You’ve made up your mind to reward yourself and your family with that special getaway out in the country where all you can breathe is the fresh air and enjoy an active lifestyle of golf, skiing, mountain hikes and more. However, the question you are grappling with is whether to build a new home or buy an existing home. Here are some insiders’ tips to consider.
Clearly there is a big and obvious difference between new and used. Although new homes come with warranties, they last no more than two years on most items. Nonetheless, a new home is far less likely to suffer a roof leak or a leaky faucet than one ten or twenty years old. But remember, you
are buying this home to have fun, not for a weekend project, so
the new home would be more beneficial.
Getting What You Want
When you build a new home, the floorplan and all the finish choices are yours. It is hard to change the floorplans of an existing home, and changing the finishes of a resale can be costly and time consuming. However, if you buy right, it might be worth it. Depending on lot availability, your choice on location may be broader when buying an existing home, particularly in a large established community like Crystal Springs Resort.
“They don’t make them like they used to” is an old time saying, but tends to reflect homes built before the 60s. Old world charm often cannot be reproduced in today’s home design economically, not to mention those artisans are not around anymore. However, as most resort communities were built since 1960 this mostly doesn’t apply.
Time & Hassle
Buying a home is not something most folks take lightly. With all the steps involved it can be quite aggravating, even in buying a resale. Although some embrace the creative process when building a new home, the upfront time commitment and number of decisions required can be overwhelming. On a truly custom home, there are many decisions to be made; but if the home is more of a production home, there are far fewer choices offered by the builder and many standard features that the buyer is not allowed to change. If you decide to buy a used home that is a project, requiring renovations, do not underestimate the time and decision making required.
Lastly, some people don’t have the eye to figure out what they want to put it all together. When you walk into a completed home and you like it, you know what you are getting. The internet, such as Pinterest, is a great tool to use if you are building a new home or renovating an existing one and need fresh ideas.
Modern, Healthy & Energy Efficient
New homes, with cool new technologies, are smarter and the designs tend to be more in tune with today’s lifestyles. New homes and modern designs tend to be healthier because of more scrutiny on how materials influence air quality and are also more energy efficient because of the appliances and light fixtures. New building codes require energy efficiency and some builders have taken energy savings to a new level with the Passive home, a super-insulated, low energy home.
Modern also tends to mean smaller lots because of the way developers are going with their subdivisions. With land costs continuing to rise and government restrictions making development and building costlier, developers have moved to smaller lots. Smaller can often mean less maintenance but also less privacy.
In a new development, you will find everyone is in the same boat and tend to want to meet new people and make new friends. Moving into an established neighborhood makes it harder to mingle and make those acquaintances. Do not underestimate the other “neighbors” you will have if you buy in a new development. They include the plumbers, framers, cement trucks and backhoes that will be building out the neighborhood you move into. This can mean early morning noise, dust and muddy roads.
You will typically find that production homebuilders target their homes to be about 15% more expensive than comparable existing homes. With a custom home, the sky is the limit on what you spend. In many areas of NJ you will find it cheaper and better value to buy a used home. You will also notice far fewer developments being built when the existing home stock prices are depressed.
Delays are not uncommon in the home building business. Weather, labor shortages, poor planning and tough town inspectors can all slow down a job and sometimes can’t be anticipated.
It all comes down to what your wants and needs are. Either way, buying a home whether for retirement, a weekend getaway or primary residence can be a great new chapter in your life. Just make sure you go in with your eyes wide open.