are a myriad of factors that make houses expensive. Here are a few of the key reasons housing prices care so high and what you can look out for:

1) Permits and Zoning

Sometimes, the price of a house is reflective of the zoning and permitting required by county and municipality regulations. Permitting can be a domino effect on the cost of your home. The cost of the permits, plus whatever the permits require for the builder can add dollars to the bottom line of building your home.

2) Materials Used

The materials used to complete construction of your house will have a significant impact on the price. Whether your house is brand new or constructed decades ago, you will pay for the quality of the components. If you are building a new house, this is an area where you may find you do want to spend a little bit more. High-quality building materials can be extensive; however, typically, they will last longer and require less expensive repairs in the future. It is often better to initially invest in high-quality materials so that you can avoid expensive repairs and replacements of those materials later.

3) Location, Location, Location 

You have heard it before that location is the most significant factor in determining the cost of real estate. When you purchase in a desirable area, it will likely be more expensive. There are other location factors as well, including:

  • The availability of shopping and entertainment
  • Natural beauty such as mountains or beaches
  • Nearby educational facilities such as schools and museums
  • The overall quality of the neighborhood and surrounding area
  • The cost of housing around the home into which you are looking

However, some places, such as Myrtle Beach have a variety of available homes at a reasonable cost. Despite the fact that our area is growing rapidly, and there are a host of new industries, there are still A number of homes that fit what families and retirees are looking for. There is an advantage to purchasing a home and the desired location in that you can be reasonably sure that it will build equity, and people will want to purchase if you ever sell.

4) The Homebuilder

On the one hand, for a quality home builder, you expect somewhat higher cost at times. However, you know that some may pass costs along to the customer that are unfair or unnecessary. In other words, the house is more expensive and does not mean that the builder is quality. It is vital to have conversations with homebuilders and research their track records in the local area. For the team at Realstar Homes, it is vital to deliver the best possible house with the highest commitment to customer service. We want to make sure we build what you want to buy and live in for many years, so you can know that your investment was well worth it. 

Ultimately, you do not want price to be the sole determining factor for what home you buy; however, if you can find a house and builder that combines quality with affordability, that is your best option. At Realstar Homes, we use the highest quality building practices, materials, and processes to ensure that you have a safe and structurally sound home for you and your family. However, we are just as committed to providing an excellent customer experience without passing on extra costs and fees to you. If you want to know more about our homes in the Myrtle Beach area, contact us today.