Though many house hunters these days find the idea of renovating a property into their dream home initially appealing, there can be some unforeseen pitfalls. Some overzealous buyers may soon find that keeping up with the project is more challenging than they expected, and the amount of money required exceeds their budget. Purchasing a house for a bargain sounds ideal, but depending on its condition, it makes sense to consider the trade-offs. There are always pros and cons when it comes to buying any property, but taking key considerations into account before making such a significant investment can save the homeowner from stress and heartache in the long run.
There’s a slew of television shows romanticizing the ability to rehab older houses in disrepair. The allure of these older builds is primarily the ability to redirect the savings into customizing the home to the buyer’s specifications, while capitalizing on the character and maturity many feel are lacking in newer neighborhoods. However, these older homes tend to accumulate a myriad of issues, both on and underneath the surface, so the funding may be easily used up before addressing any of the design elements the buyers can appreciate.
A significant benefit of buying a newly built home is dependability. While the price tag may seem more daunting upfront, there are no hidden costs or surprises. Regulations and inspections are in place to ensure builders meet codes, so there won’t be any outdated plumbing or electrical equipment installed, and the foundation will be solid. Energy-efficient windows, insulation, HVAC, and appliances will generate long-term savings, helping to offset some of the cost associated with maintaining a household.
Location, Location, Location
Most people prioritize location when looking for their dream home. Is school district more important, or the commute to work? Depending on the buyer’s preference, available homes can be a precious commodity. For instance, buyers who want to live near the beach are probably aware that although more houses can be built, no one is building any more coastlines. New builds in coastal communities like new homes in League City, Texas are rare examples of this type of dwindling inventory. The popularity of beach towns means that prime real estate has already been claimed, usually by more expensive or older, established homes. This is why there may not always be the option for buyers to find new builds in their ideal neighborhood.
Warranties are the ultimate safety net for peace of mind when purchasing a home. Not only does ownership of a new home eliminate many of the problems that come with buying a house that has experienced wear and tear from years of use, but builders offer warranties to cover new builds. Home inspections and home warranty companies are tools available to buyers looking to buy pre-owned homes, and in most cases, they are viable options to help protect the buyer. However, their scope is limited compared to the benefits of buying new when feasible.
The best-laid plans can often go awry if a wall is opened up, revealing decades of sub-standard wiring, pipes, and ductwork that can translate into unanticipated costs. Hazards such as asbestos, mold, or untreated leaks can add to the expense. Predictability, reliability, and cost management are fundamental features that drive homebuyers in the direction of new builds. The ability to move into a new house with minimal projects, backed by the guarantee of a corporation, enhances the entire process.