There are plenty of reasons to be excited about building a custom home, especially when you hire GTG Builders to make the process easier. Contact us with questions or to get started. New Jersey Home Building Blog. Subscribe to Email Updates. Recent Posts. Free Tools. Even tract homes built within subdivisions allow for some customization in color choices, flooring options and certain finishes. Low to no competition. It might come as a shocker given the state of the world over the last year, but the real estate market is hot.
In February , existing homes were on the market for an average of 20 days! But if you already own the land you want to build your home on, you obviously have zero competition! Lower maintenance. Plus, many homebuilders offer a limited warranty if something should break. Lower energy costs. New homes often feature the latest energy-efficient systems and materials, which usually leads to lower energy bills— woo-hoo! When you build a house, there are no costly repairs for appliances, updates or remodeling.
Most homes are built in newer neighborhoods that are very desirable. You get to start fresh and feel like everything in the home has your stamp on it. This is perhaps the biggest one of all the reasons to build a house.
Although building your own home can be a thrilling experience, it may not be right for your family. It can take more than six months to build a new home.
When considering the cost of building vs. For many, buying a home is just as satisfying as building one. Here are three pros owning your own home! Though building your own home may be great, buying a home and making upgrades over time can help cut down on up-front costs. In most cases, when buying a home, the buyer can move in immediately after closing. There is no wait time or temporary housing to worry about, which is perfect for movers on a deadline.
With existing homes, you can choose virtually any neighborhood or area. This is especially nice if you have a specific location in mind! Purchasing an existing home is an excellent investment.
Here are some cons of buying a home to consider before home purchase. With older homes, the odds of you having to make repairs are higher than with a new, recently built home.
Designing and building your own home gives you a lot of freedom when it comes to creating an interior layout and floor plan. However, if your budget and home design allows for it, you could add on say, an enclosed patio for more square footage, or turn the garage into an extra room. When buying a home, you might have to invest some time and money to bring the home up to current decorating standards by removing wallpaper, changing paint colors or updating flooring. Which could be great for those DIY masters out there, but maybe not for others.
Another key aspect to consider when thinking about your next home is financing. Most homebuyers end up spending lots of time and energy either searching for or designing "the perfect home" before signing any contracts or laying down funds.
Location, price, market trends, property taxes, homeowners association fees , and the condition of the property are usually factored into a house hunt. Also, each buyer typically has a wish list that includes specific needs the things the buyer has to have and wants the features the buyer would like but could do without if necessary. While the home-buying process involves several important choices, one of the very first decisions buyers need to make is whether to shop for an existing home or build a new one.
Each path has its advantages and disadvantages. Here's a look at both sides. There are two primary advantages to buying an existing home: convenience and cost. Once you are pre-approved by your lender, you can shop around, pick out a home, and make an offer. A qualified real estate agent can streamline the process by helping you find appropriate properties, guiding you through negotiations, and assisting with the paperwork.
Once your offer is accepted, you may be able to close on the deal, and then move in within a month or two, depending on the circumstances. Even though the process involves numerous steps—such as financing, viewing homes, making offers, home inspections, and closing—the convenience of being able to move in right away is compelling enough for many people to choose an existing home over a build.
The need to buy a move-in ready home may be especially true for buyers on a tight schedule, such as those relocating for a new job or whose children will be starting at a new school. Then there's the cost. In many but not all cases, it's cheaper to buy an existing home, according to data compiled by the National Association of Home Builders.
Depending on your target real estate market, prices for existing homes may still be quite favorable in the aftermath of the financial crisis and housing bust that significantly lowered real estate prices across the nation.
Odds are, too, that the home will have mature landscaping, so you won't have to worry about starting a lawn, planting shrubs, and waiting for trees to grow. And if you want to live close to town, your best bet will be an existing home since most, if not all, of the land, will have already been built upon.
On the flip side, the most significant disadvantage of buying an existing home may be that you won't get exactly what you want. You may not be in love with the floor plan and may wish that half bath on the first floor was a full bath or that there was another bedroom on the main floor.
Older homes, in particular, may be functionally obsolete, no longer meeting the needs of most buyers. For example, an otherwise beautiful four-bedroom house may only have one bathroom, or the kitchen may be too small, with no room for expansion. These additional expenses should be factored into the overall price, especially when choosing among various properties or comparing the cost of building your own house.
Building a new home doesn't offer the same convenience as buying an existing house. Not only do you have to find the land, which may not be in an existing neighborhood, you also have to factor in the time to find an architect or builder, and choose every element of the new structure. You can limit the risk that your house will go over budget or take longer than you expected by working with a reputable builder and having a good contract in place.
Joining an existing development may streamline the process, though it may limit your degree of choice.
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