Buying a property involves many more costs than your mortgage. Here, we cover the important closing costs to consider when you buy a home.
The debate between building over buying your next home.
Do you ever have your mind made up on a certain piece of furniture that conveniently only exists in your mind? Maybe it’s a certain type of photo where the setting is just right and the objects in the photo are captured perfectly. Or you think of a piece of furniture that would work perfectly within the space and your lifestyle. However, your search for that perfect piece of furniture comes up empty. Do it yourself projects have become a way of making those visions come to life. You can design and customize pieces of furniture to suit your lifestyle needs at probably a fraction of the cost.
Just like DIY-ing furniture to fit your lifestyle, building a home that is personalized to you can be more beneficial than buying a pre-existing home. Certain aspects and characteristics of the home can be customized to suit your specific needs and become your perfect home. So we ask the question, what are the benefits of building over buying?
When buying an existing home, very few of them fit the exact needs of the buyer. There are always a few little quirks with the home that require a few fixes here and there. It could simply be a fresh coat of paint or renovating the whole basement into a home gym. Building a home from the ground up allows you to have total and complete control. When you build a home, every aspect of the house is up to you to customize. Every decision regarding the house is up to you, down to the types of knobs you want on your kitchen cabinets. By having every decision go through you, there is no doubt the home will end up being exactly like how you imagined it. By building over buying, you will get to choose every detail of your new home.
A major hidden cost in buying a pre-existing home is its energy efficiency and safety. Many older homes were built to different standards, which could lead to additional costs in renovations. When watching Property Brothers on HGTV we always see homes that have underlying problems. Older homes may contain mold, asbestos, or electrical issues that require more money to fix. Building a home allows you to use the latest and greatest construction techniques. New homes can be built using newer and safer materials for both the environment and you!
Personalizing the home with green appliances can be both safer for the homeowner and save money in the long run. Moreover, installing green products right away, rather than upgrading an older home can be significantly simpler and cost-effective. Building a home from the ground up allows it to be held to a higher-level safety and efficiency than some older homes have been built to.
Return on Investment
When selling, a newer home can also have a better return on the investment. The initial cost of building a home can seem high but can be easier to recover the investment. Newer homes have a higher likelihood of selling fast and selling for the ticket price. Everyone is attracted to new and shiny things, so a home that is newer will seem more appealing to buyers. An older home is known to come with the potential for underlying issues, which can cause it to sell for lower than the asking price. A newer home is less likely to have underlying problems and is a turnkey property. The buyer can move right into a new property and do a few repairs. The initial cost of building a home from the ground up will pay off when it comes time to sell.
Make it Feel Like Your Own
It can take time to adjust to a place when you are renting or buy an older home. The place was once occupied by someone who lived a totally different lifestyle than you. Someone else was once taking a bath in your bathtub or reading a book by the fireplace. Moving into a home that was occupied by a previous owner can make it hard to feel like the home is really yours. Building a new home can make it easier to establish that it is YOUR home. You have an emotional connection to a property that you know you created. You put in countless hours designing every aspect of the property to fit your needs. Building a home makes it really feel like it’s yours and that you belong there.
A custom-built home allows you to make that little picture in your mind come to life. Every detail in a home that you’ve built is customized to fit your lifestyle. There are no hidden costs when building a new home, which can make it more affordable in the long run. You set the budget, and you will be able to stick with it and ensure you don’t go over budget. A new home allows you to make the first memories in it and a place for future generations to enjoy. When looking at how to fund building a home, give us a call at Clinton Wilkins Mortgage Team! You can give us a call at 902-482-2770 or get in touch with us here!