Originally publish on Sandia Federal Credit Union website. See article here.
Twilight Homes is Building for the Future.
Twilight Homes is hard at work creating innovative opportunities for home ownership.
Their team combines firsthand knowledge of New Mexico’s communities with extensive home-building experience to offer well-built, environmentally friendly homes that open doors to new home owners and support local economic growth.
“We set out wanting to be the biggest and most successful local home builder in New Mexico,” says Tim McNaney, Co-President of Twilight Homes, “And we’ve done that by being part of the community.”
Co-presidents Tim McNaney and Vinny Pizzonia both live in houses built by Twilight Homes in New Mexico. They see Twilight’s communities as integral to their success and pride themselves on being go-to local builders. They’ve witnessed the state’s housing market shortage over the last several years and its effects on neighbors and clients.
For some, especially younger buyers, owning a home has started to feel unattainable. It doesn’t have to be, if developers, builders, and financial institutions recognize the potential for innovative solutions.
“So, when we’re thinking about developing these starting price points,” Tim says while discussing their newer offerings, “We’re doing that with the community we know in mind.”
THE VALUE OF A NEW HOME
Homeownership in New Mexico is trending downward, according to the Urban Institute. This is a problem for residents because, without the ability to build wealth through assets such as homeownership, the cycle of generational wealth building can be disrupted for families working to make ends meet.
In response, Twilight Homes offers Best Value Homes to make new homes affordable again. “Owning a home is a key part of wealth building,” says Tim, which is an essential part of the state’s economy and its ability to weather change.
Best Value Homes have set price tags that are locked in with a mortgage interest rate at the start of construction. “The value of a new home is security,” Tim says. “You know exactly what you are getting from day one, with no surprises.” At a time when construction and material costs change regularly, Best Value Homes offer buyers high-quality construction at a fixed price and avoids the volatility of the lending market.
By not passing fluctuating costs onto buyers, “Maybe our profit margin wasn’t as big as it could have been,” Tim admits with a shrug. “But the value that stability and affordability brings to our community is a balance to that.”
These new homes are much more energy-efficient than older homes due to new building standards and materials. Newly constructed homes require virtually no maintenance for the first few years, come with a warranty, and their built-in energy efficiency can save serious money on utility bills. “And,” Tim adds, “It’s also better for the environment.”
IN THE PIPELINE
Twilight Homes is designing and building a series of urban townhomes for the reimagined La Mirada development on Montgomery and Wyoming in Albuquerque. These townhomes will have their own unique design to fit the local area and will use quality materials with some customizable features.
“We can make changes,” Tim enthuses. “Which is something a lot of other builders don’t do. If you walk through a design house and it’s not perfect for what you need, we can get creative and find a solution that is what you want.”
LOCAL FINANCIAL PARTNERS MAKE ALL THE DIFFERENCE
Twilight Homes works closely with SLFCU as their primary lender for new and existing developments, sharing concern and a deep understanding for the communities they both serve. “The best part of working with SLFCU is, you guys are here, too!” Tim says.
The business lending team at SLFCU understands Twilight Homes’ unique challenges and opportunities in a way that national lenders or big banks might not. “I know I can bring Casey [Bresnahan] an idea and get a straight answer from someone who also cares about the local community and the way it grows,” Tim explains.