Feb 25, 2020
To buy or build a home? This is a question that many homebuyers have to make a decision on. Both have pros and cons, so it is important to understand your options. Mark Spain Real Estate has provided you with the the pros and cons of constructing a new home! With this information you will be able to make the decision of constructing or purchasing a new home!
One major advantage to constructing a new home is that there is a decrease in competition. When you build a home, you are not competing with anyone else in the housing market to purchase a home. According to the National Association of Realtors, the average time for an existing home to sell is just 30 days! This makes it more difficult for buyers trying to purchase an existing home in the market. Instead of competing in the housing market with many other buyers, decrease your competition and build a new home.
You also get a fresh start living in a brand new home. A newly constructed home means no previous homeowners! You won’t have to worry about fixing up the house that the previous homeowners might have left behind in an existing home, such as deep cleaning stains from the carpets or repainting the walls that had marks on them.
Constructed homes can also offer modern features as well as energy efficient materials. Also, new homes won’t rack up maintenance issues or large repairs that can be a burden on your first few years of living in a home.
Of course, the major disadvantage to constructing a new home is that it you can’t move in right away, it takes time to build. According to the United States Census Bureau, it takes an average of 7 months to build a new home. Be prepared to cover the cost of renting out another home or apartment while your house is being built, as many people will have a gap in their residence.
Another con is that there isn’t much leeway on the purchase price of a new constructed home. Most buyers go into the home purchase process expecting to get a great deal on the purchase price or closing costs of the home, however this is not always the case. It is best to have an experienced real estate agent who can negotiate on other possible incentives into the contract price!
In addition, be prepared for some unexpected expenses. Be sure to understand what all goes in to the contact price of your home. Upgrades can start to rack up and they may not included in the contract price. Make sure you gather all the information you need and have ample knowledge on constructing a house so you won’t be bombarded by extra fees and costs.
Mark Spain Real Estate is connected to the Southeast’s top builders. We can help you move in to your dream home faster with our Builder Referral Program! This program is a simple, effective and value-priced method that will take the worries out of selling your existing home while looking to build a new home. Click here to learn more about our Builder Referral Program!
Connect with us on Facebook, Instagram, Twitter, or LinkedIn to stay up to date on all things real estate!
Mark Spain Real Estate is grateful to serve all of Metro Atlanta and Athens in Georgia, Charlotte and Raleigh in North Carolina, Orlando and Tampa in Florida, and Nashville in Tennessee!
Share
Newest Posts
