Building a New Home: Pros, Cons, and What You Need to Know

Have you ever thought of building your own home? It's a big decision, but it can also be a dream come true. With a custom-built home, you get to design every aspect to your liking. From the number of bedrooms to the kitchen layout, everything is up to you. In this article, we'll explore the pros and cons of building a home to help you decide if it's the right option for you.

One significant advantage of building your own home is that you get exactly what you want. It's a popular option nowadays, and you can choose everything from the style of the house to the smallest details. You can create a perfect home for you and your family, including an in-law suite or a home office.

The possibilities are endless, and it all starts with a vision board. Check out websites like Houzz or Pinterest, and drive around snapping photos of homes you like. Then think about how big you want the house to be, how many bedrooms and bathrooms you need, and the bonus spaces you want to live in comfortably.

To make sure you get what you want and that it fits within your budget, it's essential to hire a great builder from the start. The builder will help you select others on your team, such as an architect, interior designer, and landscaper, and serve as your point person throughout the process. You can find a great builder from the National Association of Home Builders' online directory, and its members are committed to ongoing education and ethical standards. Hiring builders who have been in business for several years is also a plus, as they've proven they can weather both the highs and lows of economic cycles.

Building a home also lets you set up your residence just about anywhere you want. If you've always dreamed of living by the water or having a mountain view, building a home makes it possible. However, it's crucial to talk to your builder before making a land purchase. The builder will need to do a feasibility study on the land to make sure it's a suitable place for the home you want to build. Land development can be costly, and HomeAdvisor estimates it to be $1.30 to $2 per square foot of land, including surveying, drainage plans, utility and septic mapping, permits, soil testing, land clearing, excavation, and demolishing any existing structures.

Another significant advantage of building a new home is that it requires fewer repairs. Everything is brand-new, and that means maintenance and repairs will be minimal or even nonexistent for a while, saving you plenty of headaches and thousands of dollars a year. However, a new house isn't entirely maintenance-free, and you'll still need to do yard work to keep up your newly installed landscaping.

You may also want to pay for some preventive upkeep, such as a maintenance contract on your HVAC system, costing $150 to $500 a year, but that could save you money in the long run.

On the downside, building a home is an expensive enterprise, and typically costs more than buying a preexisting home. As such, you'll need to have some in-depth discussions with your builder on what you want and whether it's affordable for you. You'll also need a construction loan, which is a little more involved than getting a traditional mortgage to buy a preexisting house. Along with the usual financial documents needed for your loan application, you need to provide project plans, costs, and land value.

You also need a signed contract.

Building a home may seem daunting, but it can also be an exciting and rewarding experience. With the right builder and a clear vision of what you want, you can create your dream home.

Amanda Allen is not just a reliable and experienced realtor who can help you find your dream home or sell your property, she is also a knowledgeable new build construction consultant who can guide you through the process of building your own home. Her book, filled with valuable insights and tips, is available on her website at www.amandaallenhomes.com. With her expertise and dedication to providing exceptional service, you can trust Amanda to help you navigate the real estate market with ease.

Amanda Allen, Realtor, MRP - RE/MAX Landmark

www.AmandaAllenHomes.com - 903-603-0648

Thank you for reading! If you have any questions or want to learn more about the exciting world of real estate, don't hesitate to reach out to me. Whether you're a first-time homebuyer, a seasoned investor, or simply curious about the market, I'm always here to help. Let's make your real estate dreams a reality!