When you compare building a new home in versus buying an existing one, the cost today to build new is probably lower than you would think. Here are our top 4 reasons why we think building new is still a good choice even in the current real estate market.
1) You get exactly what you want. Many times older homes have rooms or areas that you won’t ever use, and the space is wasted. Or perhaps you find something you can live Construction Services Concrete with, but plan to remodel. Remodeling can be expensive, and especially if it’s extensive remodeling, it can sometimes actually cost more than it would to build new.
2) Land prices have come down. You might find a home on the market selling for less than what it was built for, but it might not be such a deal when you take into account the price of the land when it was built. Since land prices have come down, you can often build for the same or less than the cost an older home is selling for in a nearby neighborhood.
3) Energy efficiency. In addition to better modern insulating methods, there are a number of government incentives to use energy saving features such as geothermal and solar. The combination of these various modern features can bring your utility costs down to much less than what you would spend in an older home. This can add up to thousands of dollars per year in savings.
4) No repairs. Older homes constantly need work done, and a sometimes hidden cost is the cost to replace many of the major components of a home that wear out over time. For instance, if you bought a home that was 20-30 Home Remodeling Courses years old, according to the National Association of Home Builders you can expect to soon have to replace almost every major component including the roof, furnace, air conditioning, water heater, and appliances.
We think you’ll be surprised to find that there are deals to be had not just in older foreclosed homes, but also in new construction if you find the right area to build for your budget, and the right builder.
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