Build Yourself, Buy New or Buy to Renovate - Best Housing Options
When you go to buy a home, you’ll find that there are three options available to you: build, buy new, or buy and renovate. The truth is that all of these are great ways to get into a home, but your own preferences will depend on how your home search proceeds.
If you have the money and want a truly unique home, you may want to build it from the ground up. You’ll likely save some money when you buy a new home, but it may not be exactly what you wanted in a home. The countertops may be granite instead of marble, there may be steps when you would have liked to walk directly into your home, or the entrance to the basement may not be ideal.
The truth is that no home is 100% what a person would want. And if it is, you’ll find that something could have been a little better a few years down the road. Renovating a property is also a great option. I like the idea of renovating because you can step into an old Victorian home and own a piece of history. You’ll find that the clawfoot tub is pristine while the intricate details on the banister leading upstairs is simply spectacular. There is a lot of potential in an old home, and if you have the money, this may be the right option for you.
Let’s take a look at all three types of housing options a little more in detail:
Building a New Home
Building a new home is fun. You’ll be able to pick out the type of flooring you want, the size of the rooms, where windows are situated and all of the fine details of your home. You’ll likely look through a bunch of different architectural drawings along the way.
A builder will need to be researched and secured (a very detailed process). You’ll then be shown a lot of preexisting plans for homes that can be built. Buying home plans is another viable option, or if you have the budget, you can hire an architect to design the home for you from the bottom up. Having a home built first needs to have proper architectural plans drafted and accepted by the builder.
Cost of Building a New Home
You’ll find that the cost of building a new home isn’t that bad in comparison to buying new in most cases. Data from 2014 from the National Association of Home Builders provides us with the following information:
* Building a home costs 20% - 30% more for a custom home.
* Prices range from $150 - $400 per square foot.
And what do these figures equate to in real world applications?
* A 1,000 sqft. home can cost $150,000 - $400,000 freshly built.
* A 1,500 sqft. home can cost $225,000 - $600,000.
* A 2,000 sqft home will cost $300,000 - $800,000.
The interesting tidbit that is missing is whether or not the price of land has been factored into the equation. You’ll also find that a modular home may be more affordable, or you can lower the price of the home depending on your needs.
But you’ll wait months and months for construction to begin, you’ll deal with unexpected fees and costs, and you’ll need to wait for permits. Building a new home is expensive and takes a lot of time, but it is the right option for anyone that wants to build their dream home. Financing home construction is also more difficult than buying an
Buying a New Home
Buying a new home is more affordable, and less stressful. Maybe you can handle not having everything to your exact specifications. And you don’t want to have to worry about unreliable builders, unexpected fees or having to deal with architects or issues along the way. The average new home in 2014 sold for $259,000.
You’ll likely receive a warranty on the home, and you will be able to close in just a few months without all of the added stress involved. Buying a new home has several benefits, including:
* You don’t have to worry about mishaps, such as faulty roofs, foundation issues or purchasing the right piece of land.
* You can view the home instead of just architectural designs.
* You can negotiate a lower price in most cases.
* Financing is often easier because the home already exists.
But when most people buy a new home, they do not want to renovate it at all. This doesn’t mean that you can’t, but why spend the extra money for a new home and then put more money into it immediately? This is not an undertaking most homeowners want to do.
Plus, depending on what areas you want to renovate, you may be better off building a home. Kitchens are notoriously expensive, and may push the price of an existing home to levels close to having a new home built. When comparing a new to an older home, you’ll also want to keep in mind building practices. Homes built in today’s world use newer materials and building methods, which may be safer and more reliable. The main reason to buy a new – never lived in – home is security in knowing that you won’t have to replace a roof or other vital portions of the home in the near future under normal wear and tear.
Renovating an Old Home
Old homes have a mystic to them. Old can mean a lot of things, too. When someone says old, the home could have been lived in for a few years (it’s not new, really), or it can be a 100-year old Victorian home that screams opportunity. Renovating an old home is not for everyone, and here’s why:
* A basement remodel costs $61,000 on average.
* Bathroom remodels cost $15,700 on average.
* Kitchen remodels cost $18,500 - $53,000.
* Replacing a roof costs $18,400.
Keep in mind that these aren’t high-end remodels, which can cost significantly more. If you’re a handyman or handy-women, you’ll be able to do most of these remodels by yourself, which will cut the price of the projects down dramatically. When you go into a previously owned home, there is a higher risk of roof replacements, foundation issues, mold and a variety of other problems.
But there is a certain allure to renovating an old home. You can keep much of the home intact, and you’ll be able to keep the real oak floors, the beautiful architectural pieces and other parts of the home that simply aren’t seen in many homes today.
It’s a massive undertaking, and the amount of remodeling done needs to be considered before your purchase.
In most cases, you’ll find that these homes cost much less than new homes, with the national average being $228,000 as of August 2015. Now, if major remodeling work needs to be done, you can easily add $100,000 to this price.
You will find that it is possible to roll these remodeling costs into your mortgage, which is easier to do than to get a loan for a new construction.
Permits may be needed, living in the home during a remodel may not be possible, and old homes can need major repairs in the future. Ultimately, if you like the idea of fixing up an older home, just keep in mind that you want a home that has a good foundation, roof and doesn’t have mold.
LandCentury.com specializes in selling wholesale real estate at the lowest prices. We believe that everyone should have the right and the opportunity to get a great deal on investment property All you have to do to get the property you’ve always wanted is follow these simple steps:
Step 1: Find the Perfect Property
Use LandCentury.com’s powerful network of real estate listings to find the property of your dreams. We have everything from move-in ready investment properties and cheap houses to rural land, buildable lots, and fixer-uppers. No matter what type of real estate you’re looking for, you can find it at LandCentury.com
Step 2: Click the Buy Button
This will start the purchase process. As one of America’s top online property listing sites, we leverage our unique business model of submitting an online payment to hold the listing to make transactions straightforward and secure. Our purchase process is designed for simplicity and security. Once you click the buy button, you will:
Use our secure site to submit your processing fee. We make every effort to protect your privacy. That’s one of the reasons why we offer a 24-hour money back guarantee on your processing fee, so you can feel confident in your transaction.
The seller will contact you within the next 24 hours procced to the next step and get the necessary info to prepare the contract.
Buyer Transaction & Privacy Protection
LandCentury.com stands behind our buyers, and we want you to know that your hard earned money is safe when doing business through us. That’s why we have a number of features to help protect buyers, including:
Symantec Secure Site SSL certificate, providing a $1,500,000 warranty on every transaction
Secure encryption and data protection
24 hour money back guarantee on processing fees
2 separate legal offices across the country to help you with any problems you encounter, anytime
Seller ratings so you can see what other people have to say about their experience with your seller
Still Have Questions?
We’d love to answer them. Check out our Help Center page or call us at 1-888-LAND-WEB (526-3932)
Our highly specialized support team is ready to find a solution to your problem. A people first policy insures that a team member will always be available to speak with you personally.
Symantec SSL Certificate
Symantec is a global leader in providing security, information management solutions to help our customers – from consumers and small businesses to the largest global organizations – secure and manage their information against more risks at more points, more completely and efficiently than any other company. Our company’s unique focus is to eliminate risks to information, technology and processes independent of the device, platform, interaction or location.
This website can secure your private information using a SSL Certificate. Information exchanged with any address beginning with https is encrypted using SSL before transmission. LandCentury.Com LLC has been verified as the owner or operator of the website located at www.LandCentury.com. Official records confirm LandCentury.Com LLC as a valid business.
Better Business Bureau
For more than 100 years, Better Business Bureau has been helping people find businesses, brands and charities they can trust. In 2015, people turned to BBB more than 172 million times for BBB Business Reviews on more than 5.3 million businesses and Charity Reports on 11,000 charities, all available for free at www.bbb.org. The Council of Better Business Bureaus is the umbrella organization for the local, independent BBBs in the United States, Canada and Mexico, as well as home to its national and international programs on dispute resolution, advertising review, and industry self-regulation.
BBB has determined that LandCentury.Com, LLC meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public. BBB accreditation does not mean that the business’ products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business’ product quality or competency in performing services.
Web Site Anti-Malware Scan
GeoTrust is the world’s second largest digital certificate provider. More than 100,000 customers in over 150 countries trust GeoTrust to secure online transactions and conduct business over the Internet. Our range of digital certificate and trust products enable organizations of all sizes to maximize the security of their digital transactions cost-effectively.
The GeoTrust Web Site Anti-Malware Scan includes a daily malware scan to detect malware and alert you with detailed information to respond quickly to the attack. What happens if malware is detected on this web site? If malware is discovered, the GeoTrust Web Site Anti-Malware Seal no longer displays. When the scan confirms that all instances of malware are removed, the seal displays again.
If you feel that you have been a victim of real estate fraud, there are many resources available for you as the victim. Your first step is to contact the local District Attorney’s office and report the incident. Our office will stand by you and provide any relevant information to support your claim. Here are additional agencies that can assist you and provide more resources: