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The Pros and Cons of Creating Your Dream Home from Scratch
Ken • Sep 19, 2018
Make Your Dream Home a Reality
With low inventory on the market and cutthroat competition for the best homes , it’s understandable that many home buyers are turning to home builders to make their dream homes a reality.
Before you determine whether or not building a house from scratch is right for you, you should do some research into the pros and cons.
The Benefits of Building from Scratch
- You will be able to be the only owner of your home. That means no guesswork as to when the last roof was installed, when the basement was finished or how old the flooring is. You also will have confidence that no damage occurred before you occupied the space.
- New homes offer the broadest range of add-ons and modern features since you are creating your dream home and not a home designed to be re-sold to someone else. This is especially important to home buyers who have many different ‘wants’ that aren’t typically found in the same home.
- You won’t need to worry about making any big repairs for at least a few years. When you purchase a home that isn’t brand new, there’s a good chance you might need to replace something within the first few years. Many homeowners appreciate the peace of mind that a brand new home offers when it comes to high-ticket expenses.
- Is energy efficiency a priority for you? New homes can be built with advanced materials that will lower your energy bills and give your family a healthier, greener environment.
The Downsides of Building from Scratch
- If you’re eager to move, building your dream home from scratch isn’t always a good idea. You won’t be able to move in right away, and natural delays in the construction process due to weather and supply hiccups mean that the projected finish date might not actually be the real finish date.
- If you have a number of upgrades and changes you want to make to the base package to create your dream home, costs can add up very quickly. There also won’t be nearly as much room for price negotiation, since costs are fixed, and the home builder needs to turn a profit.
- While most home builders are wonderful, there could be construction delays. Before you sign any contract, you should make sure that you understand what agreement you are making with the home builder and how you can seek resolution if there is a problem and you need to take the home builder into court.
Partner with Equity Mortgage for Your Dream Home
Regardless of the choice that you make, Equity Mortgage will be there to support you. I am experienced in getting homeowners the best possible mortgage product for their situation. Since every client is in a different situation, I encourage you to get in touch and learn how I can help. Contact us today by calling 443-471-4310. I look forward to hearing from you!
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