Starting in January 2015, a new law takes effect that mandates all new homes 4,500-square-feet (whether all the square footage is finished or not) and larger are required to have residential fire sprinklers. All new homes will also be affected by other new energy code changes such as air exchangers and insulation changes. It is estimated that these changes could drive up prices of new homes by more than $10,000 when you factor in the sprinklers. If you are able to purchase a new home before these changes come, it will save you some money.
Minnesota homeowners and their families will benefit from this new law: residential fire sprinklers save lives and can minimize the damage caused by a house fire. In addition, most insurance companies offer a discount from 5 to 15% for homes with fire sprinklers.
Where has the Twin Cities Real Estate Market been and where is it headed. Take a look at the August monthly skinny for a summary of trends and projections for the real estate market in the Twin Cities.
Have you noticed that new homes being built are getting smaller and so are the lot sizes? The days of the McMansion are over and people are getting a bit more sensible. Smaller homes make sense for so many reasons. Take a look at the infographic below for some interesting information. Double click to enlarge the graphic.