The state of Arizona is luckily seeing a steady construction industry with big projects popping up in the Phoenix area.
Tempe is the latest city in the Phoenix area to see a growth in construction projects and now a local company is bringing home affordability to the city’s residents with “micro estates”. This community of small homes is currently under construction and is bringing, not only jobs to Tempe, but excitement. Tempe-based Newtown Community Development Corp. and Phoenix-based 180 Degrees Design + Build are the brains behind this construction project.
The units are in a small community and are 600 ft.², making them great for first-time homebuyers. To qualify to purchase one of these homes, you must meet the criteria of a low-wage earner.
These homes are going for as little as $170,000 each. The micro community consists of a total of 13 homes and should be completed by October 2021. The good news is the building supply shortage seems to be going away, so the project can keep on track with the timeline. The recent supply shortage caused delays in many construction projects across the state and country.
How does the buying process work? Well, the company building the homes purchased the land and you will be purchasing the structure on the land. When it is time to move, you will sell the home back to the builder at 25% of appreciation in addition to the price of the home sold.
The goal is to help those struggling to build a more stable life.
If you live in Arizona and are involved in a construction project make sure to check in with a construction lawyer in Phoenix. A construction lawyer can handle all things including drafting contracts, reviewing contracts, and dealing with contract disputes. Anytime you are looking to get involved in any type of construction project, you need to make sure you have the expertise and legal advice of a lawyer on your side. Things can come up, so make sure to protect yourself and your business.