Currently, the market lean is in favor of the seller–which can leave many buyers with limited options. Nothing sucks the fun out of purchasing a home like continual compromise over a narrowing field of choices. For that reason, building a home may be a better option! As you explore this option, it’s important to keep a few things in mind:
This part exciting! Just look at some of the gorgeous views that are available in our area–ready to welcome the home of your dreams! As you’re looking, you will want to be aware that there are two types of land for purchase: raw land and land that is ready to build. It will be far easier to get a loan on land that has already been prepped for utilities and it will make your building process significantly easier too. That being said, raw land that you already own or have fallen in love can work too–you’ll just want to allow yourself more time for the process.
Having an Advocate
With a lot of new construction, you have the option to work with the builder themselves for choosing your land, design and customization. However, it’s important to know that an agent is still an important asset when it comes to new construction. They can help you negotiate a better price, help you navigate decision making or any hiccups and give you the reassurance that someone is on your side! An agent will also put the time in to make sure the project stays on budget and within your time frame. The best part–the builder pays the agent–not you!
Not only is a new build likely to give you exactly what you want in a home–after all, you’re calling the shots!–but it’s also likely better for you in general. With new construction, there is no fear of hidden costs or dangers from things like mold, poorly done remodels or work that is not up to code. You can oversee the process and make sure things are done just to your liking and with your family’s safety in mind.
The upfront cost of building can seem higher at first but there are a few things to keep in mind. First, your resell value is great because prospective buyers tend to favor new homes with modern amenities. Secondly, choosing a builder who lump-sum contract (meaning the total cost of the house is specified before breaking ground) can insure that any delays or additional costs fall on the builder, not you. Lastly, your agent can help here too. They can help you prioritize what is most important to your family, what potential customizations offer true equity in the long run, and places where you can save money to get more out of every dollar.
Building can take longer than the typical process for buying an existing home. You will want to be realistic about your time frame and allow additional time for things like surveys, weather issues or builder delays. If you find that you need your new home built in less time, your agent can help direct you towards homes that are currently being built but that may have time left before completion to add your own special touches.
Ultimately, deciding to build is a big decision. However, settling into a home that meets your exact needs and will bring you peace of mind is worth the time and financial investment.