Buying Vs. Building: Four Major Considerations You Should Think About
With the housing industry rebounding recently and mortgage rates still at a reasonable level, many families are considering purchasing a home. Often conversations with friends and relatives about this plan leads to a phone call to a real estate agent. From there, the process can sometimes turn the excitement of buying a new home to disappointment at the poor selections available. Building a new home may be an excellent alternative but may also be a daunting task without the proper information. Here are four major considerations you should think about before you start the process:
Every existing home you tour will be decorated to reflect the personal tastes of the previous homeowner. In most cases, you’ll need to change it. You should consider how much work needs to be done before making an offer. Building a new home gives you the flexibility to select every component. Many builders offer interior design services and a design center to view available products.
2. Home Style and Floor Plan
Once you’ve decided where you want to live, the next step is to decide what type of home you want to live in. Start with deciding on a two-story or ranch plan, how many bedrooms and baths, attached or detached garage, and the general size. Price will dictate the overall size in both existing homes and new build construction. However, layouts will vary greatly with each type. Pre-owned products will be one-of-a-kind homes. For this reason, the search for the perfect home may take longer to find. Building a new home will reduce this time significantly. A builder representative will have a variety of floor plans available to fit your personal needs.
Everyone should agree on the general area they would like to live. Think about what you like or dislike about the town you live in now. Consider things like school district, close proximity to work, family and conveniences. Existing communities generally have only a few homes to choose from and often cannot meet all the criteria. According to Henry Walker Homes, a builder of Kaysville new homes and communities, building a home in a new subdivision can meet the location needs as most builders have many lots to choose from in a community or town. Lot selection is important also. Think about the property elements such as trees, sun direction and any future plans like adding a pool or patio.
The most important consideration is that all equipment and structural features are in good working order. A home inspector can prevent any surprise expenses from popping up after you buy an existing home. New homes all offer a nationally recognized warranty on all components. Reputable builders will also coordinate repairs or replacements through an in-house service department.
There are pros and cons to buying an existing home or building a new one. It is important to research both options and find an agent or builder you trust before investing in the most significant purchase of your life.