Quaveion Intends On Building His Dream Home
When it comes to investing in homeownership, Quaveion says, “It’s better to start now than later.”
Like so many in the area, he’s watched his rent increase year over year. Rental prices spiked coming out of the peak of the pandemic, particularly for Wisconsin families who experienced some of the steepest hikes in the nation. An article by PBS Wisconsin noted the average monthly costs for 1- and 3- bedroom rentals in Wisconsin have jumped by as much as 25% since 2021.
With housing being most family’s largest expense, these sharp increases can severely impact financial stability. Through homeownership – Quaveion sees an opportunity to invest this significant expense in his future.
“I’m tired of paying thousands of dollars in rent,” he says. “This mortgage is going towards something that’s yours.”
Quaveion noted that he’s always wanted to own a home. He’s handy and interested in getting into the construction field. So, when he first began the search for a home of his own, he began looking at foreclosed properties to remodel.
“They were affordable, but they needed a lot of work,” he said.
On top of that, competition for a limited supply of homes continues to push prices up. In the last three months of 2023, the average home in the Milwaukee metro-area sold for $417,800 — topping $400,000 for the first time (source: Milwaukee Journal Sentinel).
When he learned about Milwaukee Habitat’s build it and buy it homeownership program, he saw the opportunity to develop his construction skills while investing in a home that wouldn’t come with all the hassle of a full remodel. The typical monthly mortgage payment to build a brand new Milwaukee Habitat is less than $950/month and little to no down payment is required.
While appreciating the idea of a brand new home, he’s still looking forward to putting his own touches on the place.
“I plan to build a garage in the back and finish the basement,” he says. “You can fix it up to make your dream house.”