To Buy and Renovate an Existing Home or To Build….What’s Your Vision
To renovate or to build is a burning question for most people looking to make the right investment move for their future. This question really comes down to where you currently are in life and where you want to be. Some people are seeing their money going out the door by renting and this is exactly what will happen, but if you do some soul-searching about what your true life goals are map out your vision you will easily come to a definitive answer as to which way you should go.
We all know a home is the single largest investment that a person makes. Location, price, market trends, property specifics and the condition of the property are all factors to consider when deciding to dump more money into the home you own or when buying one on the market to renovate. In this case you will not only have to be practical and realistic as to your end-goal keeping in mind to think like an end-buyer and plan to upgrade to a market-friendly, breathtaking finished product that will last for years to come. Weighing all the costs and all of the soon to be future replacements that you may incur while you are still in the home like possibly a new roof, water tank or upgrade to air conditioning on the furnace…etc. compare these costs to a new build that will have essentially no headaches for years to come.
Yes, this seems a little overwhelming but let us help you break this down a little further so you can make an educated decision:
Buying an Existing Home
There are two primary advantages to buying an existing home: convenience and cost.
The convenience is critical if you need to move fast! Waiting for a home to be built when you are being kicked out of a rental or having to move from an area due to job opportunities and living with friend or family in the meantime….not always pleasant…so going the route of buying an existing home can have you moving in before the repairs or renovations have to take place. A little “deal with it” type mentality will get you a long way as you can spread the costs and updates around in a timely manner. The only pitfalls in buying an existing home is that you may end up miscalculating the repairs needed and you may find in the long run you are dumping too much money into the home when you could have just preplanned and built a new one getting exactly what you want, saving time on maintenance and repairs for years to come.
Building a Home
Building a new home does take sacrifices. You can not move in quickly like buying an existing home, yet you can get the layout and functionality you want and deserve for you and your families needs. Choosing a lot is the first key to a successful new build. You will want to find a lot that has great market growth, where the school system is strong and where amenities are close by and convenient. After this, its time to get pre-approved for a construction loan and contact Togo Custom Homes to help you find the home plan of your dreams. We will take it from there organizing everything based on what you are looking for and offer you great solutions.
There are so many perks to building a new home where peace of mind hits the top of the list! Building gives you an opportunity to put the right products in your home to help battle health concerns or toxic materials you would find in an older home – things such as asbestos, lead paint, mold, etc. Here at Togo Custom Homes we are very pleased to offer you GREEN products and sustainable living materials that are not just better for you but for the environment. Energy Star rated appliances, low flow efficient toilets, plumbing fixtures and electrical fixtures, furniture, flooring, solar, etc. solutions are the key to longevity without the huge monthly costs.
You can’t go wrong in building a new home. Recouping your investment is a definite and if you build in the right area you will not sit long on the real estate market if you have to sell down the road.
Money, Time and Love
Why time, money and love do I end this article with? Well these three words are very important when deciding to buy an existing home or in building a new one! First you have to know your budget! …yep the money. This will help you to determine to build or buy in a heartbeat! If all goes well in that category you have to then consider your timeframe. This is a drawback for building a new home as opposed to buying an existing one because the costs tend to be higher and it normally takes longer timeframe to complete and move in. If that timeframe isn’t a problem than you are almost golden in taking the journey of building your new home. Next step, as mentioned above is finding yourself a reputable builder with and amazing track record! Working with a qualified and experienced home builder professional like Togo Custom Homes will assure you get the home of your dreams, a home you can LOVE for years to come. Give us a call today!