When it’s time to move, most people have two options. These are to spend countless hours scrolling through the MLS or to start looking at house plans and build. If you’ve chosen the latter, congratulations! Owning your own brand-new home has many benefits. However, it’s not without its caveats, and the following information (presented to you by OLIVIA ROCCO) can help you better prepare for the process.
New construction vs. existing properties
Before we begin, let’s take a quick look at the benefits of new construction compared to buying an existing property. The most obvious benefit is that when you do a custom build, you have complete control over the way your house looks.
What’s more, you won’t have any surprises, such as mold lingering behind the bathroom wall, and you will know who, exactly, built your home. With an existing property, a home inspection can miss key issues, and, short of a full-blown renovation, building means what you see is pretty much what you get.
With new home construction, you go through the process of picking a site, a builder, and finishes. You’ll probably have two loans, and there will be multiple professionals involved. When you buy an existing home, you only close once, and usually run most things through your realtor and lender. If you’re curious to see how much your mortgage payment will be before you get too involved in this project, make sure you use an online estimator to get a ballpark figure.
Types of new construction
Custom construction is only one option. Depending on where you live, there are likely many housing developments just waiting for you to move right in. The biggest downside here is that you are limited to what’s available. Many neighborhoods only allow certain house styles and builders, and even fewer allow extensive modifications to community-approved floor plans. When modifications are made, this can drive cost up significantly.
Another option is a modular home, which is typically a less expensive way into building. These are not to be confused with mobile homes. Instead, New Home Source notes modular or prefabricated homes are more similar in appearance to the site-built home, and they have to conform to building codes. If you go this route, you’ll also be limited on what you can add to the design.
When you’re choosing materials for your home, there are a few areas that you need to pay extra close attention to. Your exterior finishes are perhaps the most important. That’s because what you choose to put on the outside of your house is what you have to rely on to protect the inside.
One key component is the roof. Many types of roofing materials are available, from long-lasting metal roofing to slate and standard asphalt. Where you live can give you a clue to the type of roof you need. Metal, for example, can stand up to heavy snow loads, which is important if you live in the north or the mountains.
For the bulk of your exterior, you have to choose from brick, brick veneer, stone, stucco, or vinyl, in most cases. There is a huge cost difference in each of these, with stone costing as much as $50 per square foot and vinyl as little as $4.50 per square foot installed, as estimated by Texture Plus.
When it’s time to choose, there are pros and cons to each option. An existing home can be occupied immediately after closing and costs less in the beginning. But, if you can wait, building gives you the chance to design your forever home, and you’ll have much less maintenance and probably lower operating costs to boot. Ultimately, the choice to build new or stick with an existing home comes down to budget, preferences, and how much time you’re willing to wait.
If you want more information get in touch with the author of this article Gwen Payne: invisiblemoms.com