Have you ever contemplated value and worth? When you are thinking of new construction homes, this question becomes more important than you might imagine. Should you buy an existing home or work with a builder to build one to your specifications? What are the benefits and drawbacks? We can help you answer that question.
New construction homes have the obvious advantage of being built to suit you. But what is the cost of doing that? Time, up front anyway, is the biggest cost. If you want to find a home and move in within 30 days, you definitely want an existing home. Time up front is much shorter—assuming you find the home you want quickly.
New construction homes take time to build, and you can’t shorten that time without losing some quality in the process. But time spent up front can definitely shorten frustration time later when you have to do extensive remodeling to the home you bought that wasn’t a perfect fit for your needs. That time is cost you should consider when making your decision.
So, why build instead of buying an existing home? The main reason, other than customizability, is worth. What is a new home worth?
For many people, building a new home actually costs less than buying an existing one. Why? For starters, appraiser’s factor in the neighborhood value when determining what a home is worth. A new home in an undeveloped area doesn’t yet have a neighborhood, so the cost per square foot can be lower than for an existing home in a neighborhood of equally nice homes. You get more for your money and it is custom fit to you.
Another reason a new home can cost less is simply the builder. Find a good builder who is concerned about the quality of the home, and you can get a lot more home for your money than otherwise.
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