We made a blog post a little while back with information about buying older homes. While they can have great charm, it can be costly to renovate them and problems often arise during the process. As such, you may be considering buying a new home, however, there there are some things to know beforehand.
Types of Builders
The two main distinctive types of home builders are speculative and custom home builders. They great thing about these homes is that they are up to code, have more modern design choices, and are move in ready. This does make them more pricey to buy, though costs will vary depending on the type of builder that you go with.
Speculative home builders often build in developments, putting up homes that they hope people will buy. These developments are cheaper than other types of new builds and the homes get built fast since they are being mass produced, typically with a few different types of floor plans and designs that they choose from for each house. Sometimes they will be put on the market before the home is complete, giving a buyer the chance to put the finishing touches.
Custom home builders work directly with people who want a home built according to their specifications. They will organize the whole build process, from getting architects to design your home, to electricians, carpenters, and so on. Since you are getting a custom home, it will probably cost a bit more than other options. However, this option lets you build the home of your dreams.
- Almost everything in your home will come with a warranty
- Low maintenance requirements
- You are likely surrounded by other new homes in a nice neighborhood, boosting your homes value
- HOA costs are common in new builds
- Construction may be delayed, forcing you to move in later
- Less flexibility in price as builders are more likely to sit on a new build than an individual is on their personal home
- Making design choices can be intimidating