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To Build or To Buy: The Home Buyer’s Dilemma

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If you dream of owning a home but can’t decide whether to build it from the ground up or to buy an existing property, this guide is for you:

Reasons for building a home

  • Design control
    Building a new home allows you to customize it – add features as you please, tailor-make amenities to meet specific needs, including ramps for wheelchairs, lower or higher counters to suit shorter or taller occupants, and the like.
  • Everything is new and up-to-date
    You can install the latest technologies in your own home. Make it as secure and modern as possible with advanced alarm systems, speakers, lighting, and other smart home features. No need to worry about needing any significant repairs within the next seven years, too. Repairs that may come up within that period are usually covered by a warranty.
  • More control over your budget
    Building from scratch gives you more control over your budget. You can make more cost-efficient plans if you know exactly how much your materials cost and how much of these are actually needed. You may also be able to secure discounts on materials from certain suppliers. A real estate agent who has worked with builders before can help you get the best deal.
  • Save on utility costs and insurance
    Installation of energy-efficient and environment-friendly modifications is easier in new homes. If you buy an existing home, you may need to modify the current wiring and plumbing systems to achieve the results you want. With new home fixtures also come lower insurance fees since these will be at par with current standards with no wear and tear.

Reasons for buying an existing property

  • You can move in immediately
    If you’re intent on transferring to your new home immediately, then buying one that’s already standing is your best choice. The time it takes to buy an existing property is much shorter than having a new home built which can take at least seven months.
  • The home is located in a developed neighborhood
    Existing homes are usually found in well-established communities. These neighborhoods are sure to have better access to public transportation and good schools. They are also closer to shopping centers and restaurants. The quality of the neighborhood is also important if you want to sell your property in the future. Its value increases over time as the rest of the community flourishes.
  • More financial flexibility
    You can shop around for home loans and mortgages until you find a lender with the best terms. In most cases, you can even negotiate the home price to get the best deal possible.
  • You know what you’re getting
    What you see is often what you get. It won’t be hard to picture life in your new residence so adjusting to it will be much easier for you and your family.

Need more advice about buying or building your new home in some of New Jersey’s most desirable communities? Why not ask me, Janine Rose? Call me today at 908.229.6252 or send an email to Janine(at)janinerose(dotted)com. Find out how my lifelong expertise and the specialty services can help make your real estate dreams come true.