If you’re ready for a new space, but unsure if you should purchase a lot to build your dream home, or purchase an existing home, ask yourself these 4 questions.
- What’s your budget? While a new construction home may be more costly initially, an existing older home could require large repairs (like a new HVAC system or new roof) later on that can add up. Be sure to consider your initial costs, monthly costs and potential long-term costs before making a decision.
- What’s your timeline? Are you in a rush to get into a new home? If so, buying an existing home might be a better choice. Building from the ground-up takes time! According to Realtor.com, the average home takes 3-6 months to build. If you’re on a strict timeline, building a new home might not work. Check with your builder to get a realistic timeline before you move forward.
- How important is customization to you? If you have a very specific vision for your home and love thinking about the details, building a new home might be for you! You’ll need to make big decisions about things like your floorplan, paint colors, hardware, flooring options and appliances! For some, this is overwhelming. But other people love it! Which type of person are you?
- How much work are you willing to do? An existing home is most likely going to require more maintenance than a new construction home because of its age. But if you’re willing to put in a little work, you could be getting a great deal on a wonderful home that just needs a little love! Make sure to have a full inspection before you close to make sure there are no surprises once you move in.
When you’re ready to search for a new home or discover the ideal lot to build your dream home, we can help! Contact us here!