Residential

Buy an Existing Home or New Construction: 5 Things to Know

Owning a house is one of the most important investments in your life. This is the place your family will call home for a long time to come so it is natural to be a little worried when choosing what to do. You have a couple of options, namely, buy an existing home or new construction. There are many things to keep in mind as you consider the different routes.

Photo of Rock Springs Homearama House #3 by Brandon & Rick Buttorff

To get a customized home, you have two options. One is to buy an existing house and remodel it to make it your own. The other option is to go the new construction route. The latter will be exactly what you want it to be in every inch. Which one should you opt for? Here are a few pointers you will find useful.

1. Cost

To build a custom home, you will need to own a piece of land first. You need to identify a suitable piece of land that is up for sale and buy it. Next is buying the materials and beginning construction. By the time you have a home, you can move into you will have spent a significant amount of money. On the other hand, flipping involves dealing with an existing property. This means that the land and house are sold as one package.

Buying a house for flipping is relatively cheaper than custom-making because the houses are usually old. However, you will need to make some changes before you can move into the house. Repairs and maintenances could cost thousands of dollars depending on the extent of the damage. Over time, more repairs and renovations will be necessary and this could end up being costlier than building a custom home.

2. Level of Customization

Custom homes are just that. Homes that are made to suit the desires of the owner. If this is the route you choose, you decide on everything from the floor plans to the décor. Your custom home builder may have some floor plans you can look at or you can design one from scratch. Either way, the final home will be exactly how you imagined it. What is your dream house? A custom house is a solution to make this possible. You determine where the house will be located, the layout, the paint to be used, the size of each room, and much more.

Although not a hundred percent, flipping a house also allows some level of customization. One thing to really focus on when deciding whether to buy an existing home or new construction is the layout. Small changes like room décor, paint colors and much more can be changed. But major projects like taking out walls and adding foundations make things extremely cost-prohibitive.

3. Energy Efficiency

The need for eco-friendly construction cannot be overstated. You need to use environment-friendly materials in construction while reducing your carbon emission. A custom home can be easily made eco-friendly. You can instruct the contractor to embrace recycling and reusing in the construction process among other good practices. Energy efficiency is also easy to achieve in custom homes because they will be fitted with equipment and appliances that you personally select. Consider using renewable sources of energy such as wind and sun. Proper insulation should also be added to the walls.

A flipped house may come with its own appliances that you may decide to replace or keep. Some may be faulty and this will not only cause more energy consumption but is also a safety risk. Older houses were made with materials that are no longer the best choice. Asbestos, once common in construction, is now understood as toxic and deadly. You’ll want to remedy these before occupying the house. It will take a lot of effort and money to make a flipped house energy-efficient.

4. Comfort

Your home should be the most comfortable place for every member of the family. Custom homes are made to consider the specific needs of each family member. You can have a play area specifically made for kids, a jacuzzi at the back for some hydrotherapy, or a ramp to allow easy access to all rooms by a disabled family member. No matter what it is that your family needs to remain comfortable, a custom home will make it possible.

Flipped homes can offer comfort as far as they can be customized. However, it is important to note that some structural changes may not be possible. If you do not have family members with needs requiring such changes, this option may work.

5. Quality Construction

Custom home builders in North Carolina and other parts of the country emphasize quality. Plus, you will be informed of everything that happens. You select high-quality materials that will build a long-lasting home. With a sturdy home, you will worry less and can focus on the things that matter. Concentrate on your family knowing that they have a solid shelter they can rely on.

A house to be flipped comes ready-made. You cannot know the quality of the materials that were used in making the house at first. If low-quality materials were used, this is a safety risk. You can ask a professional to assess the structure and determine its quality before paying for it.

So, should you buy an existing home or new construction? It is entirely up to you but in many ways, custom building beats flipping a house. Choose the prior for a long-lasting, customized, energy-efficient, and comfortable house.

About the author

Tre Pryor, Editor-in-Chief

Tre Pryor is the recognized expert Louisville Realtor who can:
  • List and sell your current home in Louisville,
  • Help you purchase your next Louisville home, or
  • Guide you in your relocation to Louisville, Kentucky
» Contact Tre now!