If you are in the market for a new house, then you face a major decision: should you buy an existing home or build a new one? Both options have pros and cons, but you may be able to see if building a new house is the right move by looking at a few key indicators. Here are five signs a new house could be the best choice for you.
1. You Have Specific Needs
As with most things you buy off the shelf, existing homes can only provide a certain amount of your desired features. Close enough can be enough for many homebuyers, particularly if they can afford to customize the home a little bit more through remodeling after they buy.
But if you know exactly what you want or you have unique needs, you should start from scratch. Buying an already-built home and then extensively changing it could lead to a higher total bill than just building what you want from the ground up.
2. You Can Get a Land Deal
When you buy an existing house, you buy the land and the home as one package deal. But what if you can get a great deal on half the purchase â€” the land â€” instead?
Whether it’s inherited land, deep discounts on unimproved land in a specific area, or even giveaways from local communities, a deal on the lot can save you thousands on the overall project. You then have more to spend on the house you really want while still coming out ahead.
3. You Have Time to Invest
One of the biggest pros for buying an existing house is that it’s faster and more convenient than overseeing the construction of an entirely new one. But if you have the time to spend on the project, it may be better in the long run. You’ll get a more tailored house that may last you much longer than one that doesn’t meet all your needs. By taking advantage of a more flexible schedule now, you might save time moving later.
4. You’re In a Tight Market
How is the real estate market in your desired area? Hot real estate markets mean buyers must act as quickly as possible, make instant decisions, and engage in bidding wars. You can easily end up spending thousands more on a house than it’s worth or than you would normally pay in a more reasonable market.
If this is what you’re facing, you could actually save significant amounts of money on a comparable or better home, simply by not overpaying for it.
5. You Need Modern Features
When you buy a home with some history behind it, you also get older appliances, fixtures, and internal systems. This means you may need to update or replace things much sooner than if you start with new versions. In addition, older homes can be energy-inefficient, can contain safety hazards in old systems, and can be inflexible for upgrading to modern technology.
If you are concerned with any of these things, you may have little choice but to start with the most modern building you can.
Do you find yourself in any of these situations? If so, new home construction could be the best investment you can make in terms of money, time, and effort. Start by learning more about building a custom home in your area and price range.
Homebuyers in the Toronto area have relied on the residential construction team at Ra-V General Construction Corporation for more than 20 years. Call today to make an appointment and learn if a new house could be the answer to your dilemma.