To Build or Not To Build?
To Build or Not To Build
Building a new-construction home and buying a pre-existing home each have advantages and disadvantages. One is not better than the other, but there are a few questions to ask yourself as you begin your home search. Some of the more influential factors include time, money, and customization.
Contracts for purchasing an existing home typically take between 30 to 45 days. It takes about 4 to 6 months to build a new-construction home, depending on its size, materials, complexity, and builder lead time.
Getting everything you want in a home is generally more expensive than purchasing a pre-existing home. On average, home buyers pay less for their home when they purchase a home that is already built. The cost for things such as upgraded floor plans, upgraded flooring, upgraded counters, and upgraded patios add up quickly. Pre-existing homes are also priced more competitively, as sellers know the emotional draw - and thus added value - of a newly constructed home. Additionally, writing a contract on a new home locks in the sales price at that time (possibly subject to upgrades at the design studio) but does not necessarily lock in the interest rate until closer to completion.
Building a new home can be a complex and demanding process. As a new-construction home buyer, you might be responsible for choosing each individual in-home selection, color, and finish for both the interior and the exterior of your home. For some, that is exactly the level of control desired. Others do not desire this level of customization and are happier making less choices.
Pre-existing homes typically have larger yards and more mature trees/vegetation. Pre-existing homes can also require more maintenance or updating. New-construction homes typically come with a builder’s warranty and might be more energy efficient. New-Construction homes might also look more similar to homes close in proximity and might have future foundations issues due to the natural home settling that occurs over time.
What is best for you and your family? Do you have time? Do you have a specific budget? Do you want to compromise or do you want customization? Do you want to be in a more mature neighborhood? Do you have the ability to complete maintenance repairs?
It is important to get this decision, To Build or Not To Build, out of the way early in the home buying process. Are you having trouble deciding which is better for you? I am here to help! Call or email at your convenience, and I would be happy to discuss which option would be most beneficial in the area that best suits you and your family!