Should You Buy or Build a Home?

Homebuyers have two major choices: To purchase an existing property or have one constructed from the ground up. Yet, not all custom homes are the same. Certain properties are built “on spec,” are semi-customized as part of a development or can be completely designed and built to your exact requirements.

Yet, no matter which custom home you choose, it comes with several benefits and a few drawbacks.

Benefits

1. Warranties: Most custom homes come with a warranty. If the property is found to be defective in any way after you move in, the builder is obligated to repair it.
2. Changes Can Be Made: If the property is built to your specifications, even partially, changes can be made during the building process.
3. Up to Date: Instead of a dated design you have to upgrade, a custom home is often designed and outfitted with the latest technology, including energy-efficient features to keep your bills low.
4. More Energy Efficient: Added to the point above, modern lighting, windows and electrical systems consume less energy, so your bills end up being smaller over time.

Potential Concerns

1. Properties Are Usually in the Suburbs: This places you farther away from the city center, can extend commute times and might pose issues with public transit.
2. New Lawns: New homes often come with just-planted lawns. As a result, you may have to spend more time and money tending to your property’s landscape early on.
3. Close Neighbors: Many custom homes get built in subdivisions. In certain cases, this could mean your neighbors are relatively close, without much space between properties.
4. Extra Wiring: In certain instances, you may need to get your home wired for cable and internet after the property is completed.
5. Appliances: On a similar note to the above point, you may have to shell out extra for new appliances.
6. Costs: To buy a custom home, you should be ready to pay for all costs with a construction loan. Since lenders consider these riskier than regular mortgages, you may be asked for a 25-percent down payment, rather than the typical 20-percent.

Interested in purchasing an energy-efficient custom home? Give us a call today to learn more about By Carrier’s properties and Central Connecticut communities.