Dome Home resale values are a bit harder to calculate than those of a normal home since they are not considered a conventional home. A law was passed in 2007 that specifically stated that the federal government bank lenders aren’t allowed to approve loans for the construction of a home that doesn’t look similar, isn’t constructed like, or doesn’t perform like the normal conventional American home.
This puts a bind for those who are searching for a cheaper alternative way of living. A dome home offers this and other advantages over a conventional home.
Some of those advantages are:
- They’re cheaper to make.
- They’re Eco friendly.
- The shape of the sphere in a home setting helps to keep the energy cost down by as much as thirty to fifty percent!
The dome shape is also very strong! They can handle the strong winds of hurricanes and tornadoes. They can handle earthquakes and even have the potential to resist major damage in the event of an explosion should your home experience that. Structurally, dome homes are very sound and stable.
Here are a few things below that show why it is a bit more difficult to hone in on a fair resale value for your dome home:
Since that new law was passed making it harder to find lenders to help finance for a dome home, there are still a couple of ways to go about finding a lender. Here’s what we’ve found.
Commercial lending is one possibility in helping you get the funds to build your dream dome home.
Some nonprofit and commercial companies can help you find potential lenders who’ve worked with other companies and loaned them money in the past. This will make it easier for you to get that money to build that dome home.
Residential lending is another way to get financial help for a dome home. Locally owned banks are a great place to seek help because it’s easier to have a good relationship with them.
In fact, you may have already established a relationship by interacting and working with the staff and management. See if they can help you with a custom construction mortgage.
If not, begin that relationship. It’s worth a shot!
Another way is to see if these appraising and financing rules can be changed. You can do this by reaching out to your House and Senate members to plead your case.
Seek out other departments and/or related agencies such as House Subcommittee for Transportation, Housing and Urban Development, the Senate Committee on Banking, Housing and Urban Affairs.
There are committee leaders in these areas that may be able to help; if you do a little more research on these agencies, you will be able to find out who the right contact person is.
Influences of Your Dome Home Resale Value
Now that you’ve gone through the process of getting your dome home, let's say you and your family plan on moving. You all enjoyed your home and would like to also make some money back to help with the move. Well, here are some tools to help determine the value of your dome home.
You can search online for “How much is my House worth?” and there will be home value estimators that pop up in the results. You should look for an “Automated Valuation Model" (AVM) which are offered by many lenders and real estate sites; Redfin and Zillow are a couple of names to look for.
You can also use public records from deeds of owners as well as tax assessments. There are also mathematical modeling to help predict the value of your home, the findings are based off of recent listing and sales in your area.
A comparative market analysis is also important because when you’re ready to really know what is the value of your home is, a local real estate agent can help find out the comparative market analysis.
Another tool to use is the Federal Housing Financial Agency’s house price index calculator. This tool approaches it in a more scientific way. It uses the repeat sales method, which will consider transactions, gathered since the 1970’s of houses value, and estimates the values of the fluctuation in the market today.
If you’d rather work with someone, you can seek out and hire a professional appraiser. This will help to get an estimate of your home value to approve a mortgage. They can help you to get a price you’d like. They will consider a few things to place among the value of your home such as:
-Other properties in the area
The Property’s characteristics, improvements and the land it resides on play a large part in this.
The Market is also considered. This includes the region your home is in, the city and neighborhood it is located in.
Other properties in the area can affect the value of your home. An appraiser will look at vacancies, cost, sales, listings, depreciation and other things that could affect the market.
So go ahead and look at your options. There are ways to help you get the dome you’re dreaming of and there are a lot of tools to also help determine the resale value of your dome home.