Build or Buy?

The decision to buy a home is a personal one. The housing market has historically gone through ups and downs, and will likely continue to do so. Buyers should focus on finding a home that’s right for them, look at the local market conditions and available financing options and then move ahead with a level of confidence and satisfaction that will stay with them for years.

Whether you plan to build a new home or buy an existing one, there are plenty of choices and depending on who you speak to, advantages and disadvantages either way. Today’s buyers consider their needs, short term and long term objectives, practical and financial considerations when deciding where to look and what to look for. No matter which you end up deciding upon, the advantages of homeownership are the same: building equity and improving your lifestyle.

Buying Your Dream

Many buyers find their dream realized with the vast choices available in the existing housing stock. From early capes to contemporaries there is something in a wide variety of sizes for almost every budget in urban, suburban and rural communities.

Buying an existing home can take you in a number of directions. For some, it is to purchase an older property that is loaded with character and qualities that are elusive in new construction today. It might also be the only way to remain near a particular location or to take advantage of an existing community’s resources, shortening a commute. For others it can represent the most practical means of owning a large enough property within their budget.

As a commodity, existing homes can make great investments when they are managed and treated properly. Depending on the condition and location, the money you invest in prudent and modest improvements will only serve you well when it comes time to move up to your next home, making it more attractive to the general public and frequently adding greater value.

When looking at buying an existing home, there are a number of important considerations:

  • Location, location, location.
  • Always look for what you consider to be the ideal location.
  • Consider the community or neighborhood quality of life. Established neighborhoods have a life of their own. It may be evident by the manner in which the homes are kept, whether there are sidewalks for walking, street lights for safety at night, proximity to stores, restaurants and services that reduce the need for driving and many other factors.
  • When looking at “structured” communities, pay close attention to association bylaws and the restrictions they may impose on all owners. They are established for the benefit of the community as a whole based on the original concept of the developer.
  • Consider the condition. Big or small, houses are complex structures with a variety of interwoven systems that can make your life easy or miserable. Things like peeling paint, ceiling stains, and spongy floors might all be indicators of far more significant problems. Seek out the services of a licensed house inspector who has a great reputation for being thorough and informative while not being an alarmist. And never underestimate the probability that a small project can grow uncontrollably into a big one.
  • Don’t’ be afraid to ask! You have many resources to call upon when considering the alternatives.

Here are some hints:
Before considering a major improvement or addition –

  • Call a Realtor® or licensed appraiser to find out if what you are planning makes economic sense when it comes time to sell. That two-story cat room might have made Tiger very happy, but few others will ever see its value.
  • Call more than one contractor and be certain they are qualified. Search for certified remodelers in the area who are members of CRBRA.
  • Check with your local tax assessor. Sometimes the person we never want to see can be a wealth of information on how improvements affect value.

Consider alternative and green building resources – Whether you are looking at an existing home, planning a remodel or buying new construction, educate yourself on the options available that can lead to lower maintenance or utility costs and add to the long term value of your property. Here are a few links to green resources: crbra.com, nahbgreen.com, dsireusa.org, energystar.gov

Building your dream.

New Homes: Better than Ever
As the unsustainably hot housing market has slowed down, buyers are seeking answers to lots of questions about how to find the right home. While the old saying about the three most important attributes being “location, location and location” still has some truth to it, today’s consumers are more savvy and more discerning. Location is only part of the equation: It’s also about conveniences and amenities.

And for conveniences and amenities, it’s hard to beat a new home. Today, new homes are safer, more efficient, and more packed with popular features than ever. Plus they represent exactly what you are looking for and not someone else’s less than ideal choices.

Safety. Technological advances mean that today’s homes are safer, because new homes take advantage of breakthroughs in building science. Many homes now have advanced electrical systems, hardwired smoke detectors, and fire-resistant construction details. Windows in patio doors and near stairways have tempered glass, which makes them less likely to cause injury if they break.

Efficiency. Home builders also have a larger array of products and materials to enable them to make a house more energy-efficient. Many home builders participate in programs like ENERGYSTAR®, which promote energy-efficient home construction using products that will save money and energy over the long life of the home. Green building is the hottest new building trend. Builders are placing homes to take the best advantage of sunlight and shade, and using innovative products like solar shingles (not just solar roof panels), light-conserving windows, and insulation made from recycled materials.

Lifestyle. New home floor plans reflect what today’s home buyer wants: larger kitchens for family gatherings, ample storage space, and more bathrooms. Consumers prefer greater ceiling heights, more—and bigger—closets, walk-in showers with multiple heads, three-car garages, and outdoor entertainment spaces with fireplaces and grills.

In fact, that’s a big reason why people seek new homes. Consumers want value, but they also want choices. They want to pick their carpet colors, their cabinet styles, their light fixtures and other design elements that help make a house their home.

You Decide
No matter your choice, homeownership is still the right option. It allows you to improve your quality of life while building equity and maximizing tax benefits.