What Are the Key Considerations When Deciding Whether to Build a Custom Home Versus Buying an Existing One?
QUESTION: What should I consider when choosing between
building a custom home and buying an existing one?
ANSWER: Deciding whether to build a custom home or purchase
an existing one can have a big impact on your timeline, budget, and vision.
Here are some important factors to consider:
Timeline and convenience: Buying an existing home is a great option if you're on a tight schedule, since this process is typically much faster than building a new home from the ground up. You can tour, negotiate, and close within approximately 30 to 45 days, which is perfect if you're relocating or trying to move before the school year starts. Building a custom home, on the other hand, can take anywhere from six to 18 months.
Budget and costs: Existing homes are generally more affordable upfront, although renovations or updates may be needed, so always factor these into your budget. Conversely, custom homes often come with a higher price tag in the beginning, but you may be able to avoid renovation surprises later on. You can also incorporate energy-efficient systems into your custom build that can save you money in the long run.
Personalization and features: Purchasing a prebuilt
home that's move-in ready can reduce stress, but you might have to compromise
on the layout, design, or energy efficiency of the property. If you have a very
specific vision in mind, building a custom home can provide you with more
control over the design, materials, and finishes, so you can craft a home that
matches your lifestyle.
Maintenance and environmental considerations: Older
homes may have hidden issues such as outdated systems or materials that don't
meet modern environmental standards. However, with a custom-built home,
everything is brand new. This makes it easier to comply with updated energy and
environmental codes, which can also simplify home maintenance.
Whether you choose to purchase a custom-built or
pre-existing home depends on your preferences and budget. Consider whether you
prioritize speed and convenience or personalization and control. Then, tour
several homes in your ideal area to get a feel for what you like and don't like
from a design and functionality perspective. This can help you brainstorm ideas
if you decide to build new and help you determine what styles of homes you want
to continue to explore if you decide to purchase a property that's already on
the market.
Team Lasson is here to assist with
all of your home buying or building needs! If you’re
considering taking the leap into home ownership in the near future, we’re here
to help. Contact us today to explore
which loan program aligns best with your financial goals.
The first step in preparing for your big purchase is to get
pre-approved for a mortgage at Lake of the Ozarks. Visit www.yourlakeloan.com or
call us at (573) 216-7258 to get started today!
Michael Lasson
Senior Mortgage Banker
NMLS #: 493712
Flat Branch Home Loans – Team Lasson
2882 Bagnell Dam Blvd
Lake Ozark, MO 65049
Cell: (573)
216-7258
Email: teamlasson@fbhl.com
Website: www.yourlakeloan.com
**The postings on this site are my own
and do not necessarily represent Flat Branch Home Loans positions, strategies,
or opinions.
Flat Branch Home Loans
NMLS 224149. A Division of Flat Branch Mortgage Inc.
For more licensing
information, visit NMLSConsumerAccess.org
