Building a NEW Home vs. Buying Existing

A common question we get asked is regarding whether someone should buy an existing home or build a new one! As always, really the answer is- It Depends!!! Situations, tastes & budgets vary so here are some things to consider when deciding!!!

 

BUDGET: Depending on what price range of home you are looking for, a new home may or may not be within reach. Construction costs have gone up a lot in the past few years, so you may need a bigger budget than you expect!

TIMEFRAME: Do you need to be in a home within a month or two? Unless it is a brand new & already done home (commonly referred to as a “Spec Home”) new construction can take 6-12 months or more! Typically with an existing home, you can be in it within 30 days or so.

HANDYMAN SKILLS: Are you handy & able to fix/repair items in a home, no big deal? Existing may be just fine! But if you feel like you are too busy/unskilled/unwilling to do a lot of maintenance & fixes, maybe new construction is a better fit!

EXTRA CASH: Thinking a huge fixer upper will be SO FUN, just like on HGTV? Consider that generally the repair costs are not financed into your loan, so you will need a large chunk of change set aside to totally remodel a home the right way. We have remodeled quite a few homes, and it always takes longer & costs more than we think it will. LOL.

LOCATIONS: Depending on where you want to be, new construction may not even be an option. Some newer communities in Utah County may be more South or West than you would like to be (i.e. Spanish Fork, Saratoga Springs, Eagle Mountain)

We sell & help clients with both existing & new construction all day, every day!

We would love to help you out & you are free to reach out at anytime!!

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