Previously Owned House Versus Brand New Build

Home remodeling

You have many house buying options when moving today. You can choose a condo or apartment. You can purchase a waterfront cabin. You can purchase a residential home from a previous seller. You also have the ability to purchase a brand new house, something that is customizable built for you and your needs. There are different pros and cons when it comes to each type of sale. The one that works best for you and your living needs will depend on your living preferences.

Price

New builds are more affordable than ever before. However, they do tend to cost little more than previously owned homes that require work. If you were to compare a new build with a ready to move in previously owned house, the prices would be similar. Some home buyers, however, prefer to cut costs on the sale of the house, and instead invest into home remodeling. It all depends on your desire for a home remodeling project versus a completely move in ready house.

Age of home

If owning a house that is newer is important to you, a newly built home may be ideal. It is much more difficult to purchase a previously owned house that has been recently built. That is because most homeowners do not move out of their homes for many years, to prevent owing more than the sale price. Also, house prices on newer homes from private sellers tend to be higher than the market value.

Length of move time

Building a home from scratch takes time. Not only does the actual build require a significant amount of time, but the house always needs to be designed and permits need to be pulled. The specific time of build actually depends on the location. Depending on where the home will be, building times can be affected by region of the country, homes in the Middle Atlantic Region averages about 9.5 months from start to completion, while the Mountain Region construction averages about 6 months.

The more customizations that a homeowner requests, the longer the home build will take. Home builders may also be delayed by things like weather and availability of supplies. However, home remodeling contractors also come across similar issues. If you are dealing with strict time concerns on the moving process, building a new home from scratch may not be the best idea.

Attention to detail

Have you sat down and considered all of your housing requirements? Do you have a long list of specific requirements? Home buyers that have a lot of needs tend to have a harder time finding the perfect house. They have to negotiate and remove requirements from their list, increase their budget, or consider custom home builders. Some home remodeling projects can also customize previously owned houses to better match the needs of the buyer.

When remodeling is an option, the cost of the remodel should also be considered. Depending on the layout of the house, it may be more cost effective to purchase something specifically designed to your housing needs, rather than remodel a house to fit those needs. For example, approximately 45% of buyers want a completely open kitchen dining area, and 51% of new home builders report building their typical home this way. Yet, purchasing a previously owned house and completing an entire kitchen remodeling project with moving load bearing walls and kitchen layouts can be very expensive.

Specific location

Some home buyers choose their location based on a favorite subdivision or area of the city. If there are no houses for sale in a highly desired location, building may allow you to live where you want. Also, when you build in a desired location, you can specify the types of views you will have from your new house. This is something that is difficult to achieve, even with a home remodeling project.

Home buyers are left with many important housing decisions. The first and most important questions involve the type of property desired. Condos, apartments, previously owned and brand new houses each have their own pros and cons. What works for one family may not be ideal for another. Consider the listed thoughts before purchasing your next living arrangement.

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