Lavon Tx Real Estate
In today's market the inventory is so low and the homes sale within 24 hours sometimes. What do you do when you can't find the home that is perfect for you? Some people just give up or just keep looking until they find a home that somewhat fits their needs and they settle for it..
When deciding on buying or building a house there are a few things that you need to consider. Look at all of the pros and cons and see which option works best for you and your family.
Pros for Building a new home:
You get to talk with a builder and can completely customize the entire home to exactly what you want.
You have control of what features you have that could affect your daily life.
You will gain the knowledge and get to watch your home come together and gain a sense of ownership from ground breaking to laying the carpet.
You will have the comfort of knowing things are being done up to code and that the builder uses reputable contractors who get the correct permits to get the job done the right way.
You will have the option to use eco-friendly materials from insulation to sprinkler systems.
Builders will sometimes give you incentives for free upgrades or pay money toward your closing costs.
You get to choose what you pay for the house. If you feel its too expensive then you can remove some of the upgrades to bring the price down to what you are comfortable with.
Homes built within the last year to today are way more energy efficient than all of the pre-owned homes that are on the market.
Cons for Building a brand new home:
Building a home can take months and can get hard when you are looking to move quickly. You would need to make living arrangements until the home is complete.
You could run into unexpected costs for if the prices change or anything happens with the construction of the home.
Everytime a problem arises or a decision needs to be made you will have to hear about it. Making these daily decisions can take a toll on a couple or even an individual.
Delays. Anytime that it storms or has bad weather it could delay the completion date of your home. This happening can be hard if you are in a lease and do not want to have to extend the lease and pay the extra money to stay until the home is complete.
Appraisals. If you get an appraiser who is not familiar with the area or there are not many new builds in the area it can take a toll if the house doesn't appraise what you are paying for it. From personal experience make sure they can assess the value of any extra structures that you have built such as a workshop or pool These things can hurt the value of the appraisal if the appraiser is not familiar with what it actually costs to build these things and how much it actually ads to the value of the home.
Limited availability of lots that are available in the neighborhoods that you like and want to be in.
You most likely are not going to be in an established neighborhood right away and will see construction around you for a while sometimes.
Pros for buying a pre-owned home:
You get to shop around and compare homes and see which homes have the features that you want in your new home.
You can drive a hard bargain with the sellers and try to get them to negotiate the price of the home.
You can usually close as early as 2 weeks from executing the contract and move in.
You can shop at your own pace. Pick the times to see the homes and decide when the best time to close is.
Pre-owned homes are sometimes in matured neighborhoods so there are not as many HOA's so you can live freely and not worry about painting your fence the color that they want you too.
The landscaping is usually already matured and have nice big trees in the yard for shade.
Cons for buying a pre-owned home:
You don't always get to have every feature that you want in the home. You may have to put more money into the home to make it what you want exactly.
The stress can be overwhelming when in today's market you end up against multiple offers and end in a bidding war lucking out a few times before you actually win a home for yourself.
Some homes will need repairs or maintenance before you can move in or sometimes they don't pass inspection as they are older and sometimes have preexisting issues that need to be resolved before closing.
Some homes do not have the modern amenities so you have to replace appliances and light fixtures to bring them up to date.
In the end, buying a new home and building a new home both involve some headaches. But if you've done your research and planned carefully, the end result is sure to be rewarding no matter which option you choose.