It can be difficult to decide whether to have a luxury home built or to purchase an existing home and have it remodeled? Which choice is better for you financially? Does either option make it easier to achieve the luxury home of your dreams?
A few facts may help you make your choice. Nearly 32% of people that wanted to purchase a new home tend to be first time home-buyers. Nearly 34% of recent home buyers who purchased a new home wanted to avoid any type of renovations or problems with electricity or plumbing, all according to the National Association of Realtors.
It Is All About Location
Homebuilding is a great way to have custom estate homes and luxury homes built. First you need to choose a location. Location is an integral part of the decision to build or buy a home that needs to be renovated to meet standards of luxury. The beauty of building luxury homes means location is more of a choice in most cases.
Purchasing a home already built keeps you from choosing the area in which you want to live. The location of luxury homes should be carefully taken into consideration concerning neighborhoods, whether other luxury homes are being built, or whether the area has a lot of older homes that are undergoing renovations. It all depends on the level of renovation too. Building a luxury home in an area where there are a lot of renovations means you are at risk of building a luxury home that could be ‘over-valued’ for the area, especially if it is not consistent with the other homes. This could hurt any resale opportunities in the future. Your neighbors may love you, but your appraisal will typically be out of line.
Choose a neighborhood where luxury home builders are currently building other luxury homes and there is plenty of new construction. This is a reliable and constant indicator that ensures your future resale value stays higher. It also provides a degree of comfort concerning where you should build a luxury home.
Know What You Are Paying For
Purchasing a pre-existing home means you do not really know what you are paying for. Key features such as the roof, HVAC system, windows, electrical amperage and insulation may ‘look’ ok, but are they? You will need to invest in inspections to have all of those items and more assessed so you know the precise condition of the home. A lot of those items will affect design and architectural changes as well as the cost to renovate.
Having a new luxury home built is a great option since you can have every element you want designed into a custom build. All systems and items chosen by you are guaranteed to be brand new with most having full warranties too. The customization options can also be rolled into the home mortgage and cost a fraction less than if you were to pay out-of-pocket while remodeling an older home.
Deal with One Reliable Builder or Many Contractors
When you have a luxury home built you are dealing with one builder that handles everything in-house. Having a home built, especially a luxury home, can be stressful and takes a lot of time that you may not have to devote to the project and all of the little details. Where new construction is concerned, your builder will handle all of the details so you don’t have to by keeping your design experience under a single roof.
Delays happen due to back-ordered materials, weather as well as other factors. However, using professional luxury home builders provides you with a contract that imparts necessary discipline on the part of the builder to stay on track. Overall, it is about quality and where you want your focus to be. Having a new luxury home built puts your focus on personalizing your home instead of trying to have it fixed.