You’re at the point financially where you’re ready to invest in a new, custom-built home. While there are many benefits that make this exciting dream home become a reality, there’s no free lunch here. It’s important to understand the costs of making your dream come true.
Pro: It’s brand new.
A huge benefit to buying new construction is it doesn’t have the damages of a house that’s been lived in. Everything is clean and new and ready for you. This means that it will probably be a while before you have to replace faulty plumbing, roofing, and so on. Plus, you will likely get warranties that cover these mishaps for at least the first few years. You will reap the benefits of lower maintenance costs and no surprises.
Pro: It’s yours.
There’s something so exciting about having a home that was built with you in mind. You get to customize the interior and exterior to suit your tastes in ways that would be impossible with a pre-built home. Everything down to the tiniest of details can be determined by you. You may want a costly upgrade, like new windows or an extra room, but they are still possible if you really want them!
You don’t have complete freedom to make the spitting image of your dream home. Builders impose restrictions on the upgrades you make and the new appliances you decide to install. If you have an upgrade that doesn’t fit into their original construction plan, the builder may refuse it. Unless you want to pay an exorbitant amount to add the forbidden features after construction, you have to take what you get. Make sure you talk these points out with your builder to see how flexible they are.
Pro: No Paradox of Choice.
You won’t have to come up with the design completely on your own. There are a selection of choices that the builder will allow for every change you want to make. They may even have a select few paint colors they will allow. While this limits your freedom, it does ease decision-making anxiety and narrows it down for you.
These benefits won’t come for free. If you go crazy with the improvements and customizations, you will quickly go broke. You have to be selective about the upgrades you choose and plan them carefully. Make sure you know exactly how much your upgrades cost and if they are worth it to you.
Building a custom home is exciting and has so many advantages. However, it’s important to put ample research and thought into the risks and costs before making this huge investment. You may find that you would be just as happy paying less for a used or pre-built home. Or, you may find that you accept the risks for the benefits you get and go for it.
Once you decide to build a home, the process is involved and requires a lot of research (like most real estate processes). As you would with buying a used home, you need the best team of experts you can find, including an agent, a lender, an inspector, and more. Check out our article here for tips on getting the process going.
We hope these points help you in your decision to buy new construction!
Want to learn more from someone on Our Team? Feel free to Contact Us. We're happy to help.
Craig TannBroker huntington & ellis, A Real Estate Agency