To build or buy? That is the question many home buyers ask themselves when seriously considering moving into their own home or moving up from their current home.
Whether you are looking at new construction in the Weston luxury homes market or considering buying a pre-existing homes in the Coral Gables luxury homes, there are some serious points that need to be determined before deciding which one would be best for you or your real estate client.
Convenience and Budget
Time is a major factor. As you begin comparing the good and the bad between these two home buying options, remember that if you buy a home that needs to be seriously renovated than it may almost be like building. But if it is a move-in ready home than the convenience of closing within a few days may be a major factor in the decision process.
When building new Weston luxury homes, Coral Gables luxury homes, or another property. If you are thinking about starting from scratch, you should expect the process to take a year or more. Customizing your own home is one of the most satisfying accomplishments for home owners, but the details can be overwhelming.
Home owners will be responsible for choosing cabinets, flooring, molding, window trim, lighting fixtures, and more. If a selection goes out of stock or is discontinued during the process, you might have to go back to the drawing board and start over again with selections.
Expect delays. It is rare for a new home build to be completed on schedule. There are just too many factors in play that can shift a job’s completion date in an instance. From the weather and inspector schedules to supply deliveries and contractor issues, all of these can easily throw off a finishing date for a new home.
Keep in mind, any delays or changes in materials can increase your budget. Plan for extra costs when budgeting so you aren’t left with scrambling for additional monies.
Industry advisors advise buyers to visit the site on a regular basis even if enlisting the top builders in the area to construct your new home. Knowing what is happening at your site as things progress will allow you to nip any misunderstandings in the bud, and let you get to know the construction site crew. Bringing over lunch or other goodies on occasion may motivate the crew to step up the job they are doing.
Financing
When trying to finance the building of a new home, most home buyers will need to have enough money to get the job started before a construction loan kicks in. Lenders will want to have building permits secured before drawing up the paperwork. New construction involves more risk and is more complex than traditional mortgages.
Mortgages for pre-existing homes also come with the option of a fixed interest rate versus construction loans which typically are short-term and often come with variable rates.
Value
One of the best parts of building a home today, whether it’s Weston luxury homes, Coral Gables luxury homes or another home, is that it will be following the latest building standards, which are improving every day. With better standards comes better quality materials and leads to a better quality home.
What that means for today’s home buying market is that many newly built homes are incorporating green products and energy efficient products into these homes. Besides having these types of materials pay off in the short-term, they also will more than likely bring bigger dollars to you in the long-run if you ever plan on selling the home.
