Should you build a home or buy an existing home? This video will focus on why you’ll want to build a home instead of buying existing. The price to build a home is often the same as the price to buy existing. There are several things that make buying an existing home tempting. Things like, living in an established neighborhood with mature trees. Also, most existing homes come fully landscaped & often fenced. Also a lot of people enjoy DIY projects. You can save a lot of money repairing & replacing things on your own & this is a great way to build equity. But, this can take up a lot of your free time that you could be spending with friends or family. With an existing home, you can close on the home & get keys in approximately 30-45 days. Whereas building a home can take 8 months or more, though many homebuilders build quick move-in homes, so if you need something fast, you may find a brand-new home that’s ready now.
Usually newer home communities are a little further from the city so when you buy an existing home you’ll be closer to work, friends, family, shopping & etc. This translates to less time on the road & more time at home & it’s hard to put a price on that.
So, what are the advantages to building? First, you don’t have to wonder where someone’s pet has peed or stepping on someone else’s nasty toenail. You also don’t have to worry about termites, asbestos, mold, meth & other potential hazards. New homes can also be very energy efficient. A new home is going to have low, to no maintenance. Everything is brand new & many things come with a warranty. You can also run low voltage throughout the house for WIFI, surround sound & all other tech that is important to you. This will insure you have great internet connections to your computers, TV’s, gaming systems, phones, security systems.
Often, newer homes are built in master planned communities which give you more amenities. Things like parks, jogging trails, swimming pools, clubhouse, playgrounds, pond & more. Also, newer neighborhoods usually mean; new schools, churches, stores, restaurants & more.
With all of these advantages, buying a new home seems to be a no brainer, but I haven’t mentioned the best part. There are loads builders & floor plans to choose from so you can easily find something that fits your lifestyle. You also get to choose your homesite.
And, you get to select your own options & upgrades. This means you can personalize your house. If you’re not sure what options give you the best value, check out my video, The BEST & WORST Upgrades to add to Your Home.
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How to Buy a Home from a Home Builder
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Another benefit to building a new home has nothing to do with the home. A bonus is that you’re moving into an area where most people are new & most don’t know anybody so it’s easy to make friends. When you add up all these advantages, you’ll understand why people get better resale value from newer homes.
When you buy an existing home, there’s a lot more for you to think about. Do your research on that home. Understand what items in the existing home are going to need to be repaired or replaced. A home inspector can help you & you should get a home inspection on existing homes.
In almost every situation when buying a used home, there will items that need to be replaced within the first few years. If you’re planning to remodel a used home, you could easily spend $20-$50,000.
The most common mistake people make, is that they confuse the price of the home with the cost of the home. The price to build a home can be higher than what you’ll pay for an existing home, but the COST to build is less. Let me explain. The price is what you pay for the home initially, the cost is what you’ll spend each month for that home. This includes things like your monthly utility bills & the cost to repair & replace things. Utilities can easily be 2x higher on an older home than what you’ll pay on a new home of the same size.
Ty Wilde is Utah's best real estate agent on YouTube with dozens of videos related to real estate & New Home Construction. Ty is Utah's best Realtor on YouTube for New home construction videos. Ty has some of the Best Videos on buying a home, selling a home and Real Estate investing. Subscribe to Ty’s channel for the best real estate videos on YouTube.
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