CFV News - Posts Tagged with 'Ready For Move In'

posted on October 14, 2019

Buying a home is typically the biggest purchase/investment that someone will ever make, which is why it is so important to make the right decisions during the process. You must ask yourself the question: Should I buy a move-in-ready home or should I build a new construction home? Most people have already made their decision by the time they are ready to move, but sometimes the decision is not a very easy one to make. Let’s take a look at some of the pros and cons to each scenario. 


First, you must ask yourself what is most important to you and your family in the moving process and your new home. Timing? Money/Costs? Location? Customization? There are many advantages and disadvantages to all options. To make your decision you must consider each of these basic factors based upon your family’s short term and long term wants and needs. 


TIME: Construction & Move-in

There is no doubt that time is the biggest determinant in the buy or build question. Did you just get a new job that requires you to move and start working right away? Do you have a new baby on the way? Are you wanting to move before your kids start a new school year? The components of our individual lives guide the process of buying or building a new home for your family


 Purchasing a new home takes about 30-60 days at most. While it typically takes about 4-6 months to build a new home, depending on the size, materials, and overall complexity. It’s simple: If you can not wait or need to quickly move, then building a new home is out of the question.


BUDGET: Custom vs. Cost Effective

Most people dream of being able to build a big, fancy custom home with all the bells and whistles but there is no doubt that getting everything you want in a home is going to be more expensive than buying a prebuilt one. You will typically pay less when you purchase a home that is already built and finished.  This is proven when you compare the final cost per square foot between custom and spec homes. 


An experienced home builder can typically build a home for the same price as you could buy it for already constructed- with a few exceptions. Home builders usually have the ability to keep prices lower when they are building in their own neighborhoods. In some cases there would be no difference in cost between buying an existing home and building the same floor plan from scratch. However, when you change the environment and want to build on your own land or property, prices will fluctuate. 


The home builder will have to travel more or your lot may require some kind of prep work before it can be built on such as removing trees and rocks or boulders. Other examples that would drive your final cost up when building on your own property is things like your driveway/concrete or if they run into any complications while building on land they are not familiar with. 


So, if you have your heart set on customizing a home with everything exactly how you want it then plan to build a new construction home. You will not have to make as many compromises when building if you are starting from scratch. If cost is your biggest concern then buying a prebuilt home will help you to not exceed your budget and may be the best option for your family. 


LOCATION: Neighborhood vs. Individual Lots

Location is another one of the biggest factors that goes into the decision of buying or building a home.  So, ask yourself: What am I/my family looking for in the location of our new home? Where do we want to live?


Many people find the idea of being in a newer neighborhood with families like their own the most attractive. Generally, new construction homes are a bit easier for young couples, new families and retirees because there is little-to-no prep work to build on the individual lots. Homes in these neighborhoods are typically cheaper to build and resell your home in. 


Maybe you have children or plan to have children in the near future, location may be your biggest determining factor in moving. You will want to do your research on the schools and districts in the areas you are interested in to make sure it is the right decision for your family. 


It is rare that someone gets a chance to purchase undeveloped property in heavily populated areas. So, if you prefer to live closer to an urban center or urban/developed area, then you will most likely have to purchase an older, already built home. 


Complexity: Making Decisions

Building a home is a very complex process because as the homeowner you are responsible for making each in-home selection, colors and finishes - both interior and exterior. Some people want to have control over every little thing in their new home, others may not have the time to be that complex in the decision making process. Therefore, if you do not have the time, maybe you're raising a family or focusing on your career, buying a prebuilt home can still allow all or most of the benefits you're looking for without the extra stress piled on your already busy life. 


What is important to you?

Everybody’s personal situations and preferences are different and sometimes change very quickly or unexpectedly. One of the first decisions you must make in your home buying process is to build new construction or to buy prebuilt. Do you have time to wait for a new home to be built or do you have a limited amount of time to get moved into a new home? What is your budget for a new home? Do you care about the location of your new home? All of these factors are important to figure out in order to help you decide if you have the time and money to build a custom home or if it is more realistic for you to buy an already existing home.