Buying & Renovating vs. Building Custom: What You Need To Know
In a hot real estate market, many people are turning to building instead of buying to get more of what they’re looking for in a home. While buying a home isn’t always the wrong move, it likely depends on your personal situation. If you’re thinking about making your next move in the Atlanta real estate market, our Atlanta custom home builders are here to help you a get a bird’s eye view of your options, while weighing the pros and cons. Read on for our insights into buying a home versus building a home and how you can decide which is right for you.
Buying An Existing Home In The Real Estate Market
As you enter the house hunt, you probably have a list of desires you want in your next home – some negotiable, others not. When it comes to the non-negotiables, do any of these make your list? Here are some of the common pros:
- Less Wait Time: If you are moving on a tight schedule, like for a job promotion or emergency, buying a home can typically allow you to move into your home faster. While the length of time between finding the home and closing on it can vary greatly, especially in this hot real estate market, if you can find the right deal, the move can be relatively quick. Plus, if you’re choosing to renovate your home following the purchase, time to draw plans are typically 1 to 3 months. Time to permit is about 30 days, whereas on a custom home it may take 6 to 8 months to design and permit a custom home.
- Area: If you’re looking to live in a specific location, especially a more developed one, you find it easier to buy a home rather than to buy land to build a home. So, when you’re exploring the areas you want to move to, consider the priority of the area vs. the home itself. Plus, you typically can spend more money than “lot value,” so you usually can find a better lot in your price range.
- Renovations: While you may be wondering why this is on the pros side of buying homes in Atlanta, it is because many people enjoy making their own renovations to their homes. Renovations are a great alternative to building a custom home from scratch – plus it may save you a chunk of money. In today’s market, we are finding that in doing large renovations/additions to homes are saving 10% to 20% versus a new home. So, if you are a passionate fixer upper, buying a home that needs a little work could be a benefit to you.
Building A New Home With Atlanta Custom Home Builders
Not only can the current real estate market be pretty discouraging for potential buyers who are looking for an existing home, but potential buyers may also find that they get more out of their purchase when building. But, again, you need to visit with your priority list and see if you’re willing to sacrifice a few things to reach some of these other pros to building instead of buying – check out a few:
- Low to No Competition: Tired of all the bidding wars and lack of inventory? Well, that problem can be solved when you choose to build a new home in Atlanta. Once you secure the land you’re looking for, that spot is yours and that home you’re building on it is yours. So, you can put away the claws and sit back, relax and let your dream home come to life.
- Energy Efficiency: Many existing homes that you would buy are probably going to lack drastically in the energy efficiency realm. A new construction can ensure that your home is developed with the most energy-efficient techniques and features available. Not only will the feature benefit in energy efficiency, the fact that it is a brand new system will ensure that everything works great!
- Customization & Control: When you’re working with a home builder in Atlanta, you likely will have total control over the decisions made regarding your home. And when you’re in the right hands, home builders will be able to help guide you along when making decisions about the features and functionalities for your new construction. You can make your new exactly how you’ve always imagined it from start to finish when you choose to build instead of buy.
At the end of the day, if time frame, a specific area and renovation potential are at the top of your mind for your next home, buying may be your best option. If convenience, energy efficiency, customization and control are at the top of your priority list, you may want to consider building instead of buying. When it comes to homes in Atlanta, there is no right or wrong way to get yourself into your next home. Everyone’s situation is different. But if you are interested in learning more about the home-building process in Atlanta and beyond, give our expert home builders a call today and we can help you make the right decision for you!
