Buying a home is a huge investment and one of the most important steps in life. There are many decisions homeowners need to weigh carefully, starting with the choice of move-in ready or new construction homes. Whether you are into Passive Real Estate Investing or actively involved, that decision is the crux of the home buying process and determines many choices afterward.
1. Money Talks
When it comes to buying a home, money is of course a really big thing. If you’re considering constructing a home, it is even more important. Building your own home will be more expensive than purchasing a move-in-ready home. However, that doesn’t mean you’ll have to break the bank to build your dream home. With adequate budgeting and smart choices, an affordable new construction project can be attainable.
There are many professionals involved in the construction of a new home and smart hiring will go a long way. Homeowners want to look for strong references and prepare a good contract with a builder that will look for ways to reduce costs of materials and other items. References are also key when choosing subcontractors and making estimates for other aspects of the homebuilding process, such as the plumbing or electrical system.
Beyond the normal cost of works and building materials, there are several hidden costs that are worth budgeting for. For any homeowner considering building, anticipation is key.
It is worth considering the cost of upkeep associated with a move-in ready home compared to a newly built one. Remodeling or replacing appliances may have to be done sooner rather than later with a preexisting home.
On the other hand, the maintenance costs of a newly built home are often lower, as all of the systems and appliances are up-to-date and energy-efficient. Hazardous materials like asbestos or lead won’t be an issue either. Finally, homeowners will often see better resale profits on new homes than on preexisting one.
2. The Time Commitment
Building a home is an exciting, but time-consuming undertaking. It can take anywhere from four to twelve months to complete construction on a home. In the meantime, many homeowners have to move into temporary housing and put their belongings in storage. For some homeowners, this option simply isn’t viable. Families with children, for example, might prioritize a quick move into a preexisting home.
Another convenience of buying a home is mature landscaping. You won’t have to wait years for the gorgeous oak tree in the lush front yard. With a move-in ready home, you’ll have a mature lawn from day one that you can alter as you wish.
3. Freedom of Personalization
Building a home involves hundreds and hundreds of decisions, from floor plan to front door. Every color, finish, and material must be approved, inside and out. But the end result can be a dream home worth every decision.
Some people are thrilled at the opportunity to customize every aspect of their new home and indeed, this is what draws many people to new construction homes. It is a chance to truly take control of your space and personalize everything to perfection.
Additionally, homeowners constructing a new home have the opportunity to purchase the newest technology. Energy efficient systems, home theaters, and home-wide monitoring networks are just a few of the emerging trends in home technology. If you value the freedom that comes with that kind of in-depth personalization, then construction might be the route for you.
On the other hand, some people find that their dream home already exists. Or they create their dream home after moving in, through interior decorating or remodeling. Ultimately, the convenience that comes with buying a preexisting home can outweigh the customization of building a new home.
4. Location, Location, Location
Sometimes, a homeowner’s desired location can make the decision to buy or build clear for them. Homeowners looking to be close to town may find that there is no space for building or that the cost of land is prohibitive. A family with their hearts set on a good neighborhood with top-notch schools, for example, may opt for a preexisting home. However, a retired couple looking forward to their golden years in the country might lean more towards to building their own home.
When looking for a location to build upon, homeowners will need to juggle permits, municipal systems, site preparation, and more. Some relish the opportunity to carve their own path on new land, whereas other homeowners find the ease of buying a lot in a master-plan community preferable. In addition to infrastructures such as sidewalks and roads, these developer-prepared communities may also have amenities such as walking trails and parks.
Conclusion
There are many reasons why a homeowner would choose to build a home or buy a preexisting one, ultimately coming down to practical and personal considerations. It is both a financial and emotional decision that can make your future brighter. Dream homes are bought and built– it’s up to you to decide which your new home will be.
