Should You Build Or Buy An Existing Home?

Should You Build Or Buy An Existing Home?

It is time to start looking for a new home. You have a few decisions to make and one of these descisions is whether to buy an existing home or build a new home to meet your needs.

Here are a few questions that may help you make a decision.

When do you have to move?

Building a new home could take 6 months or more. You have to get financed, find land, pick out everything you want in your home, and more. If you need to move sooner than later, it is probably a better idea to find an existing home that can meet your needs.

What are your financing options?

Sometimes you can build a new home and get a USDA loan. If the new developement is already approved for USDA loans, it will be easier to get approved for this loan. USDA loans do not require a down payment. So if you don’t have money to put down on a house, this is a great option because you can get 100% financing.

Where do you want to live?

Have you narrowed down which area you want to live? How far is the commute? How do the schools rate? Depending on how many of these answers are important to you, it may limit the homes that are available.

What is your budget?

When you look at an existing home, the price is listed. What you see is what you get. But when you build a new home the model home has many more upgrades than the base model home price. Once you add all the options you would like to have you could add as much as $35,000 more to the base price.

A knowledgable realtor will be able to help you find the home that fits your family’s needs at a price you can afford. If you are looking for a new home in Central Florida, make sure you call one of our agents at DeNike Realty.