With the current state of affairs in the housing market, prospective new home owners face a market that is friendly and favorable. The first question you will face, purchase an existing home versus building. To help you decide I recommend you put together a new home building checklist to determine what you should do.
The first item on your new home building checklist should be finances. Exactly what kind of home versus the amount of money available should be examined. By amount of money available, that will include the amount of financing available and the amount of money you will invest into the process. Knowing this will give you a good ballpark figure to look at.
The next item on your new home building checklist would be what is happening with the existing housing market in your area. Here look to see if there are any existing homes that fit your budget that appeals to what you’re trying to achieve in a new home. Most market will vary, there will be homes that have sat on the market for a while because of the bubble collapse, and new home just leaving foreclosure and entering the market for the first time. This will give you a large selection of homes to view, plus it will also give you a comparison against the cost of building. When looking at these homes, you should look at potential costs for items such as renovations, repairs and other updating costs. Also other items such as location, property tax values and the very community it sits in should be thought about carefully.
Your new home building checklist next should examine the cost of building. You will need to work with home builders here to get estimates. Don’t forget to consider costs such as building permits, the price of the land and other things that usually are not thought about when figuring building costs.
Finally your new home building checklist should be compared. You should realistically look at the homes that are available on the market and their potential costs versus the potential costs of building a new home. From here you should be able to make an informed decision about what best fits your budget and desires.
1. Should you purchase an existing home or build a new home? Put a new home building checklist together to determine the answer.
2. First on your new home building checklist should be finances – how much do you qualify for to buy or build?
3. Next on your new home building checklist is determining what’s happening with the existing housing market in your area? Can you buy an existing home cheaper than building a new one? Can you find an existing home that meets your desired needs in a new home?
4. Your new home building checklist should next examine the cost of building a new home that meets everything you desire in a new home.
5. Finally compare your new home building checklist and determine which one is right for your situation.
6. Learn more about putting together a new home building checklist by downloading the free new home Steps Guide above on the right hand side and become savvy on the overall home building process.
Let me know if you have any questions. Good luck in achieving your home building desires.