When you're building a home, there are no expensive appliance repairs, upgrades, or remodeling. Most homes are built in newer neighborhoods that are highly desirable. Add to that the annual savings you'll get with newer, more efficient appliances and construction techniques, and you'll reap some real financial benefits. Housing is one of the best investments a family can make.
Unlike savings accounts, stocks and simply paying rent, getting a fixed-rate mortgage to pay for your home protects your family's assets from the vagaries of the stock market, federal monetary policy, and rising cost of living. Once you have equity in your home, you can see how your initial investment continues to grow. While initial construction costs may be higher, it may be easier to recoup your investment. You can make more significant profits by reselling your new home.
A new home is often more attractive to most people than an older home, Burtt adds. In addition, a new home will require fewer repairs and less maintenance, which can save money and time. And, as Burtt points out, you'll have a warranty with a new home, so even if something goes wrong, you may still be covered. Building a property requires a lot of time, dedication and hard work.
Plus, you'll need a lot of help to complete your project. Local builders and merchants will spend a lot of time working on their home and that will keep people working, working and earning money. Of course, you'd rather not pay anything, but there's also an element of social responsibility at play here. Money and features aside, building a home can lead to a level of satisfaction that can't be achieved by buying an existing home.
Whether you want to build a new home with the latest improvements and a design you've been dreaming of, or you prefer a new home that's already ready for you to move in right now, it's important to know your options. Although the process involves numerous steps, such as financing, viewing homes, making offers, inspecting homes, and closing, the convenience of being able to move right away is compelling enough that many people choose an existing home instead of a construction one. New homes often come with warranties and are more energy efficient because of the construction practices, materials and features added to new homes. You're ready to move to a place you can call home, but you're hesitant between building a house and buying a house.
In addition, Viridian partners with some of DFW's most prominent new home builders who share a passion for green and diligent building practices that result in a sustainable home built for generations. These additional expenses must be factored into the total price, especially when choosing between several properties or comparing the cost of building your own home. Of course, to fairly compare the cost of an existing home to that of building your own, you must consider the cost of renovations needed to make those homes livable and the higher maintenance costs of existing homes. As you begin the homebuilding process, you'll discover that the cost of building a house varies depending on the builder, location, and the type of house you want to build.