So you’re building a new home. Some people would say you are crazy in this down housing market to build new when there are so many existing homes on the market at rock bottom prices with motivated sellers willing to strike a deal. But whose to say that building contractors are not wiling to strike an even better deal which puts you in a position to grab a new build at a great price and prevent yourself from inheriting someone else’s mistake.
There are many things to consider when building a brand new home. Sure you are getting exactly what you have hand picked for your home but is that going to be what the next buyer would pick? Next to finding a reputable builder, resale value is the most important thing to consider when building a home brand new. Yes, granite counter tops look fantastic. However, you need to determine if they are worth the up front cost you will pay to have them built into your new home upon resale. Other things that come into play when re – selling your new home are lot size, fenced in yard, the local schools, and over all upgrades. Make sure that these are not only perfect for you but would be something that generally appeal to potential buyers down the road.
Speaking of down the road. Does your new home fit into the existing neighborhood? You never want your home to be the biggest or most expensive house on the street. You will never get back what you have spent when it comes resale time if you are the McMansion on a street of cozy bungalows.
Finally, can you grow with this home. If selling this home is not something that is really in your near or even distant future can you grow with this home? Does it have an extra bedroom for potential children or for family visits and out of town guests. Is the street safe for children even if you do not have any kids at the time of the build? Simply put make sure, if you plan to stay in this home, that this home suits you now and 15 years down the road.
New builds can be a fantastic investment if you can catch a reputable builder that is motivated to sell and secure an interest rate that you can live with. Be smart, think of the future, and above all remember that upgrades can be costly both now and when it is time to sell.