When it comes to finding your dream home, sometimes you just can’t find that perfect house. It might be because there is little inventory, or it could be because you’re having a hard time finding something that you love. Sometimes the only way to get exactly what you want in a home, is to build.
Perhaps you’ve found something close to what you’re looking for, or maybe you’ve found a floor plan that you love, but the house is outdated. You will then have to figure the cost of those renovations, and add them onto the cost of the house. These costs can add up quickly, possibly totaling more than the cost of a new build.
Or maybe you want your home to be more energy efficient. In this case, it would make more sense to build, because the energy-efficiency standards and building codes that are in place today, far exceed those of prior years. Many markets now require certain energy efficient features in new builds, such as Energy Star doors and windows, and better insulation. These green features add an important value to the houses, and people that opt for a new build will be ahead of the green curve. That means that if later in life, they decide to sell, they will get a better price.
Now, we’re not saying that a new build will be the best choice for everyone. There are way more details to keep track of and may require additional upfront costs. Also, it will take more time to be able to move into your new home, should you build. In an existing home, the buyer can move in immediately after closing, which typically takes place anywhere from 40 to 60 days after the seller accepts the buyer’s offer. Even if work needs done on an existing home, the new owners shouldn’t be displaced, whereas building takes at least a few months.
However,if your ultimate goal is to have your dream home, and you have the time and the money to see the project through, then a new build is definitely worth looking into.