New, Resale or Custom?
You have many choices when purchasing your new home. One of the most important is the location of the home. ‘Location, Location, Location’ has been the mantra of the real estate industry for ages. Choosing a home in a desirable location means that the appreciation of your home will be faster than a home in a less desirable location.
What determines a desirable location? A home under the flight path of a large airport is less desirable than a home in a quite neighborhood. The same would be true for a home next to a major highway. Easy access to major shopping, good schools, commutes to work, and transportation would also be considered elements that would need to be included if a location was to be deemed ‘desirable’.
Now that you have determined your ‘location’, it’s time to consider if purchasing a new home, a resale home or building a custom home best fits your needs.
New Home Subdivisions:
Buying a new home means that no one else has ever lived in the home before. New walls, floors, appliances, plumbing, electrical circuits, etc. may give you peace of mind knowing that everything is brand new and under warranty.
Usually, if you choose your home before all the finish work has been completed, you will get to pick the carpet, tile, countertops, cabinets, window treatments, and upgraded electrical wiring. If you choose to “upgrade” the materials, there will be an extra charge.
Some builders include ‘basic’ front yard landscaping and you can make arrangements to have back yard landscaping completed before you move in. Not all builders offer this upgrade. Make sure you take your agent with you on the first visit so that she/he can help you make the right decisions from the location of the subdivision to picking out the upgrades for your home.
Someone has lived in a ‘resale’ home before you. Depending on how old the home is, you may find that you like an older home because it has ‘character’ or ‘charm’ that you can’t find in the newer homes. The neighborhood’s mature landscaping may be a big draw for you. Perhaps this home is closer to your work or schools for your children. Also, a resale home may not have extra expenses such as Mello Roos bonds that new home subdivisions may have.
Buying in a neighborhood of resale homes means you can see how the entire neighborhood has developed. There is less bare land that could be developed and therefore, you know how your neighborhood will look. Your agent will be able to help you determine the past, current and possible future directions of the neighborhoods
Building a Custom Home:
This is not for the faint of heart. So many things need to be considered. First you need to obtain the financing for your project. Next your agent will help you find the most desirable land on which to build your new home. Your agent can also introduce you to the top builders in the area.
Among the next decisions will be whether you will be working with an architect or from completed home plans. If the land is not already “builder ready”, the land must be cleared, utilities etc., planned and installed and permits taken out. This is a very hands-on type of project. You want to make sure that everything from the placement of the windows to the color of the paint are as you planned.
The rewards are great, but the turmoil can be overwhelming. Again, your real estate agent is there for you to help you realize your dream.
Whatever type of home you choose, an experienced real estate agent is your “educator” when it comes to the pros and cons of each decision you need to make.
Enjoy your new home!