Building your home vs. buying: What to know before you decide
Buying a home is a lifetime investment for many families and individuals. In fact, most homebuyers spend a lot of time, money, and energy in securing the perfect abode. This is done before closing on deals and signing contracts. As part of the search for their dream homes, most buyers take the following into account:
- Location – neighborhood, safety, and crime concerns, good schools, access to transportation, shopping, retail, and dining.
- Price – how much a person wants to pay for a home is always of paramount importance. Can he or she make good offers that are acceptable by home sellers? Should these monies go towards buying or building a new home?
- Market trends – what are the current market trends? Most potential homebuyers look at interest rates, trends, and other essentials before investing in new properties.
- Property taxes – Property taxes are assessed each year based on the value of your home. These monies usually go towards the county or governing body that monitors the area your home is in.
- Homeowner’s Association Fees (HOA) – HOA fees go towards neighborhood upkeep, security, safety, landscaping, and other essentials that maintain and/or preserve the property values of the neighborhood. They also cover access to neighborhood amenities: tennis courts, fitness centers, clubhouses, swimming pools, barbecue pits, lake activities, etc.
While the home-buying process is intricate at best, each buyer tends to have a different wish list. For example, some buyers want the latest in designs, trends, and amenities while others simply need comfortable living spaces. With this in mind, buyers must decide whether they want to shop for existing homes or build new ones. Each option has its pros and cons which we will examine in full.
Purchasing an Existing Home
Buying an existing home is convenient and might be cost-effective in regard to your budget. Once a home loan is approved by a certified lender, you are able to shop around the find the ideal home for you and your loved ones. Simply check the local real estate listings in your area or work with an agent to find the right property. Once you select a home on the market, make an offer and see if the seller accepts it or not. Working with a seasoned, reputable agent is a great way to get assistance with negotiations and paperwork. If your offer does get accepted, you may be able to close and move in within a month or two.
The home buying process does involve several steps that must be met across the board. This includes financing, along with viewing homes and making offers. You will also need a home inspector to check your desired home before closing. This is convenient since it allows you to report any discrepancies or issues to the agent/seller before moving in. This is one of the reasons why so many folks prefer existing homes over building a new property. Also, this is a good way to jumpstart your move into a home if you are on a tight schedule.
What about the cost factor?
It may be cheaper to buy an existing home according to industry experts. While this is not always the case, recent data compiled by the National Association of Home Builders (NAHB) shows that existing home purchases are cheaper – on average – than building a new abode. Once you have found a prospective, existing home, a mortgage calculator is a great way to get better estimates on total costs. This includes the price of the home with the current interest rates and market range.
With real-estate sales soaring across the nation, there is more money on the market than ever before. Similarly, the financial crisis from a few years ago saw a housing bust that lowered home prices across the country. This is still reflected today in booming home sales and new developments like Botaniko Weston in Florida.
Convenience of Customization
Existing homes are also convenient in other ways. For one, you are sure to have mature landscaping and easy access to local schools, dining, retail, and shopping marts. Most home sellers also make sure their property’s lawns, shrubs, and trees are trimmed and presentable for potential buyers. Also, if looking for a home near town, you are better off with an existing property since it’s already built and ready to move-in.
Still, one of the biggest disadvantages of existing homes is the lack of customization. You essentially get what you are paying for with little to no room for extensive modifications or enhancements. Unless you put in your own money for full remodels or renovations, existing homes come with existing floor plans and features that may or may not be what you are looking for. No truer is this than in older homes which may only have one bathroom, one kitchen, and little to no modern amenities.
Building a New Home
Building a new home can be a time-consuming and tedious experience. You lose the convenience of buying an existing home and there are so many particulars to stay on top of. This includes the following:
- Finding available lots and/or land which may not be in an existing neighborhood/subdivision.
- You also have to find an architect or builder and monitor each element – stage of the building process.
- While buying an existing home is convenient, you do get more creative freedom with new home builds. This includes which systems you want to be installed in your new home, along with the type of design, décor, and features you need.
- New home builds must also include access to municipal water and sewage systems. You need to check if a septic system needs to be installed, as well as meeting other environmental permits. While this may be a hassle, some buyers prefer this over existing homes that are “as is”.
New home builds are considered more efficient than existing properties. This is due to current technologies like smart appliances, faster WI-Fi, and better HVAC systems. You can also monitor the insulation and filtration standards, along with green and energy-efficient options for lower utility bills each month. If you are stuck between buying an existing home and building a new one, consider moving to Botaniko Weston.
Botaniko features estate-quality homes fitted with the latest designs and features. Enjoy open, green spaces and natural beauty that encompasses this great area. With spacious interiors, large windows for natural illumination, and miles of private jogging and walking trails, Botaniko is simply a great place to work, play, and raise a family. For more information, simply contact us today or visit our website.