new home constructed near Cleamson, SC,

Whenever people think about buying a home, they imagine it as a brand new property full of potential. After all, no one likes to think about the fact that a different family has lived in the space you now call your own. However, building a brand new home is significantly more expensive and time-consuming. What most people end up doing is settling for one that was made years ago. So, which is the best option for your situation? In this article, you will learn the differences between building a new construction house and buying an existing home, these will help you make a better decision on which option is best for your next home buying.

Buying New Construction vs Existing Homes

The price point is usually the big factor that people use when choosing between a new home construction and an older one. But what if you find an older home that's close to your intended design?

A new build would allow you to get exactly what you want, but it'll take time to complete. Meanwhile, an existing house could have problems lurking under the surface.

Benefits of New Construction Home

Is buying a new construction home better, and what are the benefits of investing in one?

First of all, home developers can help you construct a home in an area that normal realtors may not have access to. Instead, most ordinary realtors deal specifically with existing homes other people are selling. Building a house in an up-and-coming neighborhood can mean access to newer schools, shops, and parks.

You have the advantage of selecting whatever floor plan you desire, as well as finishes, appliances, and more. Personalize it however you want, within your budget.

New homes are generally lower-maintenance and can be made energy-efficient. The building materials used will be higher quality and brand new.

And if you decide to sell your home in the future, expect higher returns than if you were to sell an older house.

Cons of New Construction Purchase

Building a new house isn't for everyone, especially if you want to move into it as soon as possible. The cost of building homes is another factor.

First of all, construction loans have higher rates than traditional mortgage loan rates. Most lenders require a minimum 20% down payment to even qualify.

Then there's the issue of time. It can take about a month to authorize a new construction. After that, it could take up to another eight months or so before the house is completed.

Of course, there are variables such as pre-fab houses and the like. However, it's much quicker to simply buy an existing home.

Additionally, you may find an existing home in a community you want to live in. For many people, finding a community that you feel safe and accepted in is much more important than the property itself. You can't always get that when you want a fully customized home built on new land.

Benefits of Buying an Existing Home

Buying existing homes isn't as risky as people expect. You can always get a home inspection well in advance before finalizing a purchase, and any problems open up opportunities to make changes or renovate.

One of the main benefits of buying an existing home is that all the work is done for you. You don't have to worry about planning or construction. That also means that you can move in much quicker than if you built one.

On average, it only takes about half a year to shop around for a home and close on a deal. In that time, you can focus on saving up money instead of spending it on building materials and labor.

There's the added benefit of pre-existing landscaping. Already existing homes are often surrounded by trees that would otherwise take years to grow.

Cons of Buying an Existing Home

A major drawback to buying an existing home is that it may come with a lot of baggage.

Cheaping out on a home inspection could mean buying a property with poor roof conditions or mechanical problems. Even if you intend to renovate, it's important to know what to expect in terms of damages.

There may also be problems with the property itself, such as construction restrictions. Always get a current survey of the property if you intend to make good use of it.

Should I Buy or Build a House?

When deciding between building a house vs buying existing property, consider how much time you have and how much you care about personalizing it before you move in. Those two things will be the deciding factors.

If you decide to buy an existing house, you'll need to find a real estate agent. A good one can help you find something closely matching your specifications, but you may have to expand your search radius. Alternatively, they can focus on the type of community you desire, if that's more important.

When building a new house, you'll have complete control over its construction. That means you can install some must-have accommodations like smart-home technology, a cool and insulated roof, and a high-performance air conditioning system. 

Even if designing a home isn't your forte, you can still find design services that can help.

Cost of Renovations

There's always the option to renovate an existing home if you don't want to build a new one.

An important part of the home buying process is seeing where improvements can be made and what your limitations are. For example, some lakefront properties limit what kind of additions you can make.

One reason you may choose to renovate is that the renovation costs can be spread out over time. Work on fixing up your kitchen in the first half of the year and then do your bathroom later. Meanwhile, you can still live comfortably inside the house while doing the renovations.

Buying a Home You Love

The home buying process isn't always easy. If you're planning to build, then you also need to buy land. Buying a home is much simpler, but you have less control.

Either plan requires looking at real estate listings. That's where JW Martin comes in. Our local real estate agents can help you find the perfect community in the Clemson area as well as Upstate, SC.

Check out our listings online and contact us if you have any questions.

 

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